Press release

EY expands US Restructuring Advisory Services practice amid growing market demand

New York, 8 June 2017

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Andrew Hede and Adam Chepenik to build on public and private restructuring offerings

Ernst & Young LLP announced two additions to its Restructuring Advisory Services practice as it continues to expand its capabilities amid increasing market demand. Andrew Hede joins as a Principal and is based in New York. Adam Chepenik also joins as a Principal and is based in Washington, D.C. They both report to Gaurav Malhotra, US Restructuring Leader.

“The addition of Andrew and Adam to our team speaks to the caliber of this practice and its reputation in the restructuring industry,” said Malhotra. “Almost a decade after the Great Recession, we continue to see many organizations in the public and private sector face new and increased challenges. Proactivity can mean the difference between solvency and insolvency, while prudent capital strategies can help organizations avoid mistakes that are often made by organizations grappling with these complex issues. Andrew and Adam will complement the team with significant experience across a wide range of industries and deliver tailored, sophisticated strategies to our clients.”

Hede brings more than 20 years of turnaround and restructuring experience, having represented companies, creditors and equity sponsors in a range of in and out of court situations. He was most recently a managing director at Alvarez & Marsal, where he led many significant engagements. He specializes in advising large-cap companies across a wide range of industries including consumer products and retail, real estate and media. He will focus on growing Ernst & Young LLP’s turnaround and restructuring practice. He received a Bachelor of Commerce degree in Accounting and Business Law from the University of Melbourne.

Chepenik joins EY from the US Department of the Treasury, where he served as Deputy Director of the Office of State and Local Finance – an office he helped establish in 2014. As Deputy Director, Chepenik helped lead the office’s policy efforts on municipalities in distress, infrastructure finance, and public pensions. Chepenik brings robust municipal restructuring expertise to EY, where he is overseeing an expansion in the public-sector practice of Ernst & Young LLP. Chepenik assists state and local governments in distress on a range of issues including fiscal planning, infrastructure finance, and pension reform. Prior to Treasury, he worked in the Blackstone Group’s Restructuring and Reorganization Advisory business, where he advised state governments and corporate executives on global strategy and budget reform as well as valuation, capital structure optimization, bankruptcy, acquisitions and divestitures. Chepenik received dual Master’s degrees in Business from Harvard Business School in and Public Administration from Harvard University’s John F. Kennedy School of Government.

The hiring of Hede and Chepenik follows the appointment of Malhotra to his US Restructuring Leader role in July 2016 – part of Ernst & Young LLP’s effort to provide clients with innovative and sophisticated operational strategies to help improve liquidity, credit availability and shareholder return.

“In an era of low growth and low rates, companies are increasingly looking for strategies to promote operational efficiency and sustained long-term evolution,” said William M. Casey, EY Americas Vice Chair, Transaction Advisory Services. “Times of stress or distress for companies can present a significant impediment to sustained growth. As a result, we believe it is increasingly important to provide clients with the tools they need for resilience and success.”

EY Restructuring Advisory Services comprise global multidisciplinary teams and more than 1,000 restructuring professionals in member firms across 36 countries. They work with clients to evaluate capital options, help improve the benefits of transactions and achieve their strategic goals – whether buying or selling a distressed asset, restructuring a business, or dealing with financial or operational underperformance.

About EY Transaction Advisory Services

How organizations manage their Capital Agenda today will define their competitive position tomorrow. Our nearly 10,000-strong professionals across the globe work with our clients to help them make better and more informed decisions about how they strategically manage capital and transactions in a changing world. Whether you’re preserving, optimizing, raising or investing capital, EY’s Transaction Advisory Services brings together a unique combination of skills, insight and experience to deliver tailored advice attuned to your needs — helping you drive competitive advantage and increased shareholder returns through improved decision-making across all aspects of your Capital Agenda. EY’s Transaction Advisory Services was named the Accountancy Firm of the Year in Europe by Mergermarket in 2014, 2013, 2012 and 2010.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

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This news release has been issued by Ernst & Young LLP, a member of the global EY organization that provides services to clients in the US. Certain services and tools may be restricted for EY audit clients and their affiliates to comply with applicable independence standards. Please ask your EY contact for further information.

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