WASHINGTON — Jan. 30, 2018 — Ankura announced today the formation of Ankura Trust Company LLC (“Ankura Trust”), a newly formed New Hampshire-chartered non-depository trust company that will specialize in providing successor indenture trustee and loan agency services in distressed and default situations. Ankura Trust seeks to fulfill the needs of investors who desire a trustee or agent that is responsive, understands how investors think, and is willing to be proactive in representing their interests. The company will be led by David Sawyer, Chief Executive Officer, with recognized industry leader James McGinley in the position of Chief Operating Officer.
Mr. Sawyer stated, “We are committed to creating value for clients by applying a principal’s mind-set to proactively help devise and execute their strategies. As a former principal investor, I understand the frustration created by the often passive and noncommercial approaches taken by some indenture trustees and, more importantly, the erosion of value that can be caused as a result. Our plan is to be a different kind of trust company — one that uniquely combines a client-centric approach of understanding our clients’ objectives with the skill sets and experience to successfully achieve them.”
Kevin Lavin, Ankura Co-President, stated, “With the formation of Ankura Trust, Ankura moves beyond consulting and continues to expand our relevance to our clients. David, Jim, and the team bring a fresh perspective to the indenture trustee and loan agency marketplace, which will allow Ankura Trust to create value and optionality for investors in restructurings.”
With Mr. Sawyer and Mr. McGinley, the Ankura Trust team bring decades of global financial market and restructuring experience to this offering. Over their careers they have collectively held roles as principal investors, lenders, and trust professionals, and have been involved in many of the most complex and high-profile bankruptcies and out-of-court restructurings in recent history. Further, the Ankura Trust team bring to their clients a diverse spectrum of perspectives given their wide range of experience in restructurings, including roles as bondholders; lenders; distressed investors; providers of rescue, DIP and exit financings; indenture trustee; UCC participant and chair; loan administrative agent; escrow agent; and collateral agent.
Mr. McGinley added, “We are committed to providing clients with a fresh approach as we set a new paradigm to traditional trust services. We know this business and we know how to drive value for investors.”
Mr. Sawyer joined Ankura in January 2017 after more than seven years at Barclays, where he was the global head of the Portfolio, Counterparty Credit and Workout Group. There, he managed more than 150 people and $6 billion of distressed principal positions, including post-restructured equity. Mr. Sawyer has more than 25 years of experience in global financial markets, including roles in the distressed debt and restructuring arena as an investor and senior lender at a market leading hedge fund, in addition to his role as the global head of the workout and restructuring group at Barclays.
Mr. McGinley brings decades of experience in relationship management, corporate trusts, liquidating trusts, and restructurings, where he has significant experience working with bondholders in distressed situations and Chapter 11 cases. Mr. McGinley has also developed several business lines for global financial institutions and served on many of the most significant unsecured creditors’ committees in recent history.
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