Leading English Restructuring Lawyer Plans Move to U.S. Firm's Expanding London Office; James Roome To Join Bingham Dana's Global Financial Restructuring Practice

Business Wire, July 12, 2000

Business Editors/Legal Writers

LONDON--(BUSINESS WIRE)--July 12, 2000

James Roome, a well-known English restructuring lawyer, has announced his intention to join the London office of the international law firm of Bingham Dana LLP.

Mr. Roome, who concentrates in UK and cross-border insolvency, workouts, restructurings and new financings, will become a partner in the firm's 52-lawyer Global Financial Restructuring practice group.

Jay S. Zimmerman, managing partner of Bingham Dana, described Mr. Roome's decision to join the firm as the latest step in the steady expansion of its Global Financial Restructuring practice. A July 1999 transaction brought Hebb & Gitlin, one of the world's premier financial restructuring firms, into the Bingham Dana fold.

And, Tina Brozman, former Chief Bankruptcy Judge of the Southern District of New York, joined the firm in February this year.

"Since Richard Gitlin -- one of the world's leading bankruptcy lawyers - and his firm joined us," Zimmerman said, "we have been building on their success in international financial restructuring. Judge Brozman is an internationally respected bankruptcy expert who adds further strength to our Global Financial Restructuring practice."

Mr. Roome joins a London practice that has already advised US noteholders in some of the most significant financial restructurings in the UK over the last ten years. "Adding James Roome in London is a perfect fit," commented Zimmerman. We have a team in place with unrivaled ability to handle the most complex financial restructurings under US and English law."

Bingham Dana has had an office in London since 1973. The firm's other major practice areas in London include finance and project finance.

"Over the years," Zimmerman said, "our Global Financial Restructuring team has advised on workouts, restructurings and insolvency law reform in more than 75 countries, handling more UK and cross-border restructurings than any other US-based law firm. Mr. Roome's arrival will add to the firm's formidable capacity to represent institutional investors, banks, bondholders, office-holders and other insolvency participants anywhere in the world."

According to Zimmerman, Mr. Roome was attracted to Bingham Dana's reputation in the areas of cross-border restructuring and finance, and was looking forward to practicing with many of the most prominent people in the field. "He first heard of Richard Gitlin and Judge Brozman in connection with the Maxwell cross-border insolvency proceedings, in which they played prominent roles," Zimmerman said. "Both of them, together with US-based partner Evan Flaschen and London-based partner Barry Russell, are very well known in the London restructuring community."

Mr. Roome has experience in a number of high-profile international financial restructurings. For example, Mr. Roome played a central role in the liquidation of Bank of Credit and Commerce International (BCCI), in London and the Middle East. BCCI had banking operations in 50 countries around the world. He also had a central role in the liquidation of Carrian Holdings Limited in Hong Kong, until last year the largest public company insolvency in Asia.

Carrian was a complex operation doing business in Hong Kong, Singapore, Malaysia and the PRC.

More recently, Mr. Roome has been advising bondholders on strategies following default. In 1999, he advised the majority note holders of Alpha Shipping plc on the restructuring of Alpha's US$175 million high-yield note issue. That restructuring involved a Scheme of Arrangement in the Isle of Man and ancillary order under Section 304 of the US Bankruptcy Code.

Mr. Roome has also handled a wide range of mergers and acquisitions on behalf of both troubled and healthy companies, and a number of high profile corporate finance transactions.

Notes to Editors:

1. James Roome was admitted as a solicitor in England in 1984 and in Hong Kong in 1985. He is authorized to act as an insolvency practitioner and has spoken at conferences on topics ranging from professional liability to financial institution insolvency.

2. Mr. Roome is currently a partner at Cadwalader, Wickersham & Taft, and before that, was a partner at Simmons & Simmons.

3. Immediately before becoming managing partner of Bingham Dana, Jay Zimmerman lived in London for 7 1/2 years as resident partner in the firm's London office. As a result, he is intimately familiar with the London legal market, which is an integral part of the firm's overall business strategy.

4. Bingham Dana plans continued growth in its London office, particularly in the areas of project finance and finance, as well global financial restructuring.

5. Bingham Dana is a 400-attorney law firm with offices in New York, London, Washington, Boston, Hartford, Los Angeles and Singapore.

6. Bingham Dana's Global Financial Restructuring Group provides cutting edge insights and strategic advice concerning troubled investments and loans worldwide. The group serves as counsel to institutional investors, banks, high yield and distressed debt investors, indenture trustees, and cross-border companies in high profile workouts, restructurings and bankruptcies throughout the US and to date in more than 75 countries. It also provides advice to governments, international agencies, courts and foreign representatives on commercial restructuring issues, multinational conflicts and sovereign debt defaults.