Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer who helped oversee the bailouts of American International Group Inc. and Citigroup Inc., is forming a turnaround advisory firm.
On a recent Monday, restructuring banker Elizabeth Abrams was on a conference call negotiating for hedge fund creditors ahead of the $50 billion bankruptcy of Energy Future Holdings Corp. She happened to be sitting in a hotel conference room in San Juan, Puerto Rico -- where she’s advising the government on addressing $73 billion in debt.
Miller Buckfire & Co., under pressure to recruit senior-level bankers after the retirement of co-founder Henry Miller and other departures, is in discussions with Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer, said two people familiar with the matter.
Millstein & Co., the turnaround advisory firm started by former U.S. Treasury Department Chief Restructuring Officer Jim Millstein, hired private-equity investor Michael Duran to help oversee a distressed investing venture with Third Avenue Management LLC.
Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer, and his firm Millstein & Co. have been retained by senior creditors to Energy Future Holdings Corp.’s competitive power unit, a person with knowledge of the matter said.