Daily News: February 22, 2012

Alvarez & Marsal Opens Calgary Office, Hires Reid

Expanding its capabilities and geographic footprint in Canada, global professional services firm Alvarez & Marsal has established a new office in Calgary, Alberta. Restructuring industry leader Tim Reid has joined the firm as a managing director and head of the firm’s Turnaround and Restructuring practice in Calgary, and Orest Konowalchuk has joined as director.

“Since establishing our first Canadian office in Toronto, Alvarez & Marsal has experienced very strong demand for our specialized turnaround management and restructuring, performance improvement, corporate finance, and business advisory services,” said Douglas McIntosh, managing director and head of Alvarez & Marsal Canada ULC. “Having served clients in Western Canada for some time, opening an office in Calgary was a natural step following the tremendous success of our Vancouver practice established in 2010, as we continue to expand our presence and capabilities throughout the country and leverage our deep experience in key sectors such as energy.”

“Both Tim and Orest are outstanding practitioners and highly respected professionals in this market, with strong track records of providing clients with measurable results,” he added. “We are delighted to welcome them to our dynamic, growing team.”

Prior to joining A&M, Reid spent more than 20 years with KPMG LLP in Canada, practicing in the insolvency and restructuring field. Most recently, he served as partner in charge of restructuring in Alberta and has significant experience in the oil and gas production and energy services sectors. He has acted in numerous operating receiverships and Companies’ Creditors Arrangement Act (CCAA) turnarounds involving going concern divestitures. Reid recently led the restructuring and sale of the businesses of an energy services income trust, as well as the restructuring and eventual sale of a polyethylene pipe manufacturer with operations in British Colombia, Alberta and Ontario.

With more than 11 years of experience in turnaround advisory, insolvency and assurance services, Konowalchuk has acted as an advisor for scores of clients in financial distress in both the private and public sectors, with particular expertise and experience in the oil and gas industry (including E&P, midstream and oilfield services), real estate and property development, timeshare resort industry, manufacturing and agricultural. Over the course of his career, he has worked on engagements involving cross-border operations, including concurrent CCAA and Chapter 11/Chapter 15 filings. Prior to joining Alvarez & Marsal, he spent six years with Ernst & Young in Calgary working as a senior manager in their restructuring group.