PMI official committee selects PJ Solomon as financial advisor
by Tibita Kaneene and Jon Berke
PMI Group’s official committee of unsecured creditors has selected PJ Solomon as its financial advisor, according to two sources familiar with the situation. The decision comes after the committee also fielded pitches earlier this week from JH Cohn, Blackstone, Lazard, GLC Advisors, and FTI Consulting, they said.
Morrison Foerster was chosen as the committee’s law firm last week. The creditor group includes The Bank of New York Mellon Trust, Wilmington Trust, and Andrew Neville of Chevy Chase, Maryland. Bank of New York is indenture trustee to all USD 737m of the mortgage insurer’s debt.
The debtor filed for Chapter 11 protection in Delaware bankruptcy court in November with USD in 165m in assets and USD 737m in liabilities after being shutdown by regulators. The company is being advised by Willis Capital Markets & Advisory and Evercore Partners.
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