Chanin Capital Partners Opens Detroit-Area Office, Anchored by Automotive Industry Veterans

LOS ANGELES, Jan. 10, 2006 -- Chanin Capital Partners, a leading specialty investment banking firm, today announced the opening of a Detroit-area office, which will be anchored by two veterans of the automotive industry.

Anjan Chatterjee and Sanjeev Varma, Senior Advisors of Chanin Capital Partners, will lead the new Troy, Michigan, office. Mr. Chatterjee and Mr. Varma will continue their role of advising Chanin clients in the automotive, supplier and transportation industries. This expansion follows a string of new client engagements in the Detroit area.

Skip Victor, Senior Managing Director of Chanin Capital Partners, said, "Companies in the automotive sector are facing unprecedented challenges in an era of legacy cost structures, increased raw materials pricing, and intense competition from abroad. Given our long history of restructuring experience, focus on execution, and deep bench of professional talent, Chanin is well-positioned to serve automotive-related advisory assignments. Having a local presence further enhances our ability to serve clients in the region." Since 2000, Chanin Capital Partners has advised on 16 transactions in the automotive and supplier industries, with an aggregate deal value of approximately $5 billion. Chanin is currently involved in the restructuring of Delphi Corporation and Collins & Aikman, among others.

Anjan Chatterjee was most recently a Senior Vice President and acting CFO of Visteon Corporation, an $18 billion diversified auto parts supplier. Prior to joining Visteon in early 2003, Mr. Chatterjee was a senior partner and served as Head of McKinsey & Company's North American Automotive Practice. Earlier, Mr. Chatterjee held senior management positions for AT Kearney, Inc., and Booz Allen & Hamilton, advising on strategic planning, operations and IT for global transportation and manufacturing concerns.

Sanjeev Varma has held senior marketing, strategic planning and product development positions with New Venture Gear, Inc., a subsidiary of DaimlerChrysler, Magna and DaimlerChrysler. Mr. Varma also serves as Senior Advisor, Automotive, to the Industrial Investment Council, a German Government Agency. In this role, Mr. Varma is responsible for developing strategic relationships with US, Canadian and Indian automotive companies, and bringing foreign investment to Eastern Germany.

Russ Belinsky, Chanin's Senior Managing Director, added, "Chanin is focused on advising clients in complex corporate restructurings and M&A situations. Anjan and Sanjeev have expansive knowledge of the automotive industry. They understand how companies in the current environment can ultimately achieve success. We anticipate that our clients will benefit from their experience and Chanin's enhanced local presence."

About Chanin Capital Partners

Chanin Capital Partners is a top-ranked specialty investment banking firm that provides financial advisory services, including Financial Restructuring; Mergers and Acquisitions; Fairness, Valuation and Solvency Opinions; and, Capital Raising. With 45 dedicated professionals and offices in Detroit, London, Los Angeles and New York, Chanin Capital Partners is one of the largest, independent, specialty investment banks providing financial advisory services for the middle market and for distressed transactions. Since 1984, the professionals of Chanin Capital Partners have completed more than $146 billion in financial restructuring transactions, consummated more than $29 billion in mergers and acquisitions mandates, and delivered hundreds of fairness and solvency opinions and valuation reports.