KPMG Bumps Up Koecher
Drew Koecher is named the leader of the tax and advisory firm’s restructuring services group.
June 24, 2009
KPMG LLP tapped Drew Koecher to lead the firm’s restructuring services group. Koecher, who has been with KPMG for a decade, will be based in Dallas and New York.
Koecher originally joined KPMG in 1999 as a partner-in-charge of the firm’s Southwest transaction services group, focusing initially on the private equity and corporate M&A market. Most recently, Koecher was the national service leader for transaction services and KPMG’s Americas leader for global accounting advisory services.
The restructuring services group works with companies, lenders and other stakeholders in distressed situations, and will coordinate with other teams, such as KPMG’s tax restructuring practice. Howard Steinberg, who heads KPMG's tax restructuring group, was elevated to that role this past January.
The promotion reflects the added focus firms across the industry are giving to restructuring initiatives. FTI Consulting, Carl Marks, Perella Weinberg and law firm Jones Day have all bolstered their restructuring teams in recent weeks.
Meanwhile, investors and corporations continue to look out to existing debt that is set to mature in the coming years. Between now and 2017, a total of $576 billion in loans will need to be refinanced, peaking in 2013, when $230 billion worth of debt will sunset, according to Loan Syndications and Trading Association.
Some predictions for high-yield bond default rate have reached as high as 15 percent, contributing to the urgency from firms to upgrade their restructuring capabilities. The Turnaround Management Association, yesterday, published a survey in which half of the respondents predicted the default rate would fall between 12% and 15% this year.
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