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Blackstone Goes to Kansas as Turnaround Experts Pitch States

"Blackstone Group LP (BX)’s Timothy Coleman helped Ford Motor Co. (F) avoid bankruptcy and a taxpayer bailout as the automaker eliminated $9.9 billion of debt and negotiated with unions to modify collective-bargaining agreements. Now he’s trying to turn around Kansas.

Coleman, who heads restructuring at Blackstone, has met with Republican Governor Sam Brownback to discuss being hired as the state’s adviser...

...'These governors are talking about restructuring on an unprecedented scale,' said Jonathan Henes, an attorney at Kirkland & Ellis LLP, which advised on the bankruptcies of Visteon Corp. and Solutia Inc. 'States will need to pay market rates for expert restructuring advisers, but the potential for fixing the fiscal issues is huge and with restructuring advice you get what you pay for.'"

This article appeared in its entirety in the March 11, 2011 edition of Bloomberg News.