June 4 (Bloomberg) -- Gleacher & Co., the brokerage that’s closing its businesses after failing to find a buyer, hired Capstone Advisory Group LLC’s Christopher J. Kearns to oversee its restructuring.
Kearns, 56, will serve as chief restructuring officer and chief executive officer of New York-based Gleacher, the company said today in a statement. The investment-banking unit will be shut immediately, affecting about 20 people, according to the statement. The company said it’s still considering whether to wind down and distribute the proceeds to investors, sell itself or reinvest its assets in other ventures.
MatlinPatterson Global Advisers LLC, the private-equity firm that is Gleacher’s largest shareholder, took over the brokerage’s board last month and fired the previous CEO, Thomas J. Hughes. Kearns, a co-founder of Capstone, isn’t leaving the advisory firm, according to the statement.
Gleacher, which lost $198.4 million since 2009, said in April it would shutter the fixed-income business that generated most of its revenue as salespeople defected and customers suspended trading. Eric Gleacher, 73, the mergers-and-acquisitions banker who founded the firm, left in January.
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