USPS Hires Evercore for Restructuring Advice

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USPS Hires Evercore for Restructuring Advice

Post  hurricanemaxi on Tue Nov 22, 2011 3:41 pm

The U.S. Postal Service, which forecasts a record $14.1 billion loss for the 2012 fiscal year, said it hired Evercore Partners Inc. (EVR) to “review and advise” on restructuring.

“The U.S. Postal Service must make fundamental changes to its business model to return to profitability and continue its mission of providing quality service to every address in the nation,” the agency said today in an e-mailed statement.

The Postal Service, based in Washington, has said it may run out of money to operate next year. The agency, which is closing post offices and wants to cut 220,000 jobs by 2015, seeks to cut Saturday mail delivery and convince Congress to let it delay payments for health benefits of future retirees. The bills Congress is considering don’t do enough to address the service’s financial crisis, Postmaster General Patrick Donahoe said yesterday.

Evercore, founded by former U.S. Deputy Treasury Secretary Roger Altman, is also advising Ally Financial Inc., the lender that is 74 percent owned by the Treasury Department, people, who declined to be identified because the discussions are private, said earlier this month.

Evercore, a New York-based investment-banking firm, has advised PMI Group Inc. (PMI), the mortgage insurer whose main unit was seized by Arizona regulators last month, and Kinder Morgan Inc., a natural-gas pipeline company.
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