Veteran Distressed Investment Team Launches Invictus Global Management

Invictus Global Management LLC, founded by partners Amit Patel and Cindy
Chen Delano, formerly of Whitebox Advisors LLC, today announced its
formation. Invictus is an alternative asset management firm built to
employ a fundamental, event-driven approach to investing across
distressed credit and related special situations opportunities.

Mr. Patel, a six-year veteran of Whitebox, and Ms. Delano, a three-year
veteran of Whitebox, will serve as the firm’s Co-Chief Investment
Officers. They bring proven experience in distressed investing along
with differentiated expertise in bankruptcy law and restructuring
litigation. Mr. Patel’s background also includes working on investment
and advisory teams at firms such as Avenue Capital Management,
Wellspring Capital Management, and Jefferies Group. Ms. Delano’s
background extends to working as a restructuring attorney at leading
international law firms, including Kirkland & Ellis LLP, Weil, Gotshal &
Manges LLP and Milbank LLP, and serving as in-house counsel at AIG
Investments.

“We are pleased to build on our experiences and success at Whitebox by
launching a specialized investment management platform focused on
distressed credit, bankruptcy trade claims and litigation finance,” said
Mr. Patel. “Through our work together on a diverse set of complex
situations, ranging from Puerto Rico’s multi-year restructuring to
Westinghouse’s Chapter 11 bankruptcy, we’ve developed a unique approach
that we’re excited to scale.”

“Looking ahead, we see a series of compelling opportunities
materializing in the marketplace as the maturing economic cycle
intersects with unbalanced global growth and tighter central bank
policies,” noted Ms. Delano. “We believe Invictus is well-positioned to
capitalize on this landscape thanks to our unique ability to combine
value investing acumen, bankruptcy law and litigation expertise, and
selective activism.”

Mark Strefling, Chief Executive Officer of Whitebox, added: “We wish
Amit and Cindy the best as they take the next step in their careers. In
addition to being valued members of our credit team, they embodied the
strong principles and values that remain essential to our business.”

In addition to Mr. Patel and Ms. Delano, the firm’s third founding
partner is Aaron Goldberg. Mr. Goldberg, who will serve as Chief
Operating Officer, has spent more than three decades in the alternative
asset management industry, including in c-level roles at firms such as
Halcyon Capital Management and BlueMountain Capital Management.

Invictus is headquartered in Austin, Texas.

About Invictus Global Management

Invictus Global Management LLC is a privately-held alternative asset
management firm that specializes in investing across distressed credit
and related special situations opportunities. Based in Austin, Texas,
the firm is built to produce optimal risk adjusted returns for public
and private institutions as well as accredited individuals.

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