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October 20, 2014

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Executive named examiner in Fontainebleau bankruptcy case

An executive experienced in financial restructurings was appointed Friday as the examiner in the Fontainebleau Las Vegas bankruptcy case.

The U.S. Trustee for Miami's bankruptcy court appointed as examiner Jeff Truitt of the Santa Ana, Calif., office of XRoads Solutions Group.

XRoads is a company that provides corporate restructuring and consultancy services.

Truitt is a principal in the company's corporate restructuring operation.

According to the XRoads Web site, Truitt has more than 20 years of experience dealing with complex business and financial matters.

He's served as an adviser to companies and creditors in restructurings and reorganizations, both in and out of bankruptcy proceedings. Gaming/hospitality are among the industries he is experienced with.

Truitt is specifically experienced with acquisitions, dispositions and debt refinancing involving financially distressed companies; and has provided expert witness testimony on issues such as reorganization plan feasibility, key employee retention plans, cash collateral issues, debtor in possession financing, liquidation analyses and asset sales, XRoads' Web site says.

The judge in the Fontainebleau bankruptcy case, A. Jay Cristol, decided that appointment of an examiner was necessary after a group of lenders complained the process of selling the unfinished resort project could be compromised by what the lenders called developer Jeff Soffer's conflicts of interest.

As the examiner, Truitt will oversee the Fontainebleau sales process.

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