Avenue Capital Group Issues Clarifying Statement

NEW YORK, January 24, 2012 /PRNewswire/ --

Avenue Capital Group, a global investment firm focused on undervalued opportunities in the private and public debt, equity and real estate markets in the U.S., Europe and Asia, today provided a clarification regarding the firm's Europe strategy following a print media report in Europe:

The firm's Europe strategy is led by Rich Furst, Senior Portfolio Manager.  Mr. Furst oversees a team of 20 dedicated investment professionals in London and Munich. 

Avenue Capital has raised $2 billion to date for its second Europe-focused fund, Avenue Europe Special Situations Fund II.  The fund, overseen by the Avenue Europe team led by Mr. Furst, is targeted at distressed opportunities related to Europe's leveraged corporate debt market and the region's sovereign debt crisis. 

A new Avenue Capital initiative focusing on both U.S. and European distressed-for-control investments, led by Senior Managing Director Stephen Trevor, is separate and distinct from the firm's existing Europe strategy. 

About Avenue Capital Group

Avenue Capital Group is a global investment firm focused on undervalued opportunities in the private and public debt, equity and real estate markets in the U.S., Europe and Asia.  The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia.  As of November 30, 2011, Avenue oversees approximately $12.1 billion of assets under management, on behalf of a sophisticated global base of institutional investors.  Avenue was founded in 1995 and draws on the skills and experience of approximately 265 employees worldwide.

Contact:                            Todd Fogarty
                                    Kekst and Company
                                    +1-212-521-4854
                                    todd-fogarty@kekst.com