DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Transcription

1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS REUTERS / Phil Noble First Quarter 2015

2 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totaled US$16.8 billion during the first quarter of 2015, a 62% decrease from the first quarter of The number of completed deals also saw a significant decrease, with 40 deals during the first quarter of 2015 compared to the 88 during the same period last year. The two largest completed transactions during the first quarter were the US$4.8 billion debt restructuring of Martinsa-Fadesa and the US$3.5 billion restructuring of Grupo Eroski. US completed deal activity totaled US$2.3 billion during the first quarter of 2015, a 72% decrease compared to the first quarter of There were only 10 restructuring transactions completed in the US during the first quarter, 16 fewer deals than the same period last year. The sector accounted for 33% of the US debt restructuring market, followed by Consumer Staples, with a 22% share. EMEA completed distressed debt restructuring deal volume totaled US$12.1 billion during the first quarter of 2015, marking a 58% descrease in activity compared to the first quarter of Real Estate led all sectors in EMEA, with 40% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) completed deal volumes during the first quarter of 2015 reached US$646 million from 10 deals, down almost 90% from the same period last year. was the most active sector, capturing 66% of the market, followed by High Technology and Energy & Power, accounting for 18% and 16% of the market, respectively. The top five restructurings by value were all completed by n debtors. Worldwide Completed Restructuring (DR1) Jan 1 - Mar 31 WW Announced Restructuring (DR1a) Jan 1 - Mar 31 Worldwide Completed Value by Industry (US$bil) Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Rank Rank Deals # of Deals Value (US$m) Houlihan Lokey 1 4 6, Lazard 1* ,362.2 IREA Corporate Finance 2-4, Moelis & Co 1* 6* 7 3 5,876.8 Lazard 3 2 4, Rothschild ,970.7 KPMG 4* - 3, Houlihan Lokey 4* Morgan Stanley 4* 17 3, Blackstone Group LP 4* ,626.3 Rothschild 6 8 3, Evercore Partners 6* 8* 2-1 3,678.2 Blackstone Group LP 7 3 1, IREA Corporate Finance 6* Moelis & Co Montalban Atlas Capital 6* Evercore Partners Morgan Stanley 9* 8* FTI Consulting Inc 10* Alvarez & Marsal 9* 6* Virtus BR Partners 10* BMO Capital Markets AlixPartners LLC ABG Sundal Collier Alvarez & Marsal AlixPartners LLC 2,100 16, RS Platou Markets AS RPA Advisors LLC One Square Advisors GmbH 9* , % 9% Real Estate 3% 3% 18% Retail 21% 29% Energy and Power Consumer Staples Healthcare Financials Consumer Products and Services Materials Telecommunications High Technology Media and Entertainment Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) # of Deals Martinsa-Fadesa SA Grupo Eroski SA Sorgenia SpA Eitzen Chemical ASA Aralco Industria e Comercio SA Nautilus Holdings Ltd ,499 2,621 4,808 BCBG Max Azria Group Inc 685 Dendreon Corp-Certain Assets 495 Global Geophysical Svcs Inc 343 Petropavlovsk PLC 310

3 US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) Jan 1 - Mar 31 US Announced Restructuring (DR2a) Jan 1 - Mar 31 US Completed Value by Industry Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Rank Rank Deals # of Deals Value (US$m) Lazard 1 4 1, Lazard Blackstone Group LP Houlihan Lokey 2* Alvarez & Marsal Moelis & Co 2* 5* 2-2 Moelis & Co Evercore Partners 4* ,100 Houlihan Lokey 5* Alvarez & Marsal 4* 5* Rothschild 5* AlixPartners LLC 4* - 2,100 2, RPA Advisors LLC 4* Blackstone Group LP 4* Montalban Atlas Capital 4* - Rothschild 4* , % 8% 33% 11% 16% 22% Consumer Staples Healthcare Energy and Power Materials Telecommunications EMEA Completed Restructuring (DR4) Jan 1 - Mar 31 EMEA Announced Restructuring (DR4a) Jan 1 - Mar 31 EMEA Completed Value by Industry Restructuring Market #of Market Change in #of Change in Rank Rank Deals # of Deals Houlihan Lokey 1 3 5, Moelis & Co 1 8* IREA Corporate Finance 2-4, Rothschild 2 2* 3-1 KPMG 3* - 3, IREA Corporate Finance 3* - Morgan Stanley 3* 15 3, Montalban Atlas Capital 3* 11* Rothschild 5* 8 2, Morgan Stanley 1-2 Lazard 5* 1 2, ABG Sundal Collier Evercore Partners RS Platou Markets AS Moelis & Co Lazard 5* 4* , Evercore Partners One Square Advisors GmbH 5* 2* Value (US$m) Restructuring Value (US$m) 2, , , , , % 22% 40% 29% Real Estate Retail Energy and Power Materials Asia Pacific & Japan Top 5 Deals* Debtor Name Restructuring Value (US$m) Dongyang Engineering NamKwang Engineering Nexolon Co Ltd Ssangyong Engineering Daesung Industrial Co Ltd Date Effective 3/16/2015 1/21/2015 2/10/2015 2/27/2015 3/30/2015 Debtor Domicile Nation Debtor Industry High Technology Energy and Power Asia Pac & Japan Completed Value by Industry 16% 18% 66% *No mandates claimed High Technology Energy and Power Financials Real Estate Materials

4 Distressed Debt & Bankruptcy Restructuring Rankings If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Robert Levine ( ) EMEA Redina Doda ( ) Asia-Pacific Kelvin Bian ( ) Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2014 and March 31, 2015 and of which Thomson Reuters was made aware. All 2015 data is as of Noon EST on April 9, League tables include debt exchange offers, debt tender offers, bankruptcy/distressed sales, loan modifications, and transactions where debt is retired using proceeds from an equity offering. In order to be considered rank eligible, the debtor company must be either bankrupt or distressed. - Deals with undisclosed dollar values are rank eligible but with no corresponding Restructuring Value. Non-US-dollar-denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. - Financial advisors receive full credit for each deal on which they provide advisory services to the debtor company, creditor or creditor group receiving a majority equity interest in the debtor company as a result of the transaction, or ad-hoc creditor committee. - League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. - Regional restructuring league tables include deals where the debtor/target or debtor/target ultimate parent are domiciled (nation of headquarters) in the specified region or nation. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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