DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Transcription

1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS REUTERS / Paul Hackett First Quarter 2016

2 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed distressed debt and bankruptcy restructuring activity totaled US$25.4 billion during the first quarter of 2016, a 16% increase from the same period last year. The number of completed deals saw a decrease, with 36 deals during the first quarter of 2016 compared to 58 completed deals during the first quarter of The two largest completed transactions during the first quarter of 2016 were the US$13.3 billion debt restructuring of Aviakompaniya UTair and Limetree Bay Holdings' US$1.9 billion acquisition of St. Croix Refinery & Storage facilities from the bankrupt Hovensa LLC. US completed deal activity totaled US$7.7 billion during the first quarter of 2016, a 61% increase compared to the same period in There were 13 restructuring transactions completed in the US during the first quarter of 2016, 3 fewer deals than completed during the first quarter of The Energy & Power sector accounted for 32% of the US debt restructuring market. The Financials sector followed in second, with a 23% share. EMEA completed distressed debt restructuring deal volume totaled US$15.5 billion during the first quarter of 2016, marking a 8% increase in activity compared to the same period last year. led all sectors in EMEA, with 86% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) completed deal volumes during the first quarter of 2016 reached US$1.1 billion from 11 deals, up 8.7% from the same period last year. was by far the most active sector, capturing 98% of the market. Worldwide Completed Restructuring (DR1) WW Announced Restructuring (DR1a) Worldwide Completed Value by Industry (US$bil) Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Rank Rank Deals # of Deals Value (US$m) PJT Partners LP 1 4 4, PJT Partners LP ,651.5 Rothschild 2 8 3, * , , Rothschild 2* ,921 Alvarez & Marsal , Houlihan Lokey Houlihan Lokey 5 1 1, Moelis & Co ,822.5 FTI Consulting Inc 6 12* AlixPartners LLC 6 6* 2-1 1,867.5 Global Hunter Securities LLC Evercore Partners 7* 8* 1-1 1,600 Montalban Atlas Capital Imperial Credit Industries Inc 130 Moelis & Co Dundee Securities Corporation Greenhill & Co, LLC Alvarez & Marsal 7* 10* Imperial Credit Industries Inc Gleacher Shacklock LLP Primary Capital Inc Banco BTG Pactual SA 14,292.6 UBS FTI Consulting Inc Lampert Advisors LLC JP Morgan 600 4% 3% 6% 7% 8% 9% 58% Energy and Power Financials Real Estate ,521.9 Consumer Staples Retail 25, *tie Consumer Products and Services Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) 25 Aviakompaniya UTair 13, Hovensa LLC-St Croix Refinery 1,860 # of Deals Offshore Group Investments Ltd GT Advanced Technologies Inc Realia Business SA 1,631 1, Quiksilver Inc 826 HC Starck GmbH und Co KG 781 Keangnam Enterprises Ltd 725 Automotores Gildemeister SA 700 Xinergy Ltd 500 1

3 US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) US Announced Restructuring (DR2a) 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) PJT Partners LP 1 2 3, Houlihan Lokey 1* , PJT Partners LP 1* 4* ,608 Alvarez & Marsal 3* 6 1, * Rothschild 3* 8 1, Moelis & Co 3* ,222.5 Houlihan Lokey 5 4 1, Evercore Partners 5* 7* 1 0-1,600 FTI Consulting Inc Imperial Credit Industries Inc 5* Global Hunter Securities LLC Rothschild 5* 4* 1-1 Moelis & Co Alvarez & Marsal 5* 7* Greenhill & Co, LLC FTI Consulting Inc 5* - Imperial Credit Industries Inc AlixPartners LLC 5* 4* Lampert Advisors LLC 5* - Dundee Securities Corporation 5* - 11% 4% 11% 19% Energy and Power Consumer Staples 32% 23% Financials 7, ,279.1 EMEA Completed Restructuring (DR4) EMEA Announced Restructuring (DR4a) EMEA Completed Value by Industry Restructuring Market #of Market Change in #of Change in Rank Rank Deals # of Deals Rothschild 1 6 1, Rothschild 1 2* Montalban Atlas Capital * Gleacher Shacklock LLP 3* 5* AlixPartners LLC 3* 2* Value (US$m) Restructuring Value (US$m) 1, , , % 6% 86% Real Estate 15, ,173.8 Consumer Products and Services *tie Asia Pacific & Japan Top 10 Deals Completed* Debtor Name Restructuring Value (US$m) Date Effective Debtor Domicile Nation Debtor Industry Keangnam Enterprises Ltd /17/2016 Sambu Construction Co Ltd /14/2016 Korea Development Corp /24/2016 Steel & Resources Co Ltd /25/2016 Flexcom Inc /29/2016 Flexcom Inc /28/2016 Core Logic Inc /22/2016 Asia Pac & Japan Completed Value by Industry 98% *No mandates claimed 2

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 Ewelina Jarecka ( ) Asia-Pacific Kelvin Bian ( ) Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2015 and March 31, 2016 and of which Thomson Reuters was made aware. All 2016 data is as of 10:00am EDT on April 13, 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. 3

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