DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Transcription

1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS Peter Andrews / REUTERS First Nine Months 2014

2 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$118.9 billion during the first nine months of 2014, a 7.5% increase from the same period last year. Though the first nine months of 2014 saw an increase in completed activity, the number of completed deals decreased from 381 to 187 transactions. The two largest completed transactions of the first nine months of 2014 were the US$10 billion Dubai Group debt restructuring and the United Company Rusal PLC debt restructuring also restructuring existing debt work US$10 billion. US completed deal activity totalled US$31.5 billion during the first nine months of 2014, a 22% decrease compared to the same period last year. There were 67 restructuring transactions completed in the first nine months of 2014, 37 fewer deals than the previous year. Companies in the Energy & Power sector accounted for 28% of the US debt restructuring market, followed by Consumer Products & Services accounting for 20% of the market. EMEA completed distressed debt restructuring deal volume totalled US$79 billion in the first nine months of 2014, marking a 43.4% increase in activity compared to the first nine months of led all sectors in EMEA, with 23% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) completed deal volumes during the first nine months of 2014 reached US$6.2 billion, down 72.3% from the same period last year. was the most active sector, capturing 46% of the market, followed by and Material, both tied for second each accounting for of the market. Worldwide Completed Restructuring (DR1) WW Announced Restructuring (DR1a) Worldwide Completed Value by Industry (US$bil) Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals 2.5 Blackstone Group LP , Blackstone Group LP , , Houlihan Lokey , Houlihan Lokey , , , ,927.9 Morgan Stanley , , , Morgan Stanley 6* 24* , FTI Consulting Inc 7 6 8, GLC Advisors & Co 6* 24* 7 5 8, Alvarez & Marsal 8 7 7, Vitale & Associati SpA 8* 6* 208 PricewaterhouseCoopers , Alvarez & Marsal 8* 6* 7,542.5 Freitag & Co 10-6, Leonardo & Co 8* ,926.3 Goldman Sachs & Co 11 14* 4, AlixPartners LLC 8* 17* 4 1 4,551.9 KPMG , Deloitte 8* 24* Perella Weinberg Partners LP 13* 9 4, Gleacher & Co Inc 13* 34* 3 2 1,033.7 McKinsey & Co 13* 38 4, FTI Consulting Inc 13* ,147.3 Greenhill & Co, LLC 15* 17 3, Jefferies LLC 13* 17* 3 0-1,742.7 Zolfo Cooper LLC 15* 34 3, ,963.3 Evercore Partners 17* 18 3, TASC Strategic Consulting 17* - 3, GBS Finanzas SA 19-2, Chilmark Partners 20-2, Lincoln International 21 50* 2, Energy and Power Jefferies LLC , Consumer Products and Services Macquarie Group 23* 14* 1, One Square Advisors GmbH 23* - 1, Consumer Staples GLC Advisors & Co 1, , High Technology Healthcare Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) # of Deals Dubai Group United Company Rusal PLC FCC IVG Immobilien AG Cengage Learning Inc Wind Acquisition Finance SA Al Jaber Group LLC Pescanova SA Edison Mission Energy Co Hibu PLC $10,000 $10,000 $6,844 $6,083 $5,800 $5,249 $4,500 $4,345 $4,045 $3,538 1

3 US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) US Announced Restructuring (DR2a) US Completed Value by Industry Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Houlihan Lokey , Houlihan Lokey ,639.3 Blackstone Group LP , Blackstone Group LP , , * , , * , , ,379 FTI Consulting Inc 6 3 8, Alvarez & Marsal 6 6* 4-1 7,542.5 Alvarez & Marsal 7 8 7, AlixPartners LLC 7* 8* 3 0-4,551.9 Perella Weinberg Partners LP 8* 9 4, GLC Advisors & Co 7* 11* McKinsey & Co 8* 21 4, Deloitte 9* - 50 Chilmark Partners 10-2, Jefferies LLC 9* 8* 2-1 1,480 Lincoln International 11-2, ,598.5 Jefferies LLC , Goldman Sachs & Co 13-1, GLC Advisors & Co , Centerview Partners LLC 15-1, , % 4% 11% 18% Energy and Power 28% 20% Consumer Products and Services High Technology Healthcare EMEA Completed Restructuring (DR4) EMEA Announced Restructuring (DR4a) EMEA Completed Value by Industry Restructuring Market #of Market Change in #of Change in Sh (%) Deals Sh (%) # of Deals Rank Rank Deals # of Deals Morgan Stanley 1 25* 22, Blackstone Group LP , Morgan Stanley 2* 4* 7 5 Blackstone Group LP , * , Houlihan Lokey 4* Houlihan Lokey , Vitale & Associati SpA 4* 8 PricewaterhouseCoopers 6 5 7, Leonardo & Co 4* 17* 4-2 Freitag & Co 7-6, KPMG 8 25* 4, Gleacher & Co Inc Goldman Sachs & Co 9 9* 4, Greenhill & Co, LLC 10* 31* 3, Zolfo Cooper LLC 10* - 3, , Value (US$m) Restructuring Value (US$m) 8, , , , , , , , % 16% 10% 23% 19% Asia Pacific & Japan Completed Restructuring AP / Japan Announced Restructuring Asia Pac & Japan Completed Value by Industry Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Blackstone Group LP 1-2, Blackstone Group LP , Houlihan Lokey 2* Houlihan Lokey Jefferies LLC 2* State Bank of India GLC Advisors & Co 5 11* Deloitte 4* 4* 1 0-6, * 4* 1 0-1,093.2 Macquarie Group 485 Conway MacKenzie Inc , % 46% Energy and Power Healthcare High Technology 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 Redina Doda ( ) Asia-Pacific Kelvin Bian ( ) Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2013 and September 30, 2014 and of which Thomson Reuters was made aware. All 2014 data is as of Noon EDT on October 8, 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 undertakenany liability or obligation relating to the purchaseor sale of securities for or by any personin connectionwith 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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