DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Transcription

1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS REUTERS / Kacper Pempel Full Year 01

2 Full Year 01 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$17.7 billion in 01, a 61.5% decline from last year. However, in terms of volume, the number of completed deals increased from to 68 transactions. The largest completed transaction of the year was the US$1.7 billion AMR restructuring. US deal activity totalled US$90. billion in 01, a 9.% increase compared to 01. There were 19 restructuring transactions completed, more than the previous year. Companies in the sector accounted for 5% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$65.8 billion in 01, marking an 81.9% decrease in activity compared to 01. The large decrease in activity is due to 01's US$6.1 billion restructuring of Greece's sovereign debt. led all sectors in EMEA, with 7% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes in 01 reached US$.1 billion, up 8.6% from last year. Energy & Power was the most active sector, capturing % of the market, followed by and Media & Entertainment, with % and 1% market share, respectively. Worldwide Completed Restructuring (DR1) Jan 1 Dec 1 WW Announced Restructuring (DR1a) Jan 1 Dec 1 Worldwide Completed Value by Industry (US$bil) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Lazard 1 1 7, Lazard ,9.1 67, Rothschild 8 76,1.8 7% 6% Blackstone Group LP 57, , * , ,76. 8% Rothschild 5 5 5, Blackstone Group LP * , % 16% FTI Consulting Inc 6 1 0, FTI Consulting Inc , % 1% AlixPartners LLC 7 6, IREA Corporate Finance 7* Greenhill & Co, LLC 8 6 5, Alvarez & Marsal 7* 9* 10 1,557. Mesirow Financial Corp 9* 1, Leonardo & Co 9 1* 9,09.9 SkyWorks Capital LLC 9* 1, PricewaterhouseCoopers 10 * 7 10,6. Evercore Partners , KPMG 11* 7 5,68.7 Centerview Partners LLC 1 15, Evercore Partners 11* 1* 5 0,8. Alvarez & Marsal 1 7 9, Greenhill & Co, LLC 11* 9* 5 1,5.9 GLC Advisors & Co 1 8, GLC Advisors & Co 11* 1* 5 0,00.5 Jefferies LLC , AlixPartners LLC 11* 1* Perella Weinberg Partners LP 16 7, Canaccord Genuity 11* 1* 5 0. PricewaterhouseCoopers , Goldman Sachs & Co 11* 18* ,116. Morgan Stanley , Ernst & Young LLP 18* * 1,880.5 Retail Telecommunications Leonardo & Co 19 0, Vitale & Associati SpA 18* 8* 19.5 Government and Agencies Goldman Sachs & Co 0, Macquarie Group 18* 7* 1, , ,68. Real Estate Worldwide Announced Bankruptcy Sales by Industry Top Ten Completed Restructuring Deals (US$m) # of Deals AMR Corp Residential Capital LLC TNEB Eastman Kodak Co El Corte Ingles SA CMA CGM SA Jefferson CoAlabama Nine Entertainment Co Holdings Grupo Eroski SA Grupo Celsa $1,677 $15,76 $8,88 $6,750 $6, $,600 $,0 $,6 $, $,1 1

3 Full Year 01 US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR) Jan 1 Dec 1 US Announced Restructuring (DRa) Jan 1 Dec 1 US Completed Value by Industry Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Lazard 1 58, Lazard ,760. 9, Blackstone Group LP 18 8,795.0 Blackstone Group LP 1 6, ,65.6, ,75.6 FTI Consulting Inc 5 5 7, Rothschild ,170.0 AlixPartners LLC 6 1 6, Alvarez & Marsal 6 1* ,5.5 Greenhill & Co, LLC 7 7 5, Evercore Partners 7* 8* 5 1,8. Rothschild 8 6, GLC Advisors & Co 7* 7 5 0,00.5 Mesirow Financial Corp 9* 1, AlixPartners LLC 7* 10* 5 11,75. SkyWorks Capital LLC 9* 1, FTI Consulting Inc 7* 6 5 1,80.1 Evercore Partners , Jefferies LLC 11 10* 1 7,99.0 Centerview Partners LLC 1 15, Greenhill & Co, LLC 1 1* 1 1, , ,95.1 5% % 9% 1% Government and Agencies Healthcare Telecommunications 5% % EMEA Completed Restructuring (DR) Jan 1 Dec 1 EMEA Announced Restructuring (DRa) Jan 1 Dec 1 EMEA Completed Value by Industry Restructuring Market #of Market Change in #of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Rothschild 1, Lazard ,7.8 0, Rothschild 6 5 1,9.0 Lazard 1 17, , , IREA Corporate Finance PricewaterhouseCoopers 5 7, Leonardo & Co 5 1 9,09.9 Morgan Stanley , * 15* ,76.6 Blackstone Group LP 7 5, Blackstone Group LP 6* * 8 1 1,0.8 Alvarez & Marsal 8 7*, PricewaterhouseCoopers 8 * ,6. Leonardo & Co 9 16, KPMG 9* 15* 58.7 Credit Suisse 10*, Ernst & Young LLP 9* 1,880.5 Macquarie Group 10*, Vitale & Associati SpA 9* 19.5 Goldman Sachs & Co 10* 0, Canaccord Genuity 9* , , % 1% 1% 16% 7% 0% Retail Asia Pacific & Japan Completed Restructuring Jan 1 Dec 1 AP / Japan Announced Restructuring Jan 1 Dec 1 Asia Pac & Japan Completed Value by Industry Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals 1 7, * 1 1,9.9 Goldman Sachs & Co, Kaede Group.0 Credit Suisse, Credit Suisse * Rothschild * 5, State Bank of India * 1* 1 8. Macquarie Group *, KPMG * 1* 1,110.0 Nomura 6* 17*, Lazard * 1.0 KPMG 6* 1, Deloitte * 10* , Goldman Sachs & Co * Deloitte FTI Consulting Inc * 1 1,900.0 State Bank of India , % % 1% % %

4 Full Year 01 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 Serkan Tecimer ( ) serkan.tecimer@thomsonreuters.com AsiaPacific Kelvin Bian ( ) kelvin.bian@thomsonreuters.com Criteria Summary Announced and completed rankings include all transactions announced or completed between January 1, 01 and December 1, 01 and of which Thomson Reuters was made aware. All 01 data is as of Noon EST on January 9, 01. 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. NonUSdollardenominated 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 adhoc 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. 01 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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