DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Transcription

1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors First Quarter

2 First Quarter Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$.6 billion during the first quarter of, a 49.4% decline from the same period last year. In terms of volume, the number of completed deals decreased by 4.6% to transactions. The largest completed transaction of the quarter was the US$4.6 billion CMA CGM restructuring. US deal activity totalled US$6. billion during the first quarter of, a 7.% decrease compared to the same period last year. There were 4 restructuring transactions announced in the first quarter of, a 4.% decrease compared to the previous year. accounted for almost half of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$4.6 billion in the first three months of, marking a 9.% decrease in activity compared to the first quarter of. was the leading sector with.7% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes during the first quarter of reached US$.9 billion, up 6.6% from the same period last year. was the most active sector, capturing.% of the market, followed by and, with.9% and.% market share respectively. Worldwide Completed Restructuring (DR) Jan March WW Announced Restructuring (DRa) Jan March Worldwide Completed Value by Industry ($bil) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Rothschild,96.9, Lazard 4* 7 6,7. 6,646. 4*,66.7, Alvarez & Marsal Rothschild * * * 6,74.4 7,997.9 Macquarie Group 4*, ,9.4 4*, IREA Corporate Finance 6* 4* 4 FTI Consulting Inc 7, Blackstone Group LP 6* 6* 4,47. Alvarez & Marsal *,.6 FTI Consulting Inc 6* 6*,.9 Perella Weinberg Partners LP *,.6 Evercore Partners 9* * 4. Blackstone Group LP *, Sunbelt Partners 9* Lazard, Brookland Partners LLP 9* 6* 4,.4 PricewaterhouseCoopers 4,7.9.9 Hoodless Brennan & Partners *. Alfaro Davila y Rios SC 497. PricewaterhouseCoopers *,77.6 Ernst & Young LLP Broadspan Capital * 6* 7 Stifel Financial Corp Perella Weinberg Partners LP * 6* 9.4,64. Deloitte * 6* SkyWorks Capital LLC *,677 McKinsey & Co * 94 Gleacher & Co Inc * 6*,77.9 Jefferies & Co Inc * 6* 4 *, ,4.9 4% % 4% 4% % % Telecommunications Consumer Staples Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) # of Deals 4 Consumer Staple s Media and Entertainment Consumer Produc cts and Services Energy and Powe er Telecommunicatio ons CMA CGM SA $4,6 Nine Entertainment Co Pty Ltd $,46 Grupo Eroski SA $, Hawker Beechcraft Acquisition $, SinoForest Corp $,7 Biffa Group Ltd $,7 MSR Resort Golf Course LLC $, Energy Future Holdings Corp $,74 Axtel SAB de CV $497 Italtel Group SpA $44

3 First Quarter US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR) Jan March US Announced Restructuring (DRa) Jan March US Completed Value by Industry Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals 4, Lazard 6* 7,77 FTI Consulting Inc, * 4,4. Alvarez & Marsal *, 4..6 Alvarez & Marsal * 4 4,4.4 Perella Weinberg Partners LP *, 4..6 Evercore Partners 4* * 4. Blackstone Group LP *, Blackstone Group LP 4* 74.4 Lazard 6, Rothschild 4* *,677 Stifel Financial Corp * 7, Rothschild Perella Weinberg Partners LP 7* 9.4 6,.4 6 SkyWorks Capital LLC 7*,677 McKinsey & Co 7* 94 Jefferies & Co Inc 7* * 4 4,4. 4% % 4% Telecommunications EMEA Completed Restructuring (DR4) Jan March EMEA Announced Restructuring (DR4a) Jan March EMEA Completed Value by Industry Restructuring Market #of Market Change in #of Change in Restructuring Sh (%) Deals Sh (%) # of Deals 9, Rothschild * 4 6 6,.9 Rothschild, * * 7,69.4, IREA Corporate Finance * * 4 4*, Lazard * * Macquarie Group 4*, * *, 4*, Brookland Partners LLP * * 4,.4 PricewaterhouseCoopers 7 7,7 4.. FTI Consulting Inc * 4 6,.9 Lazard * * 44.. Hoodless Brennan & Partners *. Ernst & Young LLP * PricewaterhouseCoopers *,77.6 4,. 6 Alvarez & Marsal *, Gleacher & Co Inc *,77.9 Blackstone Group LP *,77.9 *,77.9 7,67.6 % % 4% % Asia Pacific & Japan Completed Restructuring Jan March AP / Japan Announced Restructuring Jan March Asia Pac & Japan Completed Value by Industry Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals *, Sunbelt Partners *, Deloitte * * Rothschild * 6, FTI Consulting Inc *,9 *, ,. Macquarie Group *, , , % 4% % 9% Consumer Staples

4 First Quarter 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 (+ 6466) EMEA Serkan Tecimer ( ) AsiaPacific Kelvin Bian (+ 76 ) kelvin.bian@thomsonreuters.com Criteria Summary Announced and completed rankings include all transactions announced or completed between January, and March, and of which Thomson Reuters was made aware. All data is as of 9:am EDT 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. 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. 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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