DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS First Half 2013
Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$48.5 billion during the first half of 2013, an 86% decline from the same period last year. However, in terms of volume, the number of completed deals increased from 185 to 193 transactions. The largest completed transaction of the first six months was the US$4.6 billion CMA CGM restructuring. US deal activity totalled US$22.1 billion during the first half of 2013, a 34.8% decrease compared to the same period last year. There were 60 restructuring transactions completed in the first six months of 2013, one more than the previous year. Companies in the sector accounted for 28% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$26.2 billion in the first six months of 2013, marking a 91.5% decrease in activity compared to the first half of 2012. The large decrease in activity is due to last year being buoyed by the US$263.1 restructuring of Greece's sovereign debt. led all sectors in EMEA, as well, with 26% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes during the first half of 2013 reached US$6.1 billion, down 31.5% from the same period last year. Media & Entertainment was the most active sector, capturing 56% of the market, followed by and, with 30% and 10% market share, respectively. Worldwide Completed Restructuring (DR1) Jan 1 June 30 WW Announced Restructuring (DR1a) Jan 1 June 30 Worldwide Completed Value by Industry (US$bil) 2013 2012 # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Rank Rank Deals # of Deals Houlihan Lokey 1 3 20,323.0 41.9 12 6.2 13 Lazard 1 3 29 7 37,425.3 Rothschild 2 5 13,943.1 28.7 12 6.2 5 Rothschild 2 1 14 12 36,722.3 Moelis & Co 3 4 11,431.7 23.6 9 4.7 2 Blackstone Group LP 3 5* 13 0 65,964.2 Blackstone Group LP 4 1 10,417.3 21.5 13 6.7 4 Houlihan Lokey 4 2 10 14 14,330.0 Lazard 5 2 9,086.1 18.7 26 13.5 2 Moelis & Co 5 4 8 10 26,818.5 Alvarez & Marsal 6 6 5,793.9 11.9 4 2.1 1 IREA Corporate Finance 6 5* 7 6 19.8 Credit Suisse 7* 3,425.7 7.1 1 0.5 Alvarez & Marsal 7* 7* 6 1 6,106.2 Macquarie Group 7* 3,425.7 7.1 1 0.5 FTI Consulting Inc 7* 10* 6 2 16,386.0 Goldman Sachs & Co 7* 3,425.7 7.1 1 0.5 Evercore Partners 9 15* 5 2 33,622.3 FTI Consulting Inc 10 23 3,117.4 6.4 3 1.6 1 AlixPartners LLC 10* 10* 3 1 7,426.5 Perella Weinberg Partners LP 11 26 3,009.4 6.2 2 1.0 1 Brookland Partners LLP 10* 25* 3 2 5,826.0 PricewaterhouseCoopers 12 12 2,107.0 4.3 2 1.0 1 Barclays 12* 15* 2 1 1,260.5 Barclays 13* 28 1,420.0 2.9 1 0.5 0 PricewaterhouseCoopers 12* 18* 2 0 2,338.1 Seabury Group 13* 1,420.0 2.9 1 0.5 Leonardo & Co 12* 10* 2 2 1,121.0 GLC Advisors & Co 15 22 1,131.4 2.3 2 1.0 0 Deloitte 12* 25* 2 1 1982.0 Deutsche Bank 16 1,000.0 2.1 1 0.5 Jefferies LLC 12* 15* 2 1 7,175.0 Oppenheimer Holdings Inc 17* 622.0 1.3 1 0.5 Kaede Group 12* 2.0 The Seaport Group LLC 17* 622.0 1.3 1 0.5 286 17 172,281.4 Zolfo Cooper LLC 19 11 619.1 1.3 1 0.5 0 Alfaro Davila y Rios SC 20 497.0 1.0 1 0.5 48,549.3 193 8 8% 9% 7% 11% 3% 2% 11% 25% 21% Telecommunications High Technology Healthcare Real Estate Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) # of Deals 80 70 60 50 40 30 20 10 0 CMA CGM SA Nine Entertainment Co Pty Ltd Grupo Eroski SA Hawker Beechcraft Acquisition SinoForest Corp Mediannuaire SAS Dex One Corp $3,426 $3,322 $2,500 $1,871 $1,830 $1,745 $4,600 Biffa Group Ltd $1,738 Travelport Inc $1,626 AMBAC Financial Group Inc $1,622
US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) Jan 1 June 30 US Announced Restructuring (DR2a) Jan 1 June 30 US Completed Value by Industry 2013 2012 # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Rank Rank Deals # of Deals Blackstone Group LP 1 1 8,152.9 36.9 11 18.3 1 Lazard 1 4 19 10 30,612.0 Houlihan Lokey 2 2 7,528.6 34.1 7 11.7 12 Blackstone Group LP 2 2 9 2 59,637.9 Lazard 3 3 5,503.3 24.9 18 30.0 5 Evercore Partners 3* 9* 5 3 33,622.3 Alvarez & Marsal 4 8 4,529.4 20.5 3 5.0 1 Moelis & Co 3* 3 5 5 24,419.3 FTI Consulting Inc 5 10* 3,117.4 14.1 3 5.0 2 Rothschild 5 5 4 3 23,520.0 Perella Weinberg Partners LP 6 9 3,009.4 13.6 2 3.3 1 Houlihan Lokey 6* 1 3 12 2,886.6 Rothschild 7 5 2,437.0 11.0 6 10.0 2 Alvarez & Marsal 6* 9* 3 1 2,224.4 Moelis & Co 8 4 2,434.1 11.0 3 5.0 4 AlixPartners LLC 6* 9* 3 1 7,426.5 Barclays 9* 12 1,420.0 6.4 1 1.7 0 FTI Consulting Inc 9* 6 2 2 7,021.0 Seabury Group 9* 1,420.0 6.4 1 1.7 Jefferies LLC 9* 9* 2 0 7,175.0 GLC Advisors & Co 11 7 1,131.4 5.1 2 3.3 0 74 9 91,875.8 The Seaport Group LLC 12* 622.0 2.8 1 1.7 Oppenheimer Holdings Inc 12* 622.0 2.8 1 1.7 22,090.5 60 1 Real Estate 9% 2% 17% 28% 25% Telecommunications Healthcare EMEA Completed Restructuring (DR4) Jan 1 June 30 EMEA Announced Restructuring (DR4a) Jan 1 June 30 EMEA Completed Value by Industry 2013 2012 # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Rank Rank Deals # of Deals Rothschild 1 4 12,892.7 49.2 8 7.0 4 Rothschild 1 2 10 9 13,377.5 Houlihan Lokey 2 3 12,310.5 47.0 5 4.4 1 Lazard 2 7* 9 6 6,613.3 Moelis & Co 3 5 7,127.2 27.2 5 4.4 2 Houlihan Lokey 3* 16* 7 1 11,685.9 Lazard 4 1 4,916.1 18.8 8 7.0 4 IREA Corporate Finance 3* 5 7 6 19.8 Blackstone Group LP 5 2 3,651.1 13.9 3 2.6 2 Blackstone Group LP 5 1 4 0 6,792.0 Credit Suisse 6* 3,425.7 13.1 1 0.9 Brookland Partners LLP 6 4 3 2 5,826.0 Macquarie Group 6* 3,425.7 13.1 1 0.9 PricewaterhouseCoopers 7* 10* 2 1 2,338.1 Goldman Sachs & Co 6* 3,425.7 13.1 1 0.9 Leonardo & Co 7* 10* 2 2 1,121.0 PricewaterhouseCoopers 9 15 2,107.0 8.0 2 1.8 1 Moelis & Co 7* 2 5 2,332.0 Alvarez & Marsal 10 6* 1,264.5 4.8 1 0.9 0 Alvarez & Marsal 7* 16* 2 0 3,814.5 Deutsche Bank 11 1,000.0 3.8 1 0.9 FTI Consulting Inc 7* 2 6,320.9 EquityGate 12 496.7 1.9 1 0.9 152 20 65,258.2 26,192.4 114 33 12% 8% 26% 17% Asia Pacific & Japan Completed Restructuring Jan 1 June 30 AP / Japan Announced Restructuring Jan 1 June 30 Asia Pac & Japan Completed Value by Industry 2013 2012 # of Change in Sh (%) Deals Sh (%) # of Deals Rank Rank Deals # of Deals Moelis & Co 1 1 5,296.2 86.3 2.0 10.5 1 Kaede Group 1 2 Credit Suisse 2* 3,425.7 55.8 1.0 5.3 Deloitte 2* 7* 1 0 Rothschild 2* 22 3,425.7 55.8 1.0 5.3 0 FTI Consulting Inc 2* 1 Goldman Sachs & Co 2* 3,425.7 55.8 1.0 5.3 55 10 Macquarie Group 2* 3,425.7 55.8 1.0 5.3 Houlihan Lokey 6 2 1,870.5 30.5 1.0 5.3 1 6,140.1 19 10 Restructuring.0 12.0 1,900.0 14,564.7 10% 4% 30% 56% High Technology
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 (+1 6462235682) Email: robert.levine@thomsonreuters.com EMEA Serkan Tecimer (+44 20 7542 3566) Email: serkan.tecimer@thomsonreuters.com AsiaPacific Kelvin Bian (+852 3761 1852) Email: kelvin.bian@thomsonreuters.com Criteria Summary Announced and completed rankings include all transactions announced or completed between January 1, 2012 and June 30, 2013 and of which Thomson Reuters was made aware. All 2013 data is as of Noon EDT on July 9, 2013. 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 undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 2013 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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