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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

REUTERS / Toby Melville

RESTRUCTURING REVIEWRESTRUCTURING ADVISORS

F ll Y 2015Full Year 2015

6.51

# of Deals per Advisor

Deals Sh (%)Market Change in

35

# of Deals per Advisor

-17

Houlihan Lokey

16

20.4

Rothschild 5 4

3 1Moelis & Co 3 11.3 2

47 -342,610.739,038.6 26

30.327.7

PJT Partners LPLazard 1Financial Advisor

2

2015 Rank

Restructuring Value per Advisor (US$m)2014 Rank

Restructuring 2015 RankFinancial Advisor

# of Deals

5 2Houlihan LokeyLazard

48,470.8-10

-6Value (US$m)

Restructuring

4442

PJT Partners LP

# of# of Deals

31,041.3# of DealsChange in

4 1

2322

-213

15

144

6

-7 3

309 2

42,204.951,393.252,671.4

KPMG

3

5*

Moelis & Co4

2014 Rank

4

Value US$mMarket

Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

32.6

Global Distressed Debt & Bankruptcy Restructuring Rankings

Sh (%)

Value (US$m)

2 15.234.4

Full Year 2015

Worldwide Completed Restructuring (DR1)

12 3

Global Deals Intelligence

6 9

Completed Distressed Debt and Bankruptcy Restructuring activity totaled US$140.9 billion during 2015, a 33% decrease from 2014. The number of completed deals also saw a decrease, with 231 deals during 2015 compared to 317 in2014. The two largest completed transactions during 2015 were the US$17 billion debt restructuring of Glitnir Bank hf and the US$15 billion debt restructuring of the government of Ukraine.

US completed deal activity totaled US$37.9 billion during 2015, a 41% decrease compared to 2014. There were 72 restructuring transactions completed in the US in 2015, 17 fewer deals than completed in 2014. The Telecommunicationssector accounted for 27% of the US debt restructuring market, followed closely by Industrials, with a 25% share.

EMEA completed distressed debt restructuring deal volume totaled US$90 billion during 2015, marking a 24% decrease in activity compared to 2014. Financials led all sectors in EMEA, with 35% of total completed EMEA distressed debtrestructuring deal volume.

Asia Pacific (including Japan) completed deal volumes during 2015 reached US$6.4 billion from 52 deals, down 66% from 2014. Industrials was the most active sector, capturing 44% of the market, followed by High Technology and RealEstate, accounting for 29% and 22% of the market, respectively.

Worldwide Completed Value by Industry (US$bil)Jan 1 - Dec 31 WW Announced Restructuring (DR1a) Jan 1 - Dec 31

45,911.9 15

17 343 8

26%

6%6%

5%

*tie

79.41 25*

0.4

2PricewaterhouseCoopers

--

14*

0.4

00--

----

--

1.30.41.30.90.40.4

-2-

0.70.6

31321111

1.71.71.61.31.00.9

--

2,435.02,410.92,199.61,864.01,408.61,304.0

949.5809.6

14-

4527--

BNP Paribas SAVirtus BR Partners

1819202122232425

Goldman Sachs & CoFians Capital SA de CVDeloitteLeonardo & CoMarathon Capital LLCBell Pottinger Corporate

1,864.023,580.31,197.01,284.6

68.1

-2-5-4-1-9

12*198

22222

Jefferies LLCOne Square Advisors GmbH

14*14*14*14*14*

Leonardo & CoGLC Advisors & CoFTI Consulting Inc-

1.31.70.40.4

1-1-1-3

2.62.12.01.8

3411

715338

3,647.92,931.92,750.02,506.5

Greenhill & Co, LLCAlvarez & MarsalErnst & Young LLPGLC Advisors & Co

14151617

014* 20* 215*10*

1,117.0-

Top Ten Completed Restructuring Deals (US$m)

- 299,289.6Industry Total

4.3-1716

10

Evercore PartnersAlixPartners LLC

7 22FTI Consulting Inc 8

10

KPMG 91110 5,523.7

Rothschild 5 46 23

-213 6 309.25* 7,727.08

KPMG 5132 -22

7 10Rothschild

7

-2 -0

28 -

82 9

25*7

1.30

-

4,499.9

3.213 4,400.0

9*Montalban Atlas Capital

Greenhill & Co, LLC

12*

Morgan Stanley3.4

12 64,807.7

Gleacher Shacklock LLP 3.63 1.3

- 3.133

231

AlixPartners LLC7,646.4

2,435.0

0

0

4

5.6

14*25*20*

Centerview Partners LLC

IREA Corporate Finance

-

4

100.0

1.3

588.6

-86

1

-2

1

36,806.0

412.8-

49*

10*

20*

15*

14,820.4

-

Industry Total

1,449.4

-4,448.5

12*

Millstein & Co LP

133

Evercore Partners

2 Alvarez & Marsal9*

Goldman Sachs & Co

Deloitte

-1

--8

5.55.05.0

12.3

3.0

6.9

5,126.6

140,884.6

315

2.25

13

3.9

Worldwide Announced Bankruptcy Sales

7,786.77,057.86,991.5

17,343.8

014*

0.4

IREA Corporate Finance 11 48

RBC Capital Markets

12*

22

1- 121.1

020406080

100120140160

# of

Dea

ls

20%11%

10%6%

Industrials Financials

Government and Agencies Energy and Power

Telecommunications Real Estate

Retail Materials

Consumer Products and Services Healthcare

Media and Entertainment High Technology

16,995

15,000

14,600

6,008

4,808

4,400

3,499

3,337

2,750

Glitnir Bank hf

Ukraine

Dubai World

ITR Concession Co LLC

Martinsa-Fadesa SA

NII Holdings Inc

Grupo Eroski SA

Theatre (Hospitals) No 1 PLC

AO "Astana Finans"

https://www.thomsonone.com

2,507LightSquared Inc

1

*tie*tie

11.41.4

--

--

RPA Advisors LLCWinter Harbor LLC

1213

--

651.5447.0

Huron Consulting Group LtdConway Del Genio Gries & Co

1415

--

1.71.2

420.0371.0

1.11.0

11

1

1.41.4

--

--

----

420.0336.9575.0575.0380.3

21111

-9-0-0

5-

14*-

14*

12*Greenhill & Co, LLCBarclaysZolfo Cooper LLCPerella Weinberg Partners LP

12*12*12*

-3-1-30 -

15412

6.95.61.42.8

4,400.03,895.02,931.92,506.51,871.0

10.37.76.64.9

1011

119610

Millstein & Co LP - 11.6 1.4 -

98

8*

Value (US$m)

Full Year 2015

Industry Total

Restructuring Value per Advisor (US$m)

-17

EMEA Completed Value by Industry

37,903.2

Market

EMEA Completed Restructuring (DR4) Jan 1 - Dec 31

Market# of# of Deals per Advisor# of Deals per Advisor

-8*2

FTI Consulting Inc 010* 2

3,758.610* 0 1,117.0

1,197.0-

-

5 56.9 1

AlixPartners LLC 6* 4

Rothschild 5.6 Moelis & CoEvercore Partners

5-5

- 6,806.013.6

7

4,629.7

44

9,091.5

17 08 4-7

-36Centerview Partners LLC 8*

Houlihan Lokey

3-6 4

6*5

2

Restructuring# of Deals

9,271.7

US Completed Value by Industry

Financial Advisor2014 Rank

# of Change in # of Deals

Jan 1 - Dec 31

13 1623

10-4

Value (US$m)

20,336.6

Market Change in

14 19.4 -2

2014 Rank

2015 Rank

1 1 24Houlihan LokeyMoelis & Co

17

Value US$m

40.225,736.9

Lazard

2

3 33.4

Alvarez & Marsal

Lazard PJT Partners LP

2 917,849.6

5 0

15,248.5 4

72

Evercore Partners 6

23.6 239.7

12.2

24.05,162.9

AlixPartners LLCAlvarez & MarsalGLC Advisors & CoFTI Consulting Inc

89

7

Restructuring

51,634.3

Jan 1 - Dec 31

Value (US$m)Restructuring

-27

15,595.6

# of

EMEA Announced Restructuring (DR4a)

2015 Change in2015 2014

# of Deals per Advisor

-9

2014

US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings

4,293.3

Restructuring Value per Advisor (US$m)

Sh (%)Market

741.7

Restructuring

1

2015 Rank

Change in

PJT Partners LP

230

4

112,667.5

Deals

Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Sh (%) # of Deals

US Completed Restructuring (DR2) US Announced Restructuring (DR2a)

Financial Advisor

# of Deals per Advisor

Jan 1 - Dec 31

67.9

2 0 1,284.6Jefferies LLC 8* 10*

Industry Total

Rothschild

27%

25%17%

12%12% 7%

Telecommunications Industrials

Energy and Power Consumer Products and Services

Healthcare Media and Entertainment

*tie

*Only six mandates claimed by Houlihan Lokey & Moelis & Co, FTI Consulting & Pricewaterhousecoopers

One Square

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