DISTRESSED DEBT BANKRUPTCY RESTRUCTURING ??distressed debt bankruptcy restructuring review reuters / paul hackett restructuring review restructuring advisors fi t q t 2016first quarter 2016

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  • DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

    REUTERS / Paul Hackett

    RESTRUCTURING REVIEWRESTRUCTURING ADVISORS

    Fi t Q t 2016First Quarter 2016

  • 3,896.1 5

    1 185 3

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

    Global Deals Intelligence

    13 9

    Completed distressed debt and bankruptcy restructuring activity totaled US$25.4 billion during the first quarter of 2016, a 16% increase from the same period last year. The number of completed deals saw a decrease, with 36 dealsduring the first quarter of 2016 compared to 58 completed deals during the first quarter of 2015. The two largest completed transactions during the first quarter of 2016 were the US$13.3 billion debt restructuring of Aviakompaniya UTairand Limetree Bay Holdings' US$1.9 billion acquisition of St. Croix Refinery & Storage facilities from the bankrupt Hovensa LLC.

    US completed deal activity totaled US$7.7 billion during the first quarter of 2016, a 61% increase compared to the same period in 2015. There were 13 restructuring transactions completed in the US during the first quarter of 2016, 3 fewer deals than completed during the first quarter of 2015. The Energy & Power sector accounted for 32% of the US debt restructuring market. The Financials sector followed in second, with a 23% share.

    EMEA completed distressed debt restructuring deal volume totaled US$15.5 billion during the first quarter of 2016, marking a 8% increase in activity compared to the same period last year. Industrials led all sectors in EMEA, with 86% of total completed EMEA distressed debt restructuring deal volume.

    Asia Pacific (including Japan) completed deal volumes during the first quarter of 2016 reached US$1.1 billion from 11 deals, up 8.7% from the same period last year. Industrials was by far the most active sector, capturing 98% of themarket.

    First Quarter 2016

    Worldwide Completed Restructuring (DR1)

    4 7

    Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

    15.4

    Global Distressed Debt & Bankruptcy Restructuring Rankings

    Sh (%)

    Value (US$m)

    4 11.117.6Value US$m

    Market

    44

    2015 Rank

    Houlihan Lokey

    2,140.91,921.0

    498.0Moelis & Co

    2*

    5

    -

    2

    -1 4

    1 822 54-101

    2Value (US$m)

    -2

    -1 5

    75

    -6

    7 Rothschild

    # of Deals52,651.5

    # of Deals

    0

    Restructuring

    8 1

    Change in

    3

    2016 RankFinancial Advisor

    # of Deals

    8 2*PJT Partners LPLazard

    4,457.0RothschildPJT Partners LP 1Financial Advisor

    2

    2016 Rank

    Restructuring Value per Advisor (US$m)2015 Rank

    Restructuring

    14 2.8 -13 -63,578.2

    1,300.0 114.15.1

    Houlihan Lokey 5 1

    3 2Alvarez & Marsal

    -7

    Lazard

    5

    8.3

    # of Deals per Advisor

    Deals Sh (%)Market Change in

    4

    # of Deals per Advisor# of

    13.9

    58%8%

    7%6%

    4% 3%

    *tie

    .0-11

    -

    11 -

    FTI Consulting Inc

    7*

    826.0500.0413.3

    1,185.3

    1.5

    Worldwide Announced Bankruptcy Sales

    -7* -

    Imperial Credit Industries Inc

    2.81

    1

    62

    25,356.7

    13.9

    336.9

    3.32.01.6

    4.7

    2.8

    -

    Imperial Credit Industries Inc

    0 Alvarez & Marsal7*

    UBS-

    Gleacher Shacklock LLP

    -111

    Industry Total

    627.538.7

    -14,292.6

    -

    17*

    -

    -

    1,600.0

    --

    -

    -1

    -743.1

    -

    1

    100.0

    2.8

    .0

    -22

    7*--

    JP MorganLampert Advisors LLC

    2.8

    -

    Evercore Partners130.0

    .0

    0

    -27

    1

    600.0-7* -

    36

    11

    -

    -

    Primary Capital Inc0.5

    12 -130.0

    Greenhill & Co, LLC 1.31 2.8

    -

    0.27*

    Banco BTG Pactual SA

    Dundee Securities Corporation

    7*

    16 2.8-

    --

    10* -

    7*- 8*

    -1

    .0-4 --

    26* -1 1 1

    AlixPartners LLC-7*6 1,867.50

    Moelis & Co 5 2 1,822.54 -6Houlihan Lokey 5 16 12*

    Montalban Atlas Capital 8

    1

    Moelis & Co 9157 377.8

    2.8-75

    10

    Global Hunter Securities LLCFTI Consulting Inc

    7 -

    Top Ten Completed Restructuring Deals (US$m)

    77,521.9Industry Total

    1 -

    0

    5

    10

    15

    20

    25

    # of

    Dea

    ls

    58%

    9%

    8%

    Industrials Energy and Power

    Materials Financials

    High Technology Real Estate

    Consumer Staples Retail

    Media and Entertainment Consumer Products and Services

    13,300

    1,860

    1,631

    1,300

    880

    826

    781

    725

    700

    Aviakompaniya UTair

    Hovensa LLC-St Croix Refinery

    Offshore Group Investments Ltd

    GT Advanced Technologies Inc

    Realia Business SA

    Quiksilver Inc

    HC Starck GmbH und Co KG

    Keangnam Enterprises Ltd

    Automotores Gildemeister SA

    https://www.thomsonone.com

    500Xinergy Ltd

    1

  • AlixPartners LLC 5* 4*

    Industry Total

    Lampert Advisors LLC800.01 -1

    Jan 1 - Mar 31

    48.6Financial Advisor

    # of Deals per Advisor

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

    Sh (%) # of Deals-

    3*

    11,300.0

    Deals

    Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

    3 23.1

    Restructuring

    1

    2016 Rank

    Market

    Rothschild

    2

    Change in

    US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings

    1,600.0

    Restructuring Value per Advisor (US$m)

    Sh (%)

    -3

    25,608.05

    2016 2015

    # of Deals per Advisor

    -1

    2015 # of

    EMEA Announced Restructuring (DR4a)

    2016 Change in

    Jan 1 - Mar 31

    Value (US$m)RestructuringRestructuring

    31,279.1

    7Moelis & CoGreenhill & Co, LLCImperial Credit Industries Inc

    89

    13

    FTI Consulting Inc 6

    7.7 -13*7.7

    10.7

    16.81,185.3

    3 3944.7

    1 0

    3,491.0 4*Lazard

    1,222.52 3

    PJT Partners LPLazard

    1

    Value US$m

    45.23,757.0

    Alvarez & Marsal

    2

    6 16.8

    Change in

    2 15.4 -3

    2015 Rank

    2016 Rank

    1* 1 5Value (US$m)

    US Completed Value by Industry

    Financial Advisor2015 Rank

    Jan 1 - Mar 31

    Houlihan Lokey1* PJT Partners LP

    Market

    0

    # of Change in # of Deals

    Restructuring# of Deals

    498.0

    -4

    3-3

    3*0 - 3*

    5*5*

    Imperial Credit Industries Inc

    -- 1-7*

    -14*Alvarez & Marsal 5*

    15.31

    826.0

    85

    1,300.0

    -Houlihan Lokey 38.5 -

    Moelis & CoEvercore Partners

    10

    - 130.05 4

    7.7 - -Rothschild 5* 1 .0

    7* 0 743.1.0

    -

    5*

    1

    FTI Consulting Inc -- 1--

    -

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

    7,731.3

    Market

    EMEA Completed Restructuring (DR4) Jan 1 - Mar 31

    Market

    EMEA Completed Value by Industry

    Industry Total

    Restructuring Value per Advisor (US$m)

    -3

    Value (US$m)

    First Quarter 2016

    5*

    25

    Global Hunter Securities LLC - 6.5 7.7 -

    10

    3--

    500.0377.8336.9130.0

    4.94.41.7

    1111

    7.77.77.7

    --2--

    Dundee Securities Corporation--5*

    11

    --

    --

    .0

    .0

    32%

    23%19%

    11%11% 4%

    Energy and Power Financials

    High Technology Materials

    Consumer Staples Media and Entertainment

    *tie

    *No mandates claimed

    Korea Development Corp Sambu Construction Co Ltd

    Debtor IndustryDebtor Domicile NationKeangnam Enterprises Ltd

    89.33256.23

    South Korea South Korea

    Asia Pac & Japan Completed Value by Industry

    Industry Total

    Restructuring Value (US$m)

    South Korea

    AlixPartners LLC 2* 1

    1

    1,067.5

    -18

    South Korea High Technology

    17,173.813 -24

    IndustrialsDebtor Name

    Steel & Resources Co Ltd

    5*

    -

    33* -3*

    5*

    Rothschild

    Gleacher Shacklock LLP12.5

    Sh (%)

    2/17/20163/14/20162/24/2016

    Flexcom Inc

    10.7

    2/25/20163/29/2016

    725.13

    3Lazard

    0

    IndustrialsIndustrialsMaterials

    1

    Date Effective

    8

    -

    Change in

    91,685.6

    2016 Rank

    2015 Rank

    2015 Rank

    2*

    # of Deals

    5

    2016 Rank

    Change inFinancial Advisor

    1# of Deals

    -1,196.2

    -

    Restructuring

    627.5

    Restructuring

    87.2

    Deals Value (US$m)# of DealsFinancial Advisor

    Montalban Atlas Capital 2.7

    Sh (%)Rothschild 6

    Value US$m

    -12

    12.50.6 -2

    -12

    # of

    2

    Market

    1 1,660.7

    Market

    413.35

    125.0

    1 Lazard

    Industry Total 15,461.2

    Asia Pacific & Japan Top 10 Deals Completed*

    Flexcom Inc 3.33 3/28/2016 South Korea High Technology

    16.873.59

    Core Logic Inc 0.61 3/22/2016 South Korea

    South Korea

    High Technology

    98%

    Industrials Materials

    High Technology Media and Entertainment

    86%

    8% 6%

    Industrials

    Materials

    Real Estate

    Consumer Products and Services

    https://www.thomsonone.com 2

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