distressed debt & bankruptcy restructuring...
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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
-
-
-
-
-
-
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 debtorcompany as a result of the transaction, or ad-hoc creditor committee.
League tables include debt exchange offers, debt tender offers, bankruptcy/distressed sales, loan modifications, and transactions where debt is retired using proceeds from an equityoffering. In order to be considered rank eligible, the debtor company must be either bankrupt or distressed.
Ewelina Jarecka (+44 20 7542 2246)
Robert Levine (+1 646-223-5682)
Kelvin Bian (+852 3761 1852)
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
E-mail: [email protected]
Deals with undisclosed dollar values are rank eligible but with no corresponding Restructuring Value. Non-US-dollar-denominated transactions are converted to the US dollar equivalent atthe time of announcement of terms.E-mail: [email protected]
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
First Quarter 2016
Asia-Pacific
Criteria Summary
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Americas
EMEA
Distressed Debt & Bankruptcy Restructuring Rankings
E-mail: [email protected] 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.
Announced and completed rankings include all transactions announced or completed between January 1, 2015 and March 31, 2016 and of which Thomson Reuters was made aware. All2016 data is as of 10:00am EDT on April 13, 2016.
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 beliable 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 orimplied, 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 tocarry 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 orproducts, 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.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.
© 2016 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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