DISTRESSED DEBT BANKRUPTCY RESTRUCTURING REVIEW dmi. DEBT BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Full Year 2012 *tie 0 - 175.5 Morgan Stanley 20* 31* 3 1 7238.1-9 7907.6 ... Distressed Debt Bankruptcy Restructuring | Restructuring Advisors 76.5 8.0 1.9 2 1.5 Global Distressed Debt Bankruptcy Restructuring Rankings Sh (%)-1 23*

Download DISTRESSED DEBT  BANKRUPTCY RESTRUCTURING REVIEW dmi.  DEBT  BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Full Year 2012 *tie 0 - 175.5 Morgan Stanley 20* 31* 3 1 7238.1-9 7907.6 ... Distressed Debt  Bankruptcy Restructuring | Restructuring Advisors 76.5 8.0 1.9 2 1.5 Global Distressed Debt  Bankruptcy Restructuring Rankings Sh (%)-1 23*

Post on 11-May-2018

216 views

Category:

Documents

1 download

Embed Size (px)

TRANSCRIPT

  • DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

    Restructuring Advisors Full Year 2012

  • *tie

    0 - 175.5Morgan Stanley 20* 31* 3 1 7238.1

    -9 7907.6Barclays 20* - 3 - - 2484.1Goldman Sachs & Co 16* 7 4

    Frontier Management Inc 20* 21* 3

    3278.4AlixPartners LLC 16* 19* 4 0 -

    3 0.1

    9548.2GLC Advisors & Co 16* 12* 4 -2

    8.0

    1.4

    ORIX M&A Solutions Corp 16* 45* 4

    5,024.3

    3,162.8

    4,892.2

    33,789.69,136.68,013.56,412.5

    1.1

    6,193.35,747.1

    4717.04,100.0

    3,699.1

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

    Global Deals Intelligence

    KPMG

    UBS19

    54,242.9

    https://www.thomsonone.com

    2

    -344- Industry Total

    131

    BNP Paribas SA 22 -

    18PricewaterhouseCoopers 17 8

    15

    13

    46

    1

    -

    30.9

    1.0 -2 -

    --

    Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$422.6 billion over the course of 2012, a 102.5% increase compared to the US$208.6 billion accrued during 2011. In total, 430 deals totaling $470.8 billion wereannounced in 2012 344 fewer deals compared to the same period in 2011. Activity was led by Greece's US$263.1 billion debt exchange transaction, the largest Restructuring deal on record.

    US deal activity totalled US$61.6 billion throughout 2012, a 19.2% decrease compared to 2011 totals. There were 129 announced US Restructuring transactions during 2012, 107 fewer than the previous year. The Media & Entertainmentindustry accounted for 34% of the US debt restructuring market.

    Throughout 2012, EMEA distressed debt restructuring deal volume totalled US$342 billion, with the Government sector dominating the marketplace with 81% of the volume due to the Greece restructuring. Excluding deals involving sovereigndebt, activity was down by 29.5% from 2012.

    Asia Pacific (including Japan) deal volumes during 2012 reached US$10.2 billion, down 25% from the total value reached in 2011. Telecom was the most active sector, capturing 48% of the market, followed by Industrials and Materials, with30% and 7% market shares, respectively.

    1.51.4

    1

    11

    31,368.4

    1-3

    1.58

    Full Year 2012

    2.21.91.5

    Worldwide Completed Restructuring (DR1)

    Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

    76.5

    8.0

    1.91.52

    Global Distressed Debt & Bankruptcy Restructuring Rankings

    Sh (%)

    -1

    23*

    430-0.62,377.8 0.6 -23*

    422,596.6Industry Total

    470,793.6

    -KordaMentha Pty Ltd2,377.8 0.6

    RBC Capital Markets

    26

    123*

    18,971.4

    McGrathNicol Services Pty Ltd

    14,100.3

    8

    45*

    16*

    6

    0.6

    5

    0

    21*-2

    Mediobanca-2

    -

    5

    1.0

    0

    0.9

    21*

    FTI Consulting Inc

    Lazard

    KPMG

    4

    2011

    Rank

    40

    3Moelis & Co

    -

    AlixPartners LLC 20

    0.61

    Worldwide Announced Bankruptcy Sales Jan 1 - Dec 31 2012

    --138

    -2,377.8 1 -0.6 0.60

    2,419.5 1 0.6

    43,188.0 0.8

    31.0

    3

    0.8

    0

    0

    Greenhill & Co, LLC 21

    --1

    0.8 0.8

    0.9

    1

    3,857.3

    FTI Consulting Inc-

    Leonardo & Co0.9

    9

    Zolfo Cooper LLC 16 444,072.2 1.0

    -- -0

    Mediobanca1.21.115 3

    Leonardo & Co

    5

    12* -12*

    314 19

    -

    10

    14 1.21.2

    12*Canaccord Genuity 6,412.5

    -

    Evercore Partners 4732.0

    12*Perella Weinberg Partners LP 55

    5,130.6 -1.2 4,027.3

    8,938.205,262.8

    2Jefferies & Co Inc

    1.213 -33

    3 1.3

    -6

    Evercore Partners 11 221.2Morgan Stanley

    1.312 21

    Alvarez & Marsal 9*Jefferies & Co Inc 31*

    9*11 4

    4

    3- 12*-

    6

    49*

    75,117.0

    8,065.5

    Houlihan Lokey306,410.0

    6 1742 9

    IREA Corporate Finance7

    47.7

    4

    -1Blackstone Group LP

    3

    5

    11-14

    -7

    -161

    6

    8 5331,828.4

    3129

    325

    60,356.635,490.2

    # of

    # of Deals

    49,155.2# of Deals

    Change in

    Value (US$m)

    3 78.178.1Value US$m

    Market

    399 2Blackstone Group LP 3611

    -8Value (US$m)

    Restructuring2012

    RankFinancial Advisor

    # of

    Deals

    5 2330,237.4323,073.9

    1RothschildLazard 1Financial Advisor

    2

    2012

    Rank

    Restructuring Value per Advisor (US$m)

    2011

    Rank

    Restructuring

    12.811.11 11.1 6

    2846,867.5

    Rothschild 5 26 7

    3 4Houlihan Lokey

    Canaccord Genuity 8

    5

    Brookland Partners LLP 918-

    2.2-2

    Moelis & Co

    32

    10

    Gleacher & Co Inc

    12.8

    Alvarez & Marsal7 -

    # of Deals per Advisor

    Deals Sh (%)

    Market Change in

    39

    # of Deals per Advisor

    76.524

    Top Ten Completed Restructuring Deals (US$bil)

    0 20 40 60 80

    100 120 140

    Industrials

    High Technology

    Media and

    Entertainm

    ent

    Telecomm

    unications

    Real E

    state

    Energy and P

    ower

    Financials

    Retail

    Healthcare

    Consum

    er Staples

    Materials

    # of

    Dea

    ls

    63% 10%

    8%

    6% 4% 3%

    Government and Agencies Financials

    Media and Entertainment Materials

    Industrials Energy and Power

    Telecommunications Real Estate

    High Technology Retail

    Consumer Staples Consumer Products and Services

    $263,123

    $13,000

    $11,200

    $10,350

    $7,355

    $6,193

    $4,553

    $4,121

    $4,100

    $3,509

    Greece

    Tribune Co

    AO "BTA Bank"

    Washington Mutual,Seattle,WA

    Cemex SAB de CV

    German Residential Asset Note

    eircom Ltd

    Dynegy Inc

    Kerzner International Resorts

    NewPage Corp

    1

    http://banker.thomsonib.com/

  • - -Global Partners Consulting Inc 14 - 323.4 3.2 1 1.4 - -Avista Capital Partners 15 - 319.3 3.1 1 1.4

    7,238.1Goldman Sachs & Co 11* 22* 3 -5 7,117.6Morgan Stanley 11* - 3 1

    4,552.8Alvarez & Marsal 11* - 3 - - 10,563.5Canaccord Genuity 10 13* 4 0 -

    7,013.2

    Leonardo & Co 9 13* 5 0 - 4,027.3

    AlixPartners LLC 12* 11* 2 -1

    6* 16*

    10,058.7Alvarez & Marsal 6* 16* 2 1 Sumitomo Mitsui Finl Grp Inc 6* - 2 - -

    23,601.1

    0

    2,902.0Alvarez & Marsal 12* 6 2 -5

    Barclays 10* - 3 -

    3 17IREA Corporate Finance2

    2,484.1

    17* 5

    Industry Total

    3

    5.3

    Value US$m

    9*

    AP/Japan Announced RestructuringJan 1 - Dec 31

    EMEA Completed Restructuring (DR4) Jan 1 - Dec 31

    18,091.8

    106

    Lazard 9*10

    -21

    Jan 1 - Dec 31

    9*

    10,238.3Industry Total

    - 2,377.823.2

    23.2KordaMentha Pty Ltd

    18 23.3

    Asia Pac & Japan Completed Value by IndustryJan 1 - Dec 31

    Restructuring

    2,377.8

    73

    23.2

    4*

    594.9

    1.4

    US Announced Restructuring (DR2a)

    Restructuring Value per Advisor (US$m)

    Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

    US Completed Restructuring (DR2)

    -51

    Nomura

    Value (US$m)

    1.4

    Morgan Stanley

    Jefferies & Co Inc- -

    - 2 1 2,730.9.0

    28,165.3

    -5

    Sh (%) # of Deals

    Jan 1 - Dec 31

    1 Lazard

    Industry Total

    2011

    RankFinancial Advisor

    Restructuring Value per Advisor (US$m)

    Value US$m

    # of Deals per Advisor

    Restructuring Market

    Asia Pacific & Japan Completed Restructuring

    2012

    Rank

    16*1* 2* 4

    4

    # of

    Deals # of Deals

    -4*

    9*

    -

    2

    1

    -1PricewaterhouseCoopers 8

    1.4-

    1.4

    RBC Capital Markets

    -

    2,377.8

    1.42.7

    44.544.5

    1

    23.25.8

    -251

    14,552.82,386.3

    44.5

    4*4,552.8

    - 1-

    2.7

    44.5

    69.6

    # of Change in

    Moelis & Co4,552.8

    361,237.7182

    -

    -47

    # of Deals per Advisor

    Change in

    -

    Gleacher & Co Inc

    1

    4*4,552.8- 1

    Canaccord Genuity-

    Alvarez & Marsal 3 -2

    4,733.8Houlihan Lokey 5*

    1.42

    4*-1

    5,065.7 49.546.2

    3

    Houlihan Lokey 6,936.21* 16*

    https://www.thomsonone.com

    3,634.1

    6,616.9

    1* .1

    5Frontier Management Inc

    -1 4Financial Advisor

    KPMG 16*1*ORIX M&A Solutions Corp

    34

    Moelis & Co 1 1

    34.133 2

    1.4 0 --2- -

    175.5

    7,124.2Sh (%)

    2012

    Rank

    2011

    RankDeals

    -

    Value (US$m)

    Value (US$m)

    -173

    2

    -

    Sh (%)

    Market

    # of Deals

    4.1- -

    Brookland Partners LLP

    13Mizuho Financial Group

    2,377.8

    1.4McGrathNicol Services Pty Ltd

    21

    - 2.7

    6,193.38,013.5 1.5

    --Gleacher & Co Inc 6* - 22.3

    6*

    8 - 274,595.16* - 6 -01

    Alvarez & Marsal 6* - -8,013.5 Mediobanca1.5 -5,449.86 2 22*

    5,117.06KPMG 6*

    Houlihan Lokey 515 11

    522*107.4 9

    11.1 8 Moelis & Co 45

    22*

    3,874.8

    1.5653.0 1.1

    Financial Advisor

    10

    6*

    -107