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* ...

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  • 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

    EMEA Announced Restructuring (DR4a)

    817.8

    4 12

    # of

    Deals

    Barclays

    4,892.2 7.9

    Market

    # of Deals per Advisor

    Full Year 2012

    US/EMEA/Asia/Japan Distressed Debt & Bankruptcy Restructuring Rankings

    Moelis & Co

    3

    329,367.2

    Value US$m

    1Blackstone Group LPLazard

    2012

    Rank

    2012

    Rank

    2011

    Rank

    Financial Advisor

    28,736.2

    DealsSh (%)

    40,660.4

    3

    1 25

    Industry Total

    290,214.4

    Restructuring

    47.721

    Jan 1 - Dec 31

    # of Deals Value (US$m)

    79,723.1

    Value (US$m)

    Moelis & Co 5

    Financial Advisor

    Blackstone Group LP 81.0

    Houlihan Lokey3Rothschild

    Sh (%)

    Lazard

    4 2

    21

    8

    471.5 0.8300.0

    1.02

    1.2 -2

    2.4 -3

    18 21.4 -115

    4

    -

    47.742,906.9

    24 46.61

    69.6

    2012

    Rank # of Deals

    17.9

    # of Deals per Advisor

    Houlihan Lokey 22

    18 21.4

    Restructuring RestructuringChange in

    Value (US$m)

    36,429.8

    Market

    Moelis & CoBlackstone Group LP 1

    6*

    2* 0 34,593.9-3 17

    4 -15 2*

    2011

    Rank

    # of Change in # of

    Deals

    11

    2011

    Rank

    17 -7

    20

    US Completed Value by Industry

    Financial Advisor

    4 6

    11,738.2

    35,411.5

    5Lazard 1 16-2Rothschild 5 12 -1 5,050.9

    Rothschild

    2223

    FTI Consulting Inc6

    13,194.1 21.4Houlihan Lokey5 25

    8.3 -4

    4 26.2

    FTI Consulting Inc 3.6 6.36 7

    2 26,918.4

    -2.4 0

    6* 5 --GLC Advisors & Co 8 9 3

    7 11 21,078.4

    UBS 1,485.63.6

    -2 - 8*4

    2.4- -1.8 -

    2.48,279.5

    Evercore Partners0

    3

    08* 4

    11

    9 -2.4 -4942.1

    1.75

    1,064.1

    Perella Weinberg Partners LP

    2

    18 1

    Alvarez & MarsalAlixPartners LLC

    590.012 - 1.2

    1,232.03,278.4

    Jefferies & Co Inc 13 714 15*Evercore Partners

    -

    10* 2

    -

    -

    Perella Weinberg Partners LP 8*Jefferies & Co Inc 9,547.5

    17*GLC Advisors & Co

    129

    EMEA Completed Value by Industry

    -

    -

    Rothschild15# of Deals

    Change in

    61,628.4

    8.930,279.7

    MarketRestructuring

    # of Deals per Advisor

    293,308.26

    -48

    10

    277,022.1

    8.51

    85.8

    2429,185.4

    4 21

    -

    0.7 - Blackstone Group LP

    15.6

    135

    3 2.2

    4.4

    -

    -1.5

    Industry Total 341,959.8

    Morgan Stanley1

    6

    5,130.6

    # of Deals per Advisor

    2011

    Rank

    0

    2012

    Rank

    Change inMarket

    -

    22,955.0-7

    Industry Total

    Restructuring Value per Advisor (US$m)

    -

    1 1.2 084

    # of

    Deals Sh (%)

    Canaccord Genuity 12*- 4,717.0 1.4

    2-

    0.5

    2.3 2

    1.8

    Evercore Partners 10 10*Mediobanca 11

    4,962.8 1.51.5

    21 4,552.8 1.3 1

    9 9 1.5 2

    0.7Jefferies & Co Inc 12* - 4,552.8 1.3 1KPMG 14 23 4,431.4 1.3 5 3.7 4

    0.7 - --3

    -

    34%

    23% 14% 10%

    6% 5% 4% 1% 1% 1%

    1%

    Media and Entertainment Financials Energy and Power Materials Industrials Retail Telecommunications Consumer Products and Services High Technology Consumer Staples Healthcare

    48%

    30%

    7% 6%

    Telecommunications Industrials

    Materials High Technology

    Financials Retail

    Consumer Products and Services Real Estate

    81% 9%

    3%

    Government and Agencies Financials

    Materials Industrials

    Media and Entertainment Telecommunications

    2

    http://banker.thomsonib.com/

  • *tie *tie

    -

    -

    -

    -

    -

    -

    Ernst & Young LLP 25 - 875.5 1.1 1 0.8 - -

    -3 0.8 -1Deloitte 24 13 916.9 1.2 1

    0.8 - -PricewaterhouseCoopers 23 5 1,685.9 2.1 1 0.8Bank of America Merrill Lynch 22 - 1,858.7 2.4 1

    Robert Levine (+1 646 223 5682)

    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.

    Americas

    Criteria Summary

    Full Year 2012

    Change in 2012

    Rank

    2011

    Rank

    E-mail: kelvin.bian@thomsonreuters.com 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.

    If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria please contact:

    Announced and completed rankings include all transactions announced or completed between January 1, 2011 and December 31, 2012 and of which Thomson Reuters was made aware. All2012 data is as of Noon EST on January 7th, 2013.

    EMEA

    E-mail: redina.doda@thomsonreuters.com

    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, and unconditionaltransactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

    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.

    Redina Doda (+44 20 7542 3558)

    Asia-Pacific

    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 at thetime of announcement of terms.E-mail: robert.levine@thomsonreuters.com

    Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

    Market

    12.8Financial Advisor

    Distressed Debt & Bankruptcy Restructuring Rankings

    Sh (%)

    Restructuring Value per Advisor (US$m)

    Market

    Sh (%) # of Deals

    2012

    Rank

    2011

    Rank

    Market # of # of

    # of Deals per Advisor

    Restructuring

    Jan 1 - Dec 31

    Value US$m Sh (%) Deals

    Restructuring

    Lazard 1 3 67,114.2 42.1 38 8 Blackstone Group LP 2 5 59,950.7 37.6 23 7.7 10 Moelis & Co 3 4 54,242.9 34.1 28 9.4 11 Houlihan Lokey 4 1 46,867.5 29.4 40 13.5 6 Rothschild 5 2 33,789.6 21.2 32 10.8 -2 Alvarez & Marsal 6 7 9,136.6 5.7 5 1.7 -1 Gleacher & Co Inc 7 - 8,013.5 5.0 2 0.7 - -Canaccord Genuity 8 18 6,412.5 4.0 2 0.7 -3 Brookland Partners LLP 9 - 6,193.3 3.9 1 0.3 - -KPMG 10 11 5,747.1 3.6 8 2.7 4 Evercore Partners 11 22 5,262.8 3.3 3 1.0 1 Morgan Stanley 12 21 5,130.6 3.2 2 0.7 0 -Jefferies & Co Inc 13 14 5,024.3 3.2 3 1.0 -3 FTI Consulting Inc 14 19 4,892.2 3.1 3 1.0 0 -Mediobanca 15 - 4,717.0 3.0 3 1.0 - -Zolfo Cooper LLC 16 44 4,100.0 2.6 1 0.3 0 -PricewaterhouseCoopers 17 8 4,072.2 2.6 3 1.0 -2 UBS 18 13 3,857.3 2.4 3 1.0 -1 Leonardo & Co 19 9 3,699.1 2.3 4 1.4 0 -

    1 0.3AlixPartners LLC 20 15 3,188.0 2.0 3

    0.3 -

    1.0 -1

    -0 -

    RBC Capital Markets

    Greenhill & Co, LLC 21 46 3,162.8 2.0

    23* - 2,377.8 1.5BNP Paribas SA 22 - 2,419.5 1.5 1

    KordaMentha Pty Ltd 23* - 2,377.8 1.51.5McGrathNicol Services Pty Ltd 23* 26

    0.3 - -1

    2,377.8 1

    --0.31

    Sh (%)

    Change in

    Financial Advisor Value US$m

    Market

    Industry Total 159,323.4

    Restructuring Value per Advisor (US$m)

    297 -147

    # of Deals

    0.3 0 -

    Evercore Partners

    Jefferies & Co Inc

    Greenhill & Co, LLC

    Altium Capital Limited

    # of Deals per Advisor

    Blackstone Group LP

    Brookland Partners LLP

    Mediobanca

    KPMG

    Moelis & Co 4 6 18,091.8

    Deals

    Houlihan Lokey 3 2 29,185.4 37.0 15

    Rothschild 1 1 30,279.7 38.4 24 17.9 5 Lazard 2 4 30,185.0 38.3 20 14.9 14

    11.2 8 23.0 10 7.5 9

    5 8 13,898.9 17.6 5 3.7 0 -Alvarez & Marsal 6* - 8,013.5 10.2 2 1.5 - -Gleacher & Co Inc 6* - 8,013.5 10.2 2 1.5 - -

    8 - 6,193.3 7.9 1 0.8 - -Morgan Stanley 9 9 5,130.6 6.5 2 1.5 0 -

    10 10* 4,962.8 6.3 2 1.5 1 11 - 4,717.0 6.0 3 2.2 - -

    Canaccord Genuity 12* 21 4,552.8 5.8 1 0.8 -3 12* - 4,552.8 5.8 1 0.8 - -14 23 4,431.4 5.6 5 3.7 4

    Leonardo & Co 15 7 3,699.1 4.7 4 3.0 0 -16 - 3,162.8 4.0 1 0.8 - -

    AlixPartners LLC 17 15 2,535.0 3.2 2 1.5 1 BNP Paribas SA 18 - 2,419.5 3.1 1 0.8 - -

    19* - 2,371.7 3.0 1 0.8UBS 19* - 2,371.7 3.0 1

    0.8 - -

    - -0.8 -

    WW Completed Restructuring (excl. Sovereign Debt) Jan 1 - Dec 31 EMEA Completed Restructuring (excl. Sovereign Debt)

    -JP Morgan 21 - 1,990.5 2.5 1

    -60 134Industry Total 78,836.7

    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...

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