DISTRESSED DEBT & BANKRUPTCYDISTRESSED DEBT & BANKRUPTCYRESTRUCTURING REVIEWRestructuring AdvisorsRestructuring AdvisorsThird Quarter 2012
# of Deals per Advisor
Deals Sh (%)Market Change in
9.0
295,37081.0294,916
18 941
Value (US$m)▼
Restructuring2012 RankFinancial Advisor
1 -1
1
Houlihan Lokey
Moelis & Co 5 4
3 1Rothschild ▲
9.07.12 7.1 3
32,877LazardBlackstone Group LP 1Financial Advisor
2
2012 Rank
3 299
Restructuring Value per Advisor (US$m)2011 Rank
Restructuring# of Deals per Advisor
6 81.181.1Value US$m
Market
35▲7 2
# of Deals
# of# of Deals
41,003.4# of DealsChange in
Value (US$m)
2
▲
2319
116
▼Houlihan Lokey
▼
-111
6
-12 ▼3301,505.5
21,270.7306,436.9
Moelis & Co
3
5
7▲
Blackstone Group LP24 038 9
▼-15425,735▲
RothschildLazard
4
2011 Rank
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
81.0
5 2
Global Distressed Debt & Bankruptcy Restructuring Rankings
Sh (%)
Third Quarter 2012
Worldwide Completed Restructuring (DR1)
Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$364.1 billion during the first nine months of 2012, a 234.8% increase compared to the US$155.1 billion from the same period last year. In total, 337 deals totaling$408.3 billion were announced in the first nine months – 284 fewer deals compared to the same period in 2011. Activity was led by Greece's US$263.1 billion debt exchange transaction, which is the largest Restructuring deal on record.
US deal activity totalled US$37.2 billion during the first nine months of 2012, a 31.4% decrease compared to the same period last year. There were 107 Restructuring transactions announced in the first three quarters of 2012, 96 fewer thanthe previous year. The Financials industry accounted for 36% of the US debt restructuring market.
EMEA distressed debt restructuring deal volume totalled US$311.1 billion in the first three quarters of 2012, with Governments the leading sector with 88% of the volume due to the Greece restructuring. Excluding deals involving sovereigndebt, activity was down by 48.4%.
Asia Pacific (including Japan) deal volumes during the first nine months of 2012 reached US$9 billion, up 36.4% from the same period last year. Telecoms was the most active sector, capturing 51% of the market, followed by Industrials andHigh Tech, with 28% and 7% market share, respectively.
25,734.8
Global Deals Intelligence
32,876.6
Worldwide Completed Value by Industry ($bil)Jan 1 - Sep 30Jan 1 - Sep 30 WW Announced Restructuring(DR1a)
18 941 2
295,369.7294,915.5
5 26%
6%5%
3% 2%
*tie
Top Ten Completed Restructuring Deals (US$m)
18,941
9*
Gleacher & Co IncAlvarez & Marsal
7 -Jefferies & Co Inc 8
9,258 2.51
Morgan Stanley 9*1015*
Moelis & Co 5 46 7
▲ -116 ▼647.71
Moelis & Co 5 24,038.9144 -9 ▼
8,315 7IREA Corporate Finance▲
7Jefferies & Co Inc
0▼ ▲4
9*6
38 ▲2
-3
2- 11*-
5Leonardo & Co▼
- 9*FTI Consulting Inc 19*
-5
Zolfo Cooper LLC 11 341.1PricewaterhouseCoopers
1.112 8
4,100.04,072
Leonardo & Co1.1
13 14,00144
4,072.2 ▼1.1
3,909 1.115*
AlixPartners LLC 9,388.1
41*
Evercore Partners 2890.014 22
▲
31*
9 1.1
3,857
Perella Weinberg Partners LP
3
12*▲▲
0 -2
UBS1.11.115
KPMG11
BNP Paribas SA0.9
-
Mediobanca 16 -3,162.8 0.9
KordaMentha Pty Ltd 20*--
-1
0.7 0.7
0.7
2,378
2,375
3,1631.0
▼3,163
0.7
0.7
3,162.8
2,377.8 2,378 0.7
2,4202,377.8 0.7
-2,371.7 2,372 -0.7 0.7-1
-1381,990.5 0.6 0.61,991
Worldwide Announced Bankruptcy Sales Jan 1 - Sep 30 2012
▼
KPMG
RBC Capital Markets 20*
7,224.1
-
▲
-14,100.3
▲
4,674.6.1
11,939.5
31*
316,723.30
-
19*1
Alvarez & Marsal 11*
-
59*
12*
6
8
▲-
12*
4,329.2
JP Morgan24
▼
Industry Total
408,268.0
-Altium Capital LimitedAlixPartners LLC
51*25
337
-10.72,374.9 0.7
5.2
2.31.45,024
-
4,553-2
1.34,553
2.52.31.4
-
-
▼
1.0
-
0.9
--
3-1
4
1.31.3
0
19*
ORIX M&A Solutions Corp4,100 1.1
3,763
-
2,3780.7
0.9 0 --
McGrathNicol Services Pty Ltd 20* -
17*Greenhill & Co, LLC 17* 37
-
14
-
23 13
226
0
▼
-284Industry Total
364,140.3
Canaccord Genuity Corp
Evercore Partners19
3,762.5
2,419.5
18,941.29,257.58,315.45,024.3
1.1
4,552.84,552.8
3857.3
4,001.0
2,377.8
3,909.1
5.2
1.3
GLC Advisors & Co 15* 15* 3 -1 ▼ 3183.0Canaccord Genuity Corp 15* 15* 3 -1 ▼ 6352.8Goldman Sachs & Co 15* 7 3 -10 ▼ 4481.9
02468
101214161820
Media and
Entertainm
ent
Energy and P
owe
Retail
Materials
Consum
er Staple
High Technology
Healthcare
Consum
er Produ c
and Services
Real E
state
Financials
Telecomm
unicati o
# of
Dea
ls
72%
Government and Agencies Materials
Financials Media and Entertainment
Industrials Telecommunications
Energy and Power High Technology
Retail Real Estate
Consumer Staples Consumer Products and Services
$263,123
$10,350
$4,553
$4,460
$3,163
$3,100
$2,644
$2,600
$2,500
$2,419
Greece
Washington Mutual,Seattle,WA
eircom Ltd
Yell Group PLC
Viridian Group Ltd
Houghton Mifflin Harcourt
Nokia Siemens Networks Oy
Kerzner International Resorts
Dubai International Capital
Materis Corporate Services SAS
https://www.thomsonone.com
er s cts
ons
1
0.3-48
Change in
66
# of
1.5 -1 1.5 -
▼
Industry Total
Restructuring Value per Advisor (US$m) # of Deals per Advisor20112012 Change inMarket
37,219.5
MarketRestructuring# of Deals per Advisor
-
--
▼
107
EMEA Completed Value by Industry
-
Perella Weinberg Partners LP 8*FTI Consulting Inc 11,521.5
10* 1
-▲
Navigant Consulting Inc 13 -14 -Global Hunter Securities LLC
1.5
1,090.03,183.0
▲
Peter J. Solomon Co Ltd
1
17 2
FTI Consulting IncJefferies & Co Inc
250.012 -3.0 -2
16*10*
9 -1.5 0471.5
GLC Advisors & Co1.620 Evercore Partners
12
-111* 3
▼
-
316*2.5 -2.6
4,034.2▲
3.0-1 - 8*
31.5
Alvarez & Marsal 8 5 27 9 2
942.1GLC Advisors & Co 983.0
2-3
- 9,547.5-3.0 0
▼
7 4
5 63.0 1 ▲
Rothschild 9.1 ▼4.06UBS
846
▼
Jefferies & Co Inc26*
6,357.7 17.1Moelis & CoMoelis & Co
10 0
4 8 -4 4,521.7
▲
-1 3*12.1
5Lazard 1 10-2
▼163 15
3*Rothschild 5
▼
▲ Blackstone Group LP 2 2 33,256.4▲Houlihan Lokey
2012 Rank # of Deals
US Completed Value by Industry
Financial Advisor2 -4
2011 Rank
# of Change in # of Deals
8
MarketRestructuring# of Deals per Advisor
-
4,202.9
2011 Rank
11,606.21
6
RestructuringChange in
-
Value (US$m)
18,370.4
13 19.7
21.72
57.5
19.7
Financial Advisor
8,084.3
DealsSh (%)Blackstone Group LPHoulihan Lokey 35.1
21,396.02
121 31.8 4
▼13
-
▼1.3
471.5 1.3 ▼
175.0 0.5110.3
0.71
Value (US$m)Restructuring
Jan 1 - Sep 30
53,668.8Industry Total
2012 2011
# of Deals per Advisor
-12
US/EMEA/Asia/Japan Distressed Debt & Bankruptcy Restructuring Rankings
Lazard
3
3
1
3,221.8 8.7
590.0
13,062.1
Value US$m
4
Perella Weinberg Partners LP
2012 Rank
Market
# of
Restructuring Value per Advisor (US$m)
Third Quarter 2012
1,485.6
10*
-96
EMEA Announced Restructuring (DR4a)
Sh (%) # of Deals
Jan 1 - Sep 30US Completed Restructuring (DR2)
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Value (US$m)
US Announced Restructuring (DR2a) Jan 1 - Sep 30
EMEA Completed Restructuring (DR4) Jan 1 - Sep 30
- 5
Alvarez & Marsal 10* 7* 2 -2 2,902.07,013.2AlixPartners LLC 10* 11* 2 0 -
36%
21%10%10%
8% 5% 5%
2% 1%1%
1%
Financials Media and EntertainmentIndustrials Energy and PowerRetail TelecommunicationsMaterials High TechnologyConsumer Staples Consumer Products and ServicesHealthcare
-
1.0 0 -
-1.0 - -
Evercore Partners 13* 9* 3,162.8 1.0 1
-Greenhill & Co, LLC 13* - 3,162.8 1.0 1Mediobanca 12
1.0
- 3,762.5 1.2 1
8* 20 1.5 1
1.0Leonardo & Co 11 6 4,001.0 1.3 ▲
2.7 2
1.5
Jefferies & Co Inc 8* - 4,552.8 1.5 1
# of DealsChange in # of
Deals Sh (%)
-
9,851.1-9
7
5
4,552.8
2011 Rank
-3
2012 Rank
Change inMarket
▼1.0
Industry Total 311,130.0
Canaccord Genuity Corp- -
-
1.0 0 Leonardo & Co
17.5
103
4 3.9
4.9
1
4
270,828.8
5.02
89.8
2115,664.1
8 18 13
-
7.422,877.9
MarketRestructuring
279,424.65
1.9
▲ Rothschild
Houlihan Lokey3Rothschild
Sh (%)Lazard
4 1
21
Moelis & Co 5
Financial Advisor
Blackstone Group LP 87.1 278,106.2▲
Restructuring
47.720
# of Deals Value (US$m)24
Financial Advisor
▲
36,381.9
▲ 2
1
2012 Rank
2011 Rank
# of Deals
310
20.44 7
3 14IREA Corporate Finance20 Lazard-
96
3▼9.7 3 Houlihan Lokey 4▲
KPMG 7*
Moelis & Co 5*10 -5
019*63.9
4,608.45 2 ▲19*- 276,777.26Alvarez & Marsal 6* - -8,315.4 Blackstone Group LP 5*
8* 9* 4,329.27* - 5 ▲314,552.88,315.4 1.9
--Gleacher & Co Inc 6* - 22.7
Morgan Stanley
13Mizuho Financial Group
2,377.8
1.9McGrathNicol Services Pty Ltd
-1
- 3.72
▼
▼
Sh (%)Market
# of Deals
3.7- -
Value (US$m)
Value (US$m)
-128 ▼
7,124.2Sh (%)
2012 Rank
2011 RankDeals
▲▲
-
1.9 - --- -
-
2,730.9
Moelis & Co 1 3*
▲
35.632 -
Nomura
1 4Financial AdvisorORIX M&A Solutions Corp 16*
2*KPMG
23
1▲ 3,634.1
5*
.1
6,616.9▼▲2* 16*Houlihan Lokey 6,616.93*
-24,746.4 53.0
50.82-
3* -2
4,552.8Houlihan Lokey -
Gleacher & Co Inc
1
3*4,552.8- 1
Jefferies & Co Inc-
Morgan Stanley
1
Moelis & Co4,552.8
332,765.5147
-
-47
# of Deals per AdvisorChange in
-1.91
-
1.9
50.8
79.5
# of Change in
1
14,552.82,386.3
50.8
3*4,552.8
- 1
6.6
-22
1.9
Lazard
-
2,377.8
1.93.7
50.850.8
1
26.5
2
1
-11PricewaterhouseCoopers 8
1.93*
3*
9*
- ▲
2012 Rank
16*2* 2* 3
3
# of Deals # of Deals
Industry Total
2011 RankFinancial Advisor
Restructuring Value per Advisor (US$m)
Value US$m
# of Deals per AdvisorRestructuring Market
Asia Pacific & Japan Completed Restructuring
5
▲2
19*
2 -1 ▼
Alvarez & Marsal
Canaccord Genuity Corp- -
-
1.9▼
Frontier Management Inc
Asia Pac & Japan Completed Value by IndustryJan 1 - Sep 30
Restructuring
2,377.8
54
26.5
16*
594.9
1.9
- 2,377.826.5
26.5RBC Capital Markets
14 26.6
8,958.5Industry Total
9*
▼-18
Jan 1 - Sep 30
11,146.5
76
KordaMentha Pty Ltd 9*-
3.6
Value US$m
9*
AP/Japan Announced Restructuring
20,421.0Industry Total
2
16,787.5▲
▼
175.5Sumitomo Mitsui Finl Grp Inc 5* - 2 - - .0
5* 4*
10,058.7Alvarez & Marsal 5* 16* 2 1 ▲
51%28%
7% 6%
Telecommunications Industrials
High Technology Materials
Financials Retail
Consumer Products and Services Real Estate
88%
4% 3%
Government and Agencies Materials
Financials Telecommunications
Media and Entertainment Industrials
https://www.thomsonone.com
2
WW Completed Restructuring (excl. Sovereign Debt) Jan 1 - Sep 30 EMEA Completed Restructuring (excl. Sovereign Debt)
-Bank of America Merrill Lynch 21 - 1,858.7 3.9 1 1.0 - -
- -1.0 -JP Morgan 20 - 1,990.5 4.2 1
- -18* - 2,371.7 4.9 1 1.0
2.0 1 ▲Altium Capital Limited 18* - 2,371.7 4.9 1 1.0AlixPartners LLC 17 14 2,374.9 5.0 2
▲16 - 2,419.5 5.0 1 1.0 - -
0 -KPMG 15 22 2,593.4 5.4 3 2.9 2
13* 9* 3,162.8 6.6 1 1.0
-13* - 3,162.8 6.6 1 1.0 - -
1 ▲Mediobanca 12 - 3,762.5 7.8 1 1.0 -
11 6 4,001.0 8.3 4 3.9
▼8* - 4,552.8 9.5 1 1.0 - -
0 -Canaccord Genuity Corp 8* 20 4,552.8 9.5 1 1.0 -3
8* 9* 4,552.8 9.5 1 1.0
-Blackstone Group LP 7 7 7,705.6 16.1 4 3.9 -1 ▼
- -Gleacher & Co Inc 5* - 8,315.4 17.3 2 2.0 -
5* - 8,315.4 17.3 2 2.0
9.8 3 ▲23.2 4 3.9 3 ▲
▲Lazard 2 8 16,301.4 34.0 17 16.7 12 ▲
Sh (%) # of DealsRothschild 1 2 22,877.9 47.7 21 20.6 9
4 5 11,146.5
Deals
Houlihan Lokey 3 1 15,664.1 32.6 10
Jefferies & Co Inc
Greenhill & Co, LLC
BNP Paribas SA
UBS
# of Deals per Advisor
Alvarez & Marsal
Morgan Stanley
Leonardo & Co
Evercore Partners
Moelis & Co
Restructuring Value per Advisor (US$m)
# of DealsSh (%)Change in
Financial Advisor Value US$mMarket
2 ▼10 9McGrathNicol Services Pty Ltd 20* - 2,377.8 2.4 1AlixPartners LLC
KordaMentha Pty Ltd 20* - 2,377.8 2.4
23 13 2 374 9 2 40.5 -
0.5 - -
-- -
-
1 0.5RBC Capital Markets 20* - 2,377.8 2.4 1
-1 ▼BNP Paribas SA 19 - 2,419.5 2.4 1 0.5 -
0.5 0 -Evercore Partners 17* 14 3,162.8 3.1 1 0.5Greenhill & Co, LLC 17* 37 3,162.8 3.1 1
-Mediobanca 16 - 3,762.5 3.7 1 0.5 - -
2 ▲UBS 15 11 3,857.3 3.8 3 1.3 0
1.8 1 ▲KPMG 14 22 3,909.1 3.9 5 2.2Leonardo & Co 13 9 4,001.0 4.0 4
-PricewaterhouseCoopers 12 8 4,072.2 4.0 3 1.3 -1 ▼
-3 ▼Zolfo Cooper LLC 11 34 4,100.0 4.1 1 0.5 0
0.5 0 -Canaccord Genuity Corp 9* 38 4,552.8 4.5 1 0.5Morgan Stanley 9* 15* 4,552.8 4.5 1
-Jefferies & Co Inc 8 10 5,024.3 5.0 3 1.3 -2 ▼
1 ▲Gleacher & Co Inc 7 - 8,315.4 8.2 2 0.9 -
5.8 1 ▲Alvarez & Marsal 6 7 9,257.5 9.2 4 1.8Moelis & Co 5 4 18,941.2 18.8 13
▲Rothschild 4 2 25,734.8 25.5 28 12.5 3 ▲
6 ▲Lazard 3 3 31,792.4 31.5 30 13.4 8
32 7 ▲Blackstone Group LP 2 6 32,246.5 32.0 17 7.6
Value US$m Sh (%) DealsRestructuring
Houlihan Lokey 1 1 32,876.6 32.6
Market # of # of# of Deals per Advisor
Restructuring
Jan 1 - Sep 30
2011 Rank
2012 Rank Sh (%)
Restructuring Value per Advisor (US$m)Market
Distressed Debt & Bankruptcy Restructuring Rankings
14.3Financial Advisor
Market
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Third Quarter 2012
Change in 2012 Rank
2011 Rank
PricewaterhouseCoopers 22 4 1,685.9 3.5 1 1.0 -2 ▼Ernst & Young LLP 23 875 5 1 8 1 1 0
*tie *tie
-
-
-
-
-
-
-44 ▼102Industry Total 48,006.9224 -940.5 -1 ▼
▼Industry Total 100,867.1
0.5 - -2
1,990.5 1
▼-10.91Altium Capital Limited 24 - 2,371.7 2.4
2.0JP Morgan 25 51*
AlixPartners LLC 23 13 2,374.9 2.4
E-mail: [email protected] 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.
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.
Serkan Tecimer (+44 20 7542 3566)
Asia-Pacific
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.
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 September 30, 2012 and of which Thomson Reuters was made aware. All2012 data is as of 9:00am EDT on October 5, 2012.
EMEA
E-mail: [email protected]
Kai Soriano-StaCruz (+65 9832 8945)
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.
Criteria Summary
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.
AmericasMichael Rawlings (+1 646 223-8364)
Ernst & Young LLP 23 - 875.5 1.8 1 1.0 - -DC Advisory Partners 24 17 594.6 1.2 2 2.0 0 -Perella Weinberg Partners LP 25 - 590.0 1.2 1 1.0 - -
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 be liable forany 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 or implied, as tothe 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 to carry out a transactionor 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 or products, including the buying orselling 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.
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