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$10.2 billion, down 25% from the total value reached in 2011. Telecom was the most active sector, capturing 48% of the market, followed by Industrials and Materials, with30% and 7% market shares, respectively.
1.51.4
1
11
31,368.4▲
1-3
1.58
Full Year 2012
2.21.91.5
Worldwide Completed Restructuring (DR1)
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
76.5
8.0
1.91.52
Global Distressed Debt & Bankruptcy Restructuring Rankings
Sh (%)
-1
23*
430-0.62,377.8 0.6 -23*
422,596.6Industry Total
470,793.6
-KordaMentha Pty Ltd2,377.8 0.6
RBC Capital Markets
26
123*
18,971.4
McGrathNicol Services Pty Ltd
14,100.3
▼
8
▼
45*
16*
6
0.6
5
0
21*-2
Mediobanca-2
-
5
1.0
0
0.9
21*
▲
▲
FTI Consulting Inc
Lazard
KPMG
4
2011
Rank
▲
40
▲
3Moelis & Co
-▼
AlixPartners LLC 20
0.61
Worldwide Announced Bankruptcy Sales Jan 1 - Dec 31 2012
--138
-2,377.8 1 -0.6 0.60
2,419.5 1 0.6
43,188.0 0.8
31.0
▼3
0.8
0
0
Greenhill & Co, LLC 21▼
--1
0.8 0.8
0.9
1
3,857.3
FTI Consulting Inc-
Leonardo & Co0.9
9
Zolfo Cooper LLC 16 444,072.2 1.0
-- -0
Mediobanca1.21.115 3
Leonardo & Co
5
12*▼ -12*
▲
314 19
-
10
14 1.21.2
12*Canaccord Genuity 6,412.5
-
Evercore Partners 4732.0
12*Perella Weinberg Partners LP 55
5,130.6 -1.2 4,027.3
8,938.205,262.8
2Jefferies & Co Inc
1.213 -33
3 1.3
-6
Evercore Partners 11 221.2Morgan Stanley
1.312 21
Alvarez & Marsal▲
▲ 9*Jefferies & Co Inc 31*9*11 ▼
44
3- 12*-
6
▲49*
75,117.0
8,065.5
Houlihan Lokey306,410.0
6 1742 9
IREA Corporate Finance▼
747.7
4
-1Blackstone Group LP
3
5
11▼-14
▼
-7 ▼
▲
-161
6
8 ▲5331,828.4
3129
325
▼
60,356.635,490.2
# of
# of Deals
49,155.2# of Deals
Change in
Value (US$m)
3 78.178.1Value US$m
Market
39▲9 2Blackstone Group LP 3611
-8Value (US$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
$3,509
Greece
Tribune Co
AO "BTA Bank"
Washington Mutual,Seattle,WA
Cemex SAB de CV
German Residential Asset Note
eircom Ltd
Dynegy Inc
Kerzner International Resorts
NewPage Corp
1
- -Global Partners Consulting Inc 14 - 323.4 3.2 1 1.4 - -Avista Capital Partners 15 - 319.3 3.1 1 1.4
7,238.1Goldman Sachs & Co 11* 22* 3 -5 ▼ 7,117.6Morgan Stanley 11* - 3 1 ▲
4,552.8Alvarez & Marsal 11* - 3 - - 10,563.5Canaccord Genuity 10 13* 4 0 -
7,013.2
Leonardo & Co 9 13* 5 0 - 4,027.3
AlixPartners LLC 12* 11* 2 -1 ▼
6* 16*
10,058.7Alvarez & Marsal 6* 16* 2 1 ▲
Sumitomo Mitsui Finl Grp Inc 6* - 2 - -
23,601.1▼
0
▼
▲
2,902.0Alvarez & Marsal 12* 6 2 -5 ▼
▼
Barclays 10* - 3 -
3 17IREA Corporate Finance2
2,484.1
17* 5
Industry Total
3
5.3
Value US$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 4▲
522*
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$m)
Moelis & Co 5
Financial Advisor
Blackstone Group LP 81.0
Houlihan Lokey3Rothschild
Sh (%)
Lazard
4 2
21
8
▼
471.5 0.8300.0
1.02
1.2 -2
2.4 -3
18 21.4 -1▲15
4
-
47.742,906.9
24 46.61
69.6
2012
Rank # of Deals
▲
17.9
# of Deals per Advisor
Houlihan Lokey 22
18 21.4
Restructuring RestructuringChange in
▼
Value (US$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 72
▲ 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
*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: [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 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: [email protected]
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: [email protected]
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 0.8
UBS 19* - 2,371.7 3.0 10.8 - -
- -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 its third party content providers shall be liable 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 or implied, 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 to carry 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 or 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. © 2013 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.
3
Thomson Reuters Solutions for the Deal Making Community
FOR INVESTMENT BANKERS
Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office®. You can also access our key content sets easily to support your analysis.
ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions.
FOR JUNIOR BANKERS
SOLUTION FOR• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing / Roadshows
• Financial Modeling• Customized League Tables • Simple Deals screening • Valuation analysis and comparable deal screening • Full integration into Microsoft Office® for on-brand pitch book creation
SOLUTION FOR
FOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCHSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.
• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)
Microsoft, Office, Word, Excel and PowerPoint are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copyright 2012 Thomson Reuters. All rights reserved. 48003848 0312.
SOLUTION FOR
Access unique analysis for free anytime using Thomson ReutersDeals Intelligence website and receive regular updates,delivered direct to your inbox.Go to online.thomsonreuters.com/dealsintelligence
SOLUTION FOR
FOR STRATEGY AND PLANNING TEAMS
To purchase individual Thomson Reuters Deals or League Table reports,please contact our Thomson Reuters On Demand group:Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]
Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products
Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.
• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals
4
