RESTRUCTURING REVIEW
Restructuring Advisors Restructuring Advisors
Third Quarter 2012
# of Deals per Advisor
Deals Sh (%)
Market Change in
9.0
295,370
81.0 294,916
18 941
Value (US$m)
Restructuring 2012
Rank Financial Advisor
1 -1
1
Houlihan Lokey
Moelis &Co 5 4
3 1
Rothschild
9.0
7.1 2 7.1 3
32,877
Lazard
Blackstone Group LP 1
Financial Advisor
2
2012
Rank
3 29 9
Restructuring Value per Advisor (US$m)
2011
Rank
Restructuring
# of Deals per Advisor
6 81.1 81.1
Value US$m
Market
35 7 2
# of
Deals
# of
# of Deals
41,003.4
# of Deals
Change in
Value (US$m)
2
23
19
1 16
Houlihan Lokey
-11 1
6
-12 3
301,505.5
21,270.7
306,436.9
Moelis &Co
3
5
7
Blackstone Group LP
24 038 9
-1 5 4 25,735
Rothschild
Lazard
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 fromthe 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 than
the 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 sovereign
debt, activity was down by 48.4%.
Asia Pacific (including J apan) deal volumes during the first nine months of 2012 reached US$9 billion, up 36.4%fromthe same period last year. Telecoms was the most active sector, capturing 51%of the market, followed by Industrials and
High Tech, with 28% and 7% market share, respectively.
25,734.8
Global Deals Intelligence
32,876.6
Worldwide Completed Value by Industry ($bil) Jan 1 - Sep 30 Jan 1 - Sep 30 WW Announced Restructuring(DR1a)
18 941 2
295,369.7
294,915.5
5 2
6%
6%
5%
3%
2%
*tie
Top Ten Completed Restructuring Deals (US$m)
18,941
9*
Gleacher &Co Inc
Alvarez &Marsal
7 -
J efferies &Co Inc 8
9,258 2.5
1
Morgan Stanley 9*
10
15*
Moelis &Co 5 4
6 7
-1 16 6
47.7 1
Moelis &Co 5 24,038.9
14 4 -9
8,315 7
IREA Corporate Finance
7
J efferies &Co Inc
0
4
9*
6
38
2
-3
2 - 11* -
5
Leonardo &Co
- 9* FTI Consulting Inc 19*
-
5
Zolfo Cooper LLC 11 34
1.1 PricewaterhouseCoopers
1.1
12 8
4,100.0
4,072
Leonardo &Co
1.1
13 1 4,001
4
4
4,072.2
1.1
3,909 1.1
15*
AlixPartners LLC 9,388.1
41*
Evercore Partners 2890.0
14 22
31*
9 1.1
3,857
Perella Weinberg Partners LP
3
12*
0 -
2
UBS
1.1
1.1 15
KPMG
11
BNP Paribas SA
0.9
-
Mediobanca 16 -
3,162.8 0.9
KordaMentha PtyLtd 20*
-
-
-1
0.7 0.7
0.7
2,378
2,375
3,163
1.0
3,163
0.7
0.7
3,162.8
2,377.8 2,378 0.7
2,420
2,377.8 0.7
- 2,371.7 2,372 - 0.7 0.7
-1
-138
1,990.5 0.6 0.6 1,991
Worldwide Announced Bankruptcy Sales Jan 1 - Sep 30 2012
KPMG
RBC Capital Markets 20*
7,224.1
-
-
14,100.3
4,674.6
.1
11,939.5
31*
3
16,723.3 0
-
19*
1
Alvarez &Marsal 11*
-
5
9*
12*
6
8
-
12*
4,329.2
J P Morgan
24
Industry Total
408,268.0
- Altium Capital Limited
AlixPartners LLC
51* 25
337
-1 0.7 2,374.9 0.7
5.2
2.3
1.4 5,024
-
4,553
-2
1.3
4,553
2.5
2.3
1.4
-
-
1.0
-
0.9
-
-
3 -1
4
1.3
1.3
0
19*
ORIX M&A Solutions Corp
4,100 1.1
3,763
-
2,378
0.7
0.9 0 -
-
McGrathNicol Services PtyLtd 20* -
17*
Greenhill &Co, LLC 17* 37
-
14
-
23 13
226
0
107
EMEA Completed Value by Industry
-
Perella Weinberg Partners LP 8*
FTI Consulting Inc 11,521.5
10* 1
-
Navigant Consulting Inc 13 -
14 - Global Hunter Securities LLC
1.5
1,090.0
3,183.0
-
3 16*
2.5 -
2.6
4,034.2
3.0
- 1 - 8*
3
1.5
Alvarez &Marsal 8 5 2
7 9 2
942.1
GLC Advisors &Co 983.0
2
-3
- 9,547.5
- 3.0 0
7 4
5 6
3.0 1
Rothschild 9.1
4.0 6 UBS
8 4
6
J efferies &Co Inc 26*
6,357.7 17.1 Moelis &Co
Moelis &Co
10 0
4 8 -4 4,521.7
-1 3*
12.1
5
Lazard 1 10 -2
16
3 15
3*
Rothschild 5
1.3
471.5 1.3
175.0 0.5
110.3
0.7
1
Value (US$m)
Restructuring
Jan 1 - Sep 30
53,668.8 Industry Total
2012 2011
# of Deals per Advisor
-12
US/EMEA/Asia/J apan 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 30 US Completed Restructuring (DR2)
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Value (US$m)
US Announced Restructuring (DR2a) Jan 1 - Sep 30
EMEA Completed Restructuring (DR4) Jan 1 - Sep 30
- 5
Alvarez &Marsal 10* 7* 2 -2 2,902.0
7,013.2 AlixPartners LLC 10* 11* 2 0 -
36%
21%
10%
10%
8% 5%
5%
2%
1%
1%
1%
Financials Media and Entertainment
Industrials Energy and Power
Retail Telecommunications
Materials High Technology
Consumer Staples Consumer Products and Services
Healthcare
-
1.0 0 -
-
1.0 - -
Evercore Partners 13* 9* 3,162.8 1.0 1
-
Greenhill &Co, LLC 13* - 3,162.8 1.0 1
Mediobanca 12
1.0
- 3,762.5 1.2 1
8* 20 1.5 1
1.0
Leonardo &Co 11 6 4,001.0 1.3
2.7 2
1.5
J efferies &Co Inc 8* - 4,552.8 1.5 1
# of Deals
Change in # of
Deals Sh (%)
-
9,851.1
-9
7
5
4,552.8
2011
Rank
-3
2012
Rank
Change in Market
1.0
Industry Total 311,130.0
Canaccord GenuityCorp
- -
-
1.0 0 Leonardo &Co
17.5
103
4 3.9
4.9
1
4
270,828.8
5.0
2
89.8
21
15,664.1
8 18 13
-
7.4 22,877.9
Market Restructuring
279,424.6
5
1.9
Rothschild
Houlihan Lokey
3 Rothschild
Sh (%)
Lazard
4 1
2
1
Moelis &Co 5
Financial Advisor
Blackstone Group LP 87.1 278,106.2
Restructuring
47.7
20
# of Deals Value (US$m)
24
Financial Advisor
36,381.9
2
1
2012
Rank
2011
Rank
# of
Deals
3
10
20.4
4 7
3 14 IREA Corporate Finance
2 0 Lazard -
9
6
3
9.7 3 Houlihan Lokey 4
KPMG 7*
Moelis &Co 5*
10 -5
0 19*
6 3.9
4,608.4 5 2 19*
- 276,777.2 6 Alvarez &Marsal 6* - - 8,315.4 Blackstone Group LP 5*
8* 9* 4,329.2 7* - 5 3 1 4,552.8
8,315.4 1.9
-
- Gleacher &Co Inc 6* - 2 2.7
Morgan Stanley
13 Mizuho Financial Group
2,377.8
1.9
McGrathNicol Services PtyLtd
-
1
- 3.7 2
Sh (%)
Market
# of Deals
3.7
- -
Value (US$m)
Value (US$m)
-128
7,124.2
Sh (%)
2012
Rank
2011
Rank Deals
-
1.9 - -
-
- -
-
2,730.9
Moelis &Co 1 3*
3 5.6 3
2 -
Nomura
1 4
Financial Advisor
ORIX M&A Solutions Corp 16*
2* KPMG
2
3
1
3,634.1
5*
.1
6,616.9
2* 16* Houlihan Lokey 6,616.9 3*
-2
4,746.4 53.0
50.8
2 -
3* -
2
4,552.8
Houlihan Lokey -
Gleacher &Co Inc
1
3*
4,552.8 - 1
J efferies &Co Inc
-
Morgan Stanley
1
Moelis &Co
4,552.8
332,765.5 147
-
-47
# of Deals per Advisor
Change in
- 1.9
1
-
1.9
50.8
79.5
# of Change in
1
1 4,552.8
2,386.3
50.8
3*
4,552.8
- 1
6.6
-22
1.9
Lazard
-
2,377.8
1.9
3.7
50.8
50.8
1
26.5
2
1
-1
1 PricewaterhouseCoopers 8
1.9 3*
3*
9*
-
2012
Rank
16*
2* 2* 3
3
# of
Deals # of Deals
Industry Total
2011
Rank Financial Advisor
Restructuring Value per Advisor (US$m)
Value US$m
# of Deals per Advisor
Restructuring Market
Asia Pacific & Japan Completed Restructuring
5
2
19*
2 -1
Alvarez &Marsal
Canaccord GenuityCorp
- -
-
1.9
Frontier Management Inc
Asia Pac & Japan Completed Value by Industry Jan 1 - Sep 30
Restructuring
2,377.8
54
26.5
16*
594.9
1.9
- 2,377.8
26.5
26.5
RBC Capital Markets
14 26.6
8,958.5 Industry Total
9*
-18
Jan 1 - Sep 30
11,146.5
76
KordaMentha PtyLtd 9*
-
3.6
Value US$m
9*
AP/Japan Announced Restructuring
20,421.0 Industry Total
2
16,787.5
175.5
Sumitomo Mitsui Finl Grp Inc 5* - 2 - - .0
5* 4*
10,058.7 Alvarez &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 - J P 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 1.0
AlixPartners LLC 17 14 2,374.9 5.0 2