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DISTRESSED DEBT & BANKRUPTCY DISTRESSED DEBT & BANKRUPTCY

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

-284 Industry Total


364,140.3
Canaccord GenuityCorp
Evercore Partners
19
3,762.5
2,419.5
18,941.2
9,257.5
8,315.4
5,024.3
1.1
4,552.8
4,552.8
3857.3
4,001.0
2,377.8
3,909.1
5.2
1.3
GLC Advisors &Co 15* 15* 3 -1 3183.0
Canaccord GenuityCorp 15* 15* 3 -1 6352.8
Goldman Sachs &Co 15* 7 3 -10 4481.9
0
2
4
6
8
10
12
14
16
18
20
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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
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e
rsc
t
s

o
n
s
1
0.3
-48
Change in
66
# of
1.5 -
1 1.5 -

Industry Total
Restructuring Value per Advisor (US$m) # of Deals per Advisor
2011 2012 Change in Market
37,219.5
Market Restructuring
# 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
1,090.0
3,183.0

Peter J . Solomon Co Ltd


1
1
7 2
FTI Consulting Inc
J efferies &Co Inc
250.0 12 -
3.0 -2
16*
10*
9 -
1.5 0 471.5
GLC Advisors &Co 1.6
20 Evercore Partners
1
2
-1
11* 3

-
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

Blackstone Group LP 2 2 33,256.4


Houlihan Lokey
2012
Rank # of Deals
US Completed Value by Industry
Financial Advisor
2 -4
2011
Rank
# of Change in # of
Deals
8
Market Restructuring
# of Deals per Advisor
-
4,202.9
2011
Rank
11,606.2 1
6
Restructuring Change in
-
Value (US$m)
18,370.4
13 19.7
21.7
2
57.5
19.7
Financial Advisor
8,084.3
Deals Sh (%)
Blackstone Group LP
Houlihan Lokey 35.1
21,396.0
2
1
21 31.8 4
13
-

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

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 GenuityCorp 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 Deals
Rothschild 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
J efferies &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$m)
# of Deals Sh (%)
Change in
Financial Advisor Value US$m
Market
2 1 0 9
McGrathNicol Services PtyLtd 20* - 2,377.8 2.4 1
AlixPartners LLC
KordaMentha PtyLtd 20* - 2,377.8 2.4
23 13 2 374 9 2 4
0.5 -
0.5 - -
-
- -
-
1 0.5
RBC 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 0.5
Greenhill &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 2.2
Leonardo &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 GenuityCorp 9* 38 4,552.8 4.5 1 0.5
Morgan Stanley 9* 15* 4,552.8 4.5 1
-
J efferies &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 1.8
Moelis &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$m Sh (%) Deals
Restructuring
Houlihan Lokey 1 1 32,876.6 32.6
Market # of # of
# of Deals per Advisor
Restructuring
Jan 1 - Sep 30
2011
Rank
2012
Rank Sh (%)
Restructuring Value per Advisor (US$m)
Market
Distressed Debt & Bankruptcy Restructuring Rankings
14.3
Financial 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
-
-
-
-
-
-
-44 102 Industry Total 48,006.9 224 -94
0.5 -1
Industry Total 100,867.1
0.5 - -
2
1,990.5 1
-1 0.9
1 Altium Capital Limited 24 - 2,371.7 2.4
2.0 J P Morgan 25 51*
AlixPartners LLC 23 13 2,374.9 2.4
E-mail: michael.rawlings@thomsonreuters.com
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 the
time 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 froman 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: kai.soriano-stacruz@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 submission
process, receive quarterly press releases, or have
questions about league table criteria please contact:
Announced and completed rankings include all transactions announced or completed between J anuary1, 2011 and September 30, 2012 and of which Thomson Reuters was made aware. All
2012 data is as of 9:00am EDT on October 5, 2012.
EMEA
E-mail: serkan.tecimer@thomsonreuters.com
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 unconditional
transactions. 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 debtor
company as a result of the transaction, or ad-hoc creditor committee.
Americas
Michael Rawlings (+1 646 223-8364)
Ernst &Young LLP 23 - 875.5 1.8 1 1.0 - -
DC AdvisoryPartners 24 17 594.6 1.2 2 2.0 0 -
Perella Weinberg Partners LP 25 - 590.0 1.2 1 1.0 - -
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Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size,
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Equity)
Pitch Creation (Firm Credentials, Representative Acquirors)
M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)
Negotiation (T&C Benchmarking)
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