RESTRUCTURING REVIEW
Restructuring Advisors
Full Year 2012
*tie
0 - 175.5
Morgan Stanley 20* 31* 3 1 7238.1
-9 7907.6
Barclays 20* - 3 - - 2484.1
Goldman Sachs & Co 16* 7 4
Frontier Management Inc 20* 21* 3
3278.4
AlixPartners LLC 16* 19* 4 0 -
3 0.1
9548.2
GLC 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
33,789.6
9,136.6
8,013.5
6,412.5
1.1
6,193.3
5,747.1
4717.0
4,100.0
3,699.1
Worldwide Completed Value by Industry ($bil) Jan 1 - Dec 31 Jan 1 - Dec 31 WW Announced Restructuring (DR1a)
Global Deals Intelligence
KPMG
UBS
19
54,242.9
https://www.thomsonone.com
2
1
-3
1.5
8
Full Year 2012
2.2
1.9
1.5
Worldwide Completed Restructuring (DR1)
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
76.5
8.0
1.9
1.5 2
Global Distressed Debt & Bankruptcy Restructuring Rankings
Sh (%)
-1
23*
430 - 0.6 2,377.8 0.6 -
23*
422,596.6 Industry Total
470,793.6
- KordaMentha Pty Ltd
2,377.8 0.6
RBC Capital Markets
26
1 23*
18,971.4
McGrathNicol Services Pty Ltd
14,100.3
45*
16*
6
0.6
5
0
21*
-2
Mediobanca
-2
-
5
1.0
0
0.9
21*
40
3
Moelis & Co
-
AlixPartners LLC 20
0.6 1
Worldwide Announced Bankruptcy Sales Jan 1 - Dec 31 2012
-
-138
- 2,377.8 1 - 0.6 0.6
0
2,419.5 1 0.6
4
3,188.0 0.8
3
1.0
3
0.8
0
0
Greenhill & Co, LLC 21
-
-1
0.8 0.8
0.9
1
3,857.3
FTI Consulting Inc
-
Leonardo & Co
0.9
9
Zolfo Cooper LLC 16 44
4,072.2 1.0
-
- -
0
Mediobanca
1.2
1.1 15 3
Leonardo & Co
5
12* -
12*
3 14 19
-
10
14 1.2
1.2
12*
Canaccord Genuity 6,412.5
-
Evercore Partners 4732.0
12* Perella Weinberg Partners LP 5
5
5,130.6 -
1.2 4,027.3
8,938.2 0
5,262.8
2
Jefferies & Co Inc
1.2
13 -3 3
3 1.3
-
6
Evercore Partners 11 22
1.2 Morgan Stanley
1.3
12 21
Alvarez & Marsal
9* Jefferies & Co Inc 31*
9* 11
4
4
3 - 12* -
6
4
9*
7
5,117.0
8,065.5
Houlihan Lokey
306,410.0
6 17 4
2 9
IREA Corporate Finance
7
47.7
4
-1
Blackstone Group LP
3
5
11
-14
-7
-16 1
6
8 5
331,828.4
31
29
3 25
60,356.6
35,490.2
# of
# of Deals
49,155.2
# of Deals
Change in
Value (US$m)
3 78.1 78.1
Value US$m
Market
39 9 2
Blackstone Group LP 36 11
-8
Value (US$m)
Restructuring 2012
Rank Financial Advisor
# of
Deals
5 2
330,237.4
323,073.9
1 Rothschild Lazard 1
Financial Advisor
2
2012
Rank
Restructuring Value per Advisor (US$m)
2011
Rank
Restructuring
12.8
11.1 1 11.1 6
28
46,867.5
Rothschild 5 2
6 7
3 4
Houlihan Lokey
Canaccord Genuity 8
5
Brookland Partners LLP 9
18
-
2.2
-2
Moelis & Co
32
10
Gleacher & Co Inc
12.8
Alvarez & Marsal
7 -
# of Deals per Advisor
Deals Sh (%)
Market Change in
39
# of Deals per Advisor
76.5 24
Top Ten Completed Restructuring Deals (US$bil)
0
20
40
60
80
100
120
140
I
n
d
u
s
t
r
ia
ls
H
ig
h
T
e
c
h
n
o
lo
g
y
M
e
d
ia
a
n
d
E
n
t
e
r
t
a
in
m
e
n
t
T
e
le
c
o
m
m
u
n
ic
a
t
io
n
s
R
e
a
l
E
s
t
a
t
e
E
n
e
r
g
y
a
n
d
P
o
w
e
r
F
in
a
n
c
ia
ls
R
e
t
a
il
H
e
a
lt
h
c
a
r
e
C
o
n
s
u
m
e
r
S
t
a
p
le
s
M
a
t
e
r
ia
ls
#
o
f
D
e
a
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
$3,509
Greece
Tribune Co
AO "BTA Bank"
Washington Mutual,Seattle,WA
Cemex SAB de CV
German Residential Asset Note
eircom Ltd
Dynegy Inc
Kerzner International Resorts
NewPage Corp
1
- -
Global Partners Consulting Inc 14 - 323.4 3.2 1 1.4 - -
Avista Capital Partners 15 - 319.3 3.1 1 1.4
7,238.1
Goldman Sachs & Co 11* 22* 3 -5 7,117.6
Morgan Stanley 11* - 3 1
4,552.8
Alvarez & Marsal 11* - 3 - - 10,563.5
Canaccord Genuity 10 13* 4 0 -
7,013.2
Leonardo & Co 9 13* 5 0 - 4,027.3
AlixPartners LLC 12* 11* 2 -1
6* 16*
10,058.7 Alvarez & Marsal 6* 16* 2 1
Sumitomo Mitsui Finl Grp Inc 6* - 2 - -
23,601.1
0
Barclays 10* - 3 -
3 17 IREA Corporate Finance
2
2,484.1
17* 5
Industry Total
3
5.3
Value US$m
9*
AP/Japan Announced Restructuring Jan 1 - Dec 31
EMEA Completed Restructuring (DR4) Jan 1 - Dec 31
18,091.8
106
Lazard 9*
10
-21
Jan 1 - Dec 31
9*
10,238.3 Industry Total
- 2,377.8
23.2
23.2
KordaMentha Pty Ltd
18 23.3
Asia Pac & Japan Completed Value by Industry Jan 1 - Dec 31
Restructuring
2,377.8
73
23.2
4*
594.9
1.4
US Announced Restructuring (DR2a)
Restructuring Value per Advisor (US$m)
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
US Completed Restructuring (DR2)
-5 1
Nomura
Value (US$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
Rank Financial 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
-
1 PricewaterhouseCoopers 8
1.4 -
1.4
RBC Capital Markets
-
2,377.8
1.4
2.7
44.5
44.5
1
23.2
5.8
-25 1
1 4,552.8
2,386.3
44.5
4*
4,552.8
- 1
-
2.7
44.5
69.6
# of Change in
Moelis & Co
4,552.8
361,237.7 182
-
-47
# of Deals per Advisor
Change in
-
Gleacher & Co Inc
1
4*
4,552.8 - 1
Canaccord Genuity
-
Alvarez & Marsal 3 -
2
4,733.8
Houlihan Lokey 5*
1.4
2
4*
-1
5,065.7 49.5
46.2
3
Houlihan Lokey 6,936.2 1* 16*
https://www.thomsonone.com
3,634.1
6,616.9
1*
.1
5 Frontier Management Inc
-1 4
Financial Advisor
KPMG 16*
1* ORIX M&A Solutions Corp
3
4
Moelis & Co 1 1
3 4.1 3
3 2
1.4 0 -
-2
- -
175.5
7,124.2
Sh (%)
2012
Rank
2011
Rank Deals
-
Value (US$m)
Value (US$m)
-173
2
-
Sh (%)
Market
# of Deals
4.1
- -
Brookland Partners LLP
13 Mizuho Financial Group
2,377.8
1.4
McGrathNicol Services Pty Ltd
2
1
- 2.7
6,193.3
8,013.5 1.5
-
- Gleacher & Co Inc 6* - 2 2.3
6*
8 - 274,595.1 6* - 6 - 0 1
Alvarez & Marsal 6* - - 8,013.5 Mediobanca 1.5 -
5,449.8 6 2 22*
5,117.0 6
KPMG 6*
Houlihan Lokey 5
15 11
5 22*
10 7.4 9
11.1 8 Moelis & Co 4
5
22*
3,874.8
1.5
653.0 1.1
Financial Advisor
10
6*
-107
EMEA Announced Restructuring (DR4a)
8
17.8
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
3
29,367.2
Value US$m
1 Blackstone Group LP
Lazard
2012
Rank
2012
Rank
2011
Rank
Financial Advisor
28,736.2
Deals Sh (%)
40,660.4
3
1 25
Industry Total
290,214.4
Restructuring
47.7
21
Jan 1 - Dec 31
# of Deals Value (US$m)
79,723.1
Value (US$m)
Moelis & Co 5
Financial Advisor
Blackstone Group LP 81.0
Houlihan Lokey
3 Rothschild
Sh (%)
Lazard
4 2
2
1
8
471.5 0.8
300.0
1.0
2
1.2 -2
2.4 -3
18 21.4 -1
15
4
-
47.7
42,906.9
2
4 46.6
1
69.6
2012
Rank # of Deals
17.9
# of Deals per Advisor
Houlihan Lokey 2 2
18 21.4
Restructuring Restructuring Change in
Value (US$m)
36,429.8
Market
Moelis & Co
Blackstone 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
5
Lazard 1 16 -2
Rothschild 5 12 -1 5,050.9
Rothschild
22 2
3
6* 5 - -
GLC Advisors & Co 8 9 3
7 11 2
1,078.4
UBS 1,485.6
3.6
- 2 - 8*
4
2.4
- - 1.8 -
2.4
8,279.5
Evercore Partners
0
3
0
8* 4
11
9 -
2.4 -4 942.1
1.7
5
1,064.1
Perella Weinberg Partners LP
2
1
8 1
Alvarez & Marsal
AlixPartners LLC
590.0 12 - 1.2
1,232.0
3,278.4
129
EMEA Completed Value by Industry
-
-
Rothschild 15
# of Deals
Change in
61,628.4
8.9 30,279.7
Market Restructuring
# of Deals per Advisor
293,308.2
6
-48
10
277,022.1
8.5
1
85.8
24
29,185.4
4 21
-
0.7 - Blackstone Group LP
15.6
135
3 2.2
4.4
-
-
1.5
Industry Total 341,959.8
Morgan Stanley
1
6
5,130.6
# of Deals per Advisor
2011
Rank
0
2012
Rank
Change in Market
-
22,955.0
-7
Industry Total
Restructuring Value per Advisor (US$m)
-
1 1.2 0
84
# 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 1.5
1.5
21 4,552.8 1.3 1
9 9 1.5 2
0.7
Jefferies & Co Inc 12* - 4,552.8 1.3 1
KPMG 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
-
-
-
-
-
-
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 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
-60 134 Industry Total 78,836.7
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