Peter Andrews / REUTERS
DISTRESSED DEBT & BANKRUPTCY
RESTRUCTURING REVIEW
RESTRUCTURING ADVISORS
Fi t Nine
First
Ni Months
M th 2014
First Nine Months 2014
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Global Distressed Debt & Bankruptcy Restructuring Rankings
Global Deals Intelligence
Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$118.9 billion during the first nine months of 2014, a 7.5% increase from the same period last year. Though the first nine months of 2014 saw an increase in
completed activity, the number of completed deals decreased from 381 to 187 transactions. The two largest completed transactions of the first nine months of 2014 were the US$10 billion Dubai Group debt restructuring and the United
Company Rusal PLC debt restructuring also restructuring existing debt work US$10 billion.
US completed deal activity totalled US$31.5 billion during the first nine months of 2014, a 22% decrease compared to the same period last year. There were 67 restructuring transactions completed in the first nine months of 2014, 37 fewer
deals than the previous year. Companies in the Energy & Power sector accounted for 28% of the US debt restructuring market, followed by Consumer Products & Services accounting for 20% of the market.
EMEA completed distressed debt restructuring deal volume totalled US$79 billion in the first nine months of 2014, marking a 43.4% increase in activity compared to the first nine months of 2013. Industrials led all sectors in EMEA, with 23% of
total completed EMEA distressed debt restructuring deal volume.
Asia Pacific (including Japan) completed deal volumes during the first nine months of 2014 reached US$6.2 billion, down 72.3% from the same period last year. Telecommunications was the most active sector, capturing 46% of the market,
followed by Industrials and Material, both tied for second each accounting for 17% of the market.
Worldwide Completed Restructuring (DR1)
Financial Advisor
Blackstone Group LP
Lazard
Houlihan Lokey
Rothschild
Morgan Stanley
Moelis & Co
FTI Consulting Inc
Alvarez & Marsal
PricewaterhouseCoopers
Freitag & Co
Goldman Sachs & Co
KPMG
Perella Weinberg Partners LP
McKinsey & Co
Greenhill & Co, LLC
Zolfo Cooper LLC
Evercore Partners
TASC Strategic Consulting
GBS Finanzas SA
Chilmark Partners
Lincoln International
Jefferies LLC
Macquarie Group
One Square Advisors GmbH
GLC Advisors & Co
Industry Total
*tie
Restructuring Value per Advisor (US$m)
Market
Restructuring
2014 2013
Sh (%)
Value US$m
Rank Rank
3
28.1
1
33,387.5
31,332.3
26.4
2
1
3
2
24.2
28,754.4
20.5
4
4
24,343.5
5
41
22
875 8
19
2
22,875.8
19.2
18,758.9
6
5
15.8
8,605.2
7
6
7.2
7,549.6
8
6.4
7
6.2
9
11
7,347.7
10
6,217.7
5.2
11
14*
4,942.0
4.2
12
19
4,500.0
3.8
13*
9
4,045.0
3.4
13*
38
3.4
4,045.0
15*
17
3.0
3,537.9
15*
34
3,537.9
3.0
17*
18
3,000.0
2.5
17*
3,000.0
2.5
19
2,878.4
2.4
20
2,670.0
2.3
2.2
50*
2,570.0
21
1.7
10
1,994.0
22
1.2
14*
1,378.1
23*
1.2
1,378.1
23*
1.0
13
1,184.9
25
118,867.1
Jan 1 - Sep 30
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
17
9.1
-8
▼
9.6 -31
18
▼
12.3
▼
23
-3
▼
16
8.6
-9
8
4
3
7
▲
4.3
10
5.4 -13
▼
-4
▼
3
1.6
▼
4
2.1
-2
-2
▼
1.6
3
1.1
2
2
▲
3
1.6
0.5
1
▼
-2
1
0.5
-3
▼
1
0.5
0
1
0.5
▼
-2
0
0.5
1
0.5
-3
▼
1
0.5
1
1
0.5
1
0.5
0
0.5
1
0
1.1
2
0
0.5
1
0.5
1
▼
-1
1.1
2
187
-194 ▼
WW Announced Restructuring (DR1a)
Jan 1 - Sep 30
# of Deals per Advisor
2014 2013
# of Change in
Rank Rank
Deals # of Deals
1
4
22
-1
▼
2
20
-9
▼
2
3
3
18 -10
▼
13 -36
4
1
▼
5
5
9 -12
12
▼
24*
7
5
▲
6*
24*
7
5
▲
6*
8*
4
-4
▼
6*
8*
▼
6*
4
-4
▼
-2
8*
11
4
17*
4
8*
▲
1
24*
2
4
▲
8*
13*
3
2
▲
34*
13*
10
3
-4
▼
13*
17*
3
0
299 -189 ▼
Financial Advisor
Blackstone Group LP
Houlihan Lokey
Rothschild
Lazard
Moelis & Co
Morgan Stanley
GLC Advisors & Co
Vitale & Associati SpA
Alvarez & Marsal
Leonardo & Co
AlixPartners LLC
Deloitte
Gleacher & Co Inc
FTI Consulting Inc
Jefferies LLC
Industry Total
*tie
Worldwide Announced Bankruptcy Sales
Value (US$m)
Restructuring
Value (US$m)
32,354.4
21,991.9
22,537.7
20,927.9
13
287 6
13,287.6
22,252.8
8,593.9
208.0
7,542.5
3,926.3
4,551.9
50.0
1,033.7
6,147.3
1,742.7
119,963.3
Worldwide Completed Value by Industry (US$bil)
2.5
4.0
5.5
5.8
3.7
19.3
13.4
10 5
10.5
10.7
12.7
10.8
Industrials
Financials
Materials
Real Estate
Telecommunications
Energy and Power
Media and Entertainment
Consumer Products and Services
Retail
Consumer Staples
High Technology
Healthcare
Top Ten Completed Restructuring Deals (US$m)
140
120
100
80
60
40
20
0
Dubai Group
$10,000
United Company Rusal PLC
$10,000
# of Deals
FCC
IVG Immobilien AG
Cengage Learning Inc
Wind Acquisition Finance SA
Al Jaber Group LLC
Pescanova SA
Edison Mission Energy Co
Hibu PLC
$6,844
$6,083
$5,800
$5,249
$4,500
$4,345
$4,045
$3,538
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1
First Nine Months 2014
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings
US Completed Restructuring (DR2)
Financial Advisor
Houlihan Lokey
Blackstone Group LP
Moelis & Co
Lazard
Rothschild
FTI Consulting Inc
Alvarez & Marsal
Perella Weinberg Partners LP
McKinsey & Co
Chilmark Partners
Lincoln International
Jefferies LLC
Goldman Sachs & Co
GLC Advisors & Co
Centerview Partners LLC
Industry Total
*tie
Restructuring Value per Advisor (US$m)
Market
Restructuring
2014 2013
Sh (%)
Value US$m
Rank Rank
1
60.2
4
18,966.6
1
16,499.2
52.3
2
15,447.0
3
7
49.0
4
2
14,791.3
46.9
8,529.8
27.1
5
12
8,470.0
26.9
6
3
7
8
7,549.6
23.9
8*
9
12.8
4,045.0
8*
4,045.0
12.8
21
10
2,670.0
8.5
11
2,570.0
8.2
12
6
1,994.0
6.3
13
1,404.1
4.5
14
10
1,184.9
3.8
15
1,000.0
3.2
31,534.6
EMEA Completed Restructuring (DR4)
Financial Advisor
Morgan Stanley
Lazard
Blackstone Group LP
Rothschild
Houlihan Lokey
PricewaterhouseCoopers
Freitag & Co
KPMG
Goldman Sachs & Co
Greenhill & Co, LLC
Zolfo Cooper LLC
Industry Total
*tie
Restructuring Value per Advisor (US$m)
Restructuring
Market
2014 2013
Value US$m
Sh (%)
Rank Rank
29.0
25*
1
22,875.8
3
22.0
2
17,404.1
3
21.8
17,226.1
6
14,259.2
4
1
18.1
5
10,248.7
13.0
2
9.3
6
5
7,347.7
7
6,217.7
7.9
8
25*
4,500.0
5.7
9
9*
4,401.0
5.6
31*
3,537.9
4.5
10*
10*
3,537.9
4.5
78,984.0
Asia Pacific & Japan Completed Restructuring
Financial Advisor
Blackstone Group LP
Moelis & Co
Houlihan Lokey
State Bank of India
Lazard
Industry Total
*tie
Restructuring Value per Advisor (US$m)
Restructuring
Market
2014 2013
Sh (%)
Rank Rank
Value US$m
2,883.1
46.3
1
2
1
5.2
325.0
3
8
134.5
2.2
4
10
36.0
0.6
0.0
5
.0
11*
6,221.9
Jan 1 - Sep 30
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
16
23.9
-2
▼
10
14.9 -11
▼
1
9
13.4
▲
▼
12
17.9 -16
7
10.5
▼
-1
2
3.0
-3
▼
4
6.0
0
1
1.5
-2
▼
1.5
0
1
1.5
1
1
1.5
2
3.0
0
3.0
2
2
3.0
-1
▼
1
1.5
▼
67
-37
Jan 1 - Sep 30
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
8
7
▲
9.6
8.4 -14
7
▼
3
8
9.6
▲
▼
6
7.2 -13
-3
7.2
6
▼
3
3.6
-2
▼
2
2.4
1
1.2
-1
▼
1
▲
2
2.4
1
0
1.2
1
1.2
83
-124 ▼
Jan 1 - Sep 30
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
1
3.3
1
3.3
-4
▼
1
3.3
0
1
3.3
-4
▼
1
0
3.3
-40
30
▼
US Announced Restructuring (DR2a)
Jan 1 - Sep 30
# of Deals per Advisor
2014 2013
# of Change in
Rank Rank
Deals # of Deals
14
1
3
0
2
10
▼
2
-6
▲
3*
5
8
2
3*
1
8 -18
▼
5
4
6
-4
▼
6
6*
4
-1
▼
7*
3
8*
0
7*
3
▲
11*
1
9*
2
9*
8*
2
-1
▼
93 -27
▼
Financial Advisor
Houlihan Lokey
Blackstone Group LP
Rothschild
Lazard
Moelis & Co
Alvarez & Marsal
AlixPartners LLC
GLC Advisors & Co
Deloitte
Jefferies LLC
Industry Total
*tie
EMEA Announced Restructuring (DR4a)
Jan 1 - Sep 30
# of Deals per Advisor
# of Change in
2014 2013
Rank Rank
Deals # of Deals
0
1
3
8
2*
▲
4*
5
7
2
7 -12
2*
▼
4*
1
4 -12
▼
4
-4
▼
8
4*
17*
▼
4*
4
-2
4*
4 -20
▼
8
3
2
▲
125 -138 ▼
Financial Advisor
Blackstone Group LP
Morgan Stanley
Rothschild
Houlihan Lokey
Vitale & Associati SpA
Leonardo & Co
Lazard
Gleacher & Co Inc
Industry Total
*tie
AP / Japan Announced Restructuring
9%
Value (US$m)
Restructuring
Value (US$m)
4,601.2
879.1
262.7
.0
.0
1,093.2
485.0
.0
394.1
11,500.7
4%
28%
11%
20%
18%
Energy and Power
Industrials
Retail
Telecommunications
Financials
Real Estate
Consumer Products and Services
Materials
High Technology
Healthcare
Media and Entertainment
EMEA Completed Value by Industry
Value (US$m)
Restructuring
Value (US$m)
8,585.8
22,252.8
9,355.4
9,473.5
208.0
3,926.3
8,230.6
1,033.7
67,681.1
Jan 1 - Sep 30
# of Deals per Advisor
2014 2013
# of Change in
Rank Rank
Deals # of Deals
3
1
2*
2
2
2*
4*
1
4*
4*
1
0
4*
1
4*
0
1
4*
1
4*
1
4*
72 -28
▼
Financial Advisor
Blackstone Group LP
Houlihan Lokey
Jefferies LLC
GLC Advisors & Co
Deloitte
Lazard
Macquarie Group
Conway MacKenzie Inc
Rothschild
Industry Total
*tie
Value (US$m)
Restructuring
Value (US$m)
11,639.3
14,798.7
12,648.7
11,604.1
10,379.0
7,542.5
4,551.9
793.9
50.0
1,480.0
32,598.5
US Completed Value by Industry
15%
16%
10%
23%
19%
17%
Industrials
Real Estate
Financials
Telecommunications
Materials
Media and Entertainment
Asia Pac & Japan Completed Value by Industry
11%
17%
46%
17%
Telecommunications
Industrials
Materials
Energy and Power
Healthcare
High Technology
Retail
Media and Entertainment
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2
First Nine Months 2014
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Distressed Debt & Bankruptcy Restructuring Rankings
If you would like to participate in the submission
process, receive quarterly press releases, or have
questions about league table criteria please contact:
Criteria Summary
- Announced and completed rankings include all transactions announced or completed between January 1, 2013 and September 30, 2014 and of which Thomson Reuters was made aware. All
2014 data is as of Noon EDT on October 8, 2014.
- 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.
Americas
Robert Levine (+1 646-223-5682)
E-mail: [email protected]
EMEA
Redina Doda (+44 20 7542 3558)
E-mail: [email protected]
Asia-Pacific
Kelvin Bian (+852 3761 1852)
E-mail: [email protected]
In order to be considered rank eligible, the debtor company must be either bankrupt or distressed.
- 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.
- 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.
- 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.
- 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.
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
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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.
© 2014 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.
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