1q13 restructuring advisory review

DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Restructuring AdvisorsFirst Quarter 2013

15,926.98,269.7 5

3 425 7 1 0

5,665.73,425.7

Global Deals Intelligence

Worldwide Completed Value by Industry ($bil)Jan 1 - March 31 WW Announced Restructuring (DR1a) Jan 1 - March 31

First Quarter 2013

Worldwide Completed Restructuring (DR1)

14 5

Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$23.6 billion during the first quarter of 2013, a 49.4% decline from the same period last year. In terms of volume, the number of completed deals decreased by4.6% to 103 transactions. The largest completed transaction of the quarter was the US$4.6 billion CMA CGM restructuring.

US deal activity totalled US$6.1 billion during the first quarter of 2013, a 70.8% decrease compared to the same period last year. There were 45 restructuring transactions announced in the first quarter of 2013, a 4.3% decrease compared tothe previous year. Industrials accounted for almost half of the US debt restructuring market.

EMEA distressed debt restructuring deal volume totalled US$14.6 billion in the first three months of 2013, marking a 29.1% decrease in activity compared to the first quarter of 2012. Industrials was the leading sector with 33.7% of totalcompleted EMEA distressed debt restructuring deal volume.

Asia Pacific (including Japan) deal volumes during the first quarter of 2013 reached US$5.9 billion, up 68.6% from the same period last year. Media and Entertainment was the most active sector, capturing 58.5% of the market, followed byMaterials and Industrials, with 31.9% and 5.2% market share respectively.

Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

35.0

Global Distressed Debt & Bankruptcy Restructuring Rankings

Sh (%)

3*

LazardMoelis & Co

4*

2012 Rank

1-

Rothschild9 109 4

▼-82

26,646.86,874.4

27,997.9Houlihan Lokey

3*

5

-0

▼

04*

1

2 ▲8*2

55

114

-Alvarez & Marsal

# of# of Deals

26,017.2# of DealsChange in

Value (US$m)

2 7.867.4Value US$m

Market

20▼-7 3

# of Deals

8 70

Restructuring Value per Advisor (US$m)2012 Rank

Restructuring# of Deals per Advisor

RothschildHoulihan Lokey 1Financial Advisor

2

2013 Rank

3 5Credit Suisse -

24.014.5- 1.0 -

3

Macquarie Group 4*

8

Moelis & Co

1

Value (US$m)▲

Restructuring2013 RankFinancial Advisor

1

# of Deals per Advisor

Deals Sh (%)Market Change in

2.9

84.9

33%14%

8%4%

*tie

*tie

3,425.72,846.42,500.0

454.0

3,425.7

3,770.9

0

10.6

1.0

1.0

2,500.0

346.4

497.0

Goldman Sachs & Co

2,500.0

Worldwide Announced Bankruptcy Sales

149

23,641.8

1-

12.01 21,677.0

--

- -

0

16 15.5Blackstone Group LP

0-

-

12*Deloitte

-

0

0▼

Hoodless Brennan & Partners 12*

14.512.010.6

14.5

1.91.01

1-1

1.03

10.62.9

5

16*

16*

Industry Total

12*

12*

-5

12*

-16

.0

2.2-

-

29*

4,103.4

509.4--

-PricewaterhouseCoopers

1

12*

Perella Weinberg Partners LP12*

-SkyWorks Capital LLC

1

1-

6*Evercore Partners 10*

16*

16*

16*16*

-8,220.9

▼

1,737.6

-

-

0

Blackstone Group LP

804.3

4,475.3

-

▲

12*12*

McKinsey & Co

Jefferies & Co IncGleacher & Co Inc

103

394.01

-

1

03,770.9

1

--

425.0

-- --

Stifel Financial Corp1.91.515

Ernst & Young LLP-

14 -

-

-

-

1

2.11 1.0

12*Broadspan Capital 272.0

Alfaro Davila y Rios SC8.9

13 -111

2,107.0 -1.0

Lazard 11 31.9PricewaterhouseCoopers

10.412 4

2,451.02

2Sunbelt Partners▼

▲ 9*Brookland Partners LLP 16*

-21 -

1-6

-2- 6*-FTI Consulting Inc

-▼ ▲2

9*3

2 3IREA Corporate Finance-

6*

9,109.434* -4 ▼6* .0-

Houlihan Lokey 5 ▼1- -114

Perella Weinberg Partners LP 8*15-

Macquarie Group 4 -4* -Goldman Sachs & Co7 -

Alvarez & Marsal 8*

1 1.0-1

8*

FTI Consulting Inc

Top Ten Completed Restructuring Deals (US$m)

▼ 58,450.9Industry Total

05

10152025303540

Industrials

Consum

er Staple

Media and

Entertainm

ent

Consum

er Produc

and Services

Materials

High Technology

Retail

Healthcare

Financials

Energy and P

owe

Telecomm

unicatio

Real E

state

# of

Dea

ls

21%14%

Industrials Media and Entertainment

Retail Energy and Power

Materials Telecommunications

High Technology Financials

Consumer Products and Services Consumer Staples

Healthcare Real Estate

$4,600

$3,426

$3,322

$2,500

$1,871

$1,738

$1,500

$1,374

$497

$454

CMA CGM SA

Nine Entertainment Co Pty Ltd

Grupo Eroski SA

Hawker Beechcraft Acquisition

Sino-Forest Corp

Biffa Group Ltd

MSR Resort Golf Course LLC

Energy Future Holdings Corp

Axtel SAB de CV

Italtel Group SpA

https://www.thomsonone.com

s cts

er ons

1

*tie

*tie

EMEA Completed Restructuring (DR4) Jan 1 - March 31

Restructuring Value per Advisor (US$m) # of Deals per Advisor

US Completed Restructuring (DR2) US Announced Restructuring (DR2a) Jan 1 - March 31

Sh (%) # of Deals

# of

244.0

Perella Weinberg Partners LP

2

US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings

2013 Rank

Jan 1 - March 31

3*

-71.8

Financial Advisor

2,500.0

Deals


MarketRestructuring

1 4

2013 2012


1

425.0Industry Total

Restructuring

45 -2

EMEA Announced Restructuring (DR4a) Jan 1 - March 31

Value (US$m)

32,343.5▼

Change inRestructuring

14.3

3


28

-72 7.1 -

Sh (%)Houlihan LokeyFTI Consulting Inc

1

Value US$m

46.54,397.0

Alvarez & Marsal

2

5

Lazard 6

-

Rothschild

40.8Moelis & Co

▼3.63*2,846.4

Value (US$m)

804.3

7*1 --

4,324.4

2012 Rank

US Completed Value by Industry

Financial Advisor2012 Rank

# of Change in # of Deals

Market Change in

25,277.01▼

Restructuring# of Deals

Lazard

2013 Rank

▲173* 56* 15

3.6

2 2 24,314.8▲

4*Alvarez & Marsal 8* 4-1 3 3

▲- -▲

▼Blackstone Group LP 704.44*Evercore Partners 8* 2

4*2 2 -2

-13* 2

40.82,500.0 40.8

1-3

2,500.0

-71

Blackstone Group LP13

-4▼ 21,677.0

3* 146.4 7 ▲10.7

-

▼

3.6 -24.5

5.7Rothschild 8 7 2

7 - 11,500.0

Stifel Financial Corp 346.44.0 -

1

▼Perella Weinberg Partners LP 7*Houlihan Lokey 7* 1 1,500.0

-- -1-

509.47.121,677.0

▲▼ SkyWorks Capital LLC

394.0Jefferies & Co Inc 7*McKinsey & Co 7*

1

1-

8* -

-

0

2013 Change inMarket

6,128.4

Market # of# of Deals per Advisor2012

EMEA Completed Value by Industry

Industry Total

Restructuring Value per Advisor (US$m)

-6

Value (US$m)

First Quarter 2013

45%

25%

24%

Industrials Energy and PowerMedia and Entertainment TelecommunicationsRetail Consumer Products and ServicesFinancials HealthcareReal Estate High Technology

*tie

*tie

*tie

*tie

3,082.8Industry Total

-17

32 -4

Jan 1 - March 31

3,425.7 23.5

Value US$m Sh (%)

18

2,107.0

Asia Pacific & Japan Completed Restructuring

5,860.7Industry Total

Asia Pac & Japan Completed Value by IndustryJan 1 - March 31

Restructuring

14

▼

▼

AP / Japan Announced Restructuring

0

▼-6

1 7.1

# of Deals

Industry Total

2012 RankFinancial Advisor

Restructuring Value per Advisor (US$m)

Value US$m

# of Deals per AdvisorRestructuring Market2013

Rank

2* - 11

# of Deals

-

- 31.9-

1,870.5

58.5

63,425.7

Goldman Sachs & Co

Houlihan Lokey7.12*

# of Deals per AdvisorChange in

2* 3,425.7- 1 -7.1

3,425.7

--58.5 1

23,607.672

-

7.17.1

-

58.558.5Rothschild 2* 16

2*3,425.7 1,900.0-FTI Consulting Inc

Macquarie Group

.0- 12.0-

Sunbelt Partners -2*Deloitte1

5*Moelis & Co 1 1*

1Credit Suisse0

- -1

90.4 2

# of Change in

1 2Financial Advisor

▲5,296.2Sh (%)

2013 Rank

2012 RankDeals

--14.3Value (US$m)

-12

--

▲

Value (US$m)

Sh (%)Market

# of Deals

0

1 ▲Lazard

FTI Consulting Inc2454.0 3.1

PricewaterhouseCoopers 7 7 214.523.5 1

8* 5* 2.28* - 1 --▼

2,332.0-4,103.42Goldman Sachs & Co 4* - -3,425.76,320.92 - -45*

1 ▲1*21.6 -

- 5*11*

▼1.6 - Lazard 2*

-23IREA Corporate Finance3.3

5*

# of Deals

5*1 -7

.0▼2*Houlihan Lokey

2013 Rank

2012 Rank

-

6,320.9

- 11*

1

11* 3

Restructuring

7,609.43Rothschild 1* ▼4

# of Deals

740.2-4

Credit Suisse3Moelis & Co

Value (US$m)Change in

Sh (%)

Macquarie Group 4*

Financial Advisor

Rothschild 55.0

Restructuring

3,795.2

Houlihan Lokey# of Deals

23

6.626.0

--

-12*

61

2013 Rank

Change inFinancial Advisor

1 9,659.4

Market

▼

3,425.7

18

4* -

2

MarketDeals

▲4

-

- 1

8,025.7

23.5-

66.2

-3.3 -2 Hoodless Brennan & Partners

4.9

2

Moelis & CoBrookland Partners LLP1.6

3.3

▼

# of 2012 Rank

Industry Total 14,581.51.6Ernst & Young LLP 8* - 454.0 3.1 1 PricewaterhouseCoopers 8* - 1

Gleacher & Co Inc 8* - 1

- - 1,737.6Alvarez & Marsal 8* - 1 0 - 2,550.0

0 - 3,770.9Blackstone Group LP 8* - 1 0 - 3,770.9

3,770.9Goldman Sachs & Co 8* - 1 - -

59%32%

5% 4%

Media and Entertainment Materials

Industrials Consumer Staples

Consumer Products and Services High Technology


34%

25%23%

12%

Industrials Media and Entertainment


High Technology Financials


2

-

-

-

-

-

-

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.

Criteria SummaryIf 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, 2012 and March 31, 2013 and of which Thomson Reuters was made aware. All2013 data is as of 9:00am EDT on April 9, 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.

Serkan Tecimer (+44 20 7542 3566)

Robert Levine (+1 646-223-5682)Americas

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.

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.



First Quarter 2013


Distressed Debt & Bankruptcy Restructuring Rankings

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 forany 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 tothe 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 transactionor 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 orselling 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 2013 Thomson Reuters. All rights reserved.

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

1q13 restructuring advisory review

Documents