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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW
REUTERS / Toby Melville
RESTRUCTURING REVIEWRESTRUCTURING ADVISORS
F ll Y 2015Full Year 2015
6.51
# of Deals per Advisor
Deals Sh (%)Market Change in
35
# of Deals per Advisor
-17
Houlihan Lokey
16
20.4
Rothschild 5 4
3 1Moelis & Co ▲3 11.3 2
47 -342,610.739,038.6 26
30.327.7
PJT Partners LPLazard 1Financial Advisor
2
2015 Rank
Restructuring Value per Advisor (US$m)2014 Rank
Restructuring 2015 RankFinancial Advisor
# of Deals
5 2Houlihan LokeyLazard
48,470.8-10
-6Value (US$m)
▼
Restructuring
44▲42
PJT Partners LP▼
# of# of Deals
31,041.3# of DealsChange in
4 1
▼
2322
-213
▲
▲15▼
144
6
-7 ▼3
309 2
42,204.951,393.252,671.4
KPMG
3
5*
▼
Moelis & Co4
2014 Rank
4
Value US$mMarket
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
32.6
Global Distressed Debt & Bankruptcy Restructuring Rankings
Sh (%)
Value (US$m)
2 15.234.4
Full Year 2015
Worldwide Completed Restructuring (DR1)
12 3
Global Deals Intelligence
6 9
Completed Distressed Debt and Bankruptcy Restructuring activity totaled US$140.9 billion during 2015, a 33% decrease from 2014. The number of completed deals also saw a decrease, with 231 deals during 2015 compared to 317 in2014. The two largest completed transactions during 2015 were the US$17 billion debt restructuring of Glitnir Bank hf and the US$15 billion debt restructuring of the government of Ukraine.
US completed deal activity totaled US$37.9 billion during 2015, a 41% decrease compared to 2014. There were 72 restructuring transactions completed in the US in 2015, 17 fewer deals than completed in 2014. The Telecommunicationssector accounted for 27% of the US debt restructuring market, followed closely by Industrials, with a 25% share.
EMEA completed distressed debt restructuring deal volume totaled US$90 billion during 2015, marking a 24% decrease in activity compared to 2014. Financials led all sectors in EMEA, with 35% of total completed EMEA distressed debtrestructuring deal volume.
Asia Pacific (including Japan) completed deal volumes during 2015 reached US$6.4 billion from 52 deals, down 66% from 2014. Industrials was the most active sector, capturing 44% of the market, followed by High Technology and RealEstate, accounting for 29% and 22% of the market, respectively.
Worldwide Completed Value by Industry (US$bil)Jan 1 - Dec 31 WW Announced Restructuring (DR1a) Jan 1 - Dec 31
45,911.9 15
17 343 8
26%
6%6%
5%
*tie
79.41 ▲25*
0.4
2PricewaterhouseCoopers
--
14*
0.4
00--
----
--
1.30.41.30.90.40.4
-2-
0.70.6
31321111
1.71.71.61.31.00.9
--
2,435.02,410.92,199.61,864.01,408.61,304.0
949.5809.6
14-
4527--
BNP Paribas SAVirtus BR Partners
1819202122232425
Goldman Sachs & CoFians Capital SA de CVDeloitteLeonardo & CoMarathon Capital LLCBell Pottinger Corporate
1,864.023,580.31,197.01,284.6
68.1
-2-5-4-1-9
▼▼▼▼▼
12*198
22222
Jefferies LLCOne Square Advisors GmbH
14*14*14*14*14*
Leonardo & CoGLC Advisors & Co▼FTI Consulting Inc-
1.31.70.40.4
1-1-1-3
2.62.12.01.8
3411
715338
3,647.92,931.92,750.02,506.5
Greenhill & Co, LLCAlvarez & MarsalErnst & Young LLPGLC Advisors & Co
14151617
014* 20* 215*10*
1,117.0-
Top Ten Completed Restructuring Deals (US$m)
- 299,289.6Industry Total
4.3-1716
10
Evercore PartnersAlixPartners LLC
7 22FTI Consulting Inc 8
10
KPMG 91110 5,523.7
Rothschild 5 46 23
▼ -213 ▼6 309.25* 7,727.08
KPMG 5132 -22 ▼
7 10Rothschild▲
7
-2▼ -0
28 -
82 9
25*7
1.30
▲-
4,499.9▲
3.213 4,400.0
9*Montalban Atlas Capital
▼ Greenhill & Co, LLC
12*
▲
Morgan Stanley3.4
12 64,807.7
Gleacher Shacklock LLP 3.63 1.3
- 3.133
▲
231
▼
AlixPartners LLC7,646.4
2,435.0
0
0
4
▼
5.6
14*25*20*
▲▼▼ Centerview Partners LLC
IREA Corporate Finance
-
4
100.0 ▼
1.3
588.6
-86
1
▲
-2
1
36,806.0
412.8-
49*
10*
20*
15*
14,820.4
-
Industry Total
1,449.4
-4,448.5
12*
Millstein & Co LP
133
Evercore Partners
2 Alvarez & Marsal9*
Goldman Sachs & Co▼
Deloitte
-1
--8
5.55.05.0
12.3
3.0
6.9
5,126.6
140,884.6
315
2.25
13
3.9
Worldwide Announced Bankruptcy Sales
7,786.77,057.86,991.5
17,343.8
014* ▲
0.4
IREA Corporate Finance 11 48
RBC Capital Markets
12*
22
1- 121.1
020406080
100120140160
# of
Dea
ls
20%11%
10%6%
Industrials Financials
Government and Agencies Energy and Power
Telecommunications Real Estate
Retail Materials
Consumer Products and Services Healthcare
Media and Entertainment High Technology
16,995
15,000
14,600
6,008
4,808
4,400
3,499
3,337
2,750
Glitnir Bank hf
Ukraine
Dubai World
ITR Concession Co LLC
Martinsa-Fadesa SA
NII Holdings Inc
Grupo Eroski SA
Theatre (Hospitals) No 1 PLC
AO "Astana Finans"
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2,507LightSquared Inc
1
*tie*tie
11.41.4
--
--
RPA Advisors LLCWinter Harbor LLC
1213
--
651.5447.0
Huron Consulting Group LtdConway Del Genio Gries & Co
1415
--
1.71.2
420.0371.0
1.11.0
11
1
1.41.4
--
--
▼----
420.0336.9575.0575.0380.3
21111
-9-0-0
5-
14*-
14*
12*Greenhill & Co, LLCBarclaysZolfo Cooper LLCPerella Weinberg Partners LP
12*12*12*
-3-1-30 -
15412
6.95.61.42.8
4,400.03,895.02,931.92,506.51,871.0
10.37.76.64.9
1011
119610
Millstein & Co LP - 11.6 1.4 -
98
8*
Value (US$m)
Full Year 2015
Industry Total
Restructuring Value per Advisor (US$m)
-17
EMEA Completed Value by Industry
37,903.2
Market
EMEA Completed Restructuring (DR4) Jan 1 - Dec 31
Market# of# of Deals per Advisor# of Deals per Advisor
-8*2
▼
FTI Consulting Inc 010* 2▲▼▼
3,758.610* 0 1,117.0
1,197.0-
-
5 56.9 1 ▲
▼AlixPartners LLC 6* 4
Rothschild 5.6 ▼Moelis & CoEvercore Partners
5-5
- 6,806.013.6
7
4,629.7
44
9,091.5
17 08 4-7
-36Centerview Partners LLC 8*
Houlihan Lokey
3-6 ▼ 4
6*5
2
Restructuring# of Deals
▼
9,271.7
US Completed Value by Industry
Financial Advisor2014 Rank
# of Change in # of Deals
Jan 1 - Dec 31
13 1623
▼10-4
Value (US$m)
20,336.6
Market Change in
14 19.4 -2
2014 Rank
2015 Rank
1 1 24Houlihan LokeyMoelis & Co
17
Value US$m
40.225,736.9
Lazard
2
3 33.4▼
Alvarez & Marsal
Lazard▲ PJT Partners LP
2 917,849.6
5 0
15,248.5 4▲
72
Evercore Partners 6
23.6 239.7
12.2
24.05,162.9
AlixPartners LLCAlvarez & MarsalGLC Advisors & CoFTI Consulting Inc
89
7
Restructuring
51,634.3
Jan 1 - Dec 31
Value (US$m)Restructuring
▼-27
15,595.6
# of
EMEA Announced Restructuring (DR4a)
2015 Change in2015 2014
# of Deals per Advisor
-9
2014
US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings
4,293.3
Restructuring Value per Advisor (US$m)
Sh (%)Market
741.7
Restructuring
1
2015 Rank
Change in
PJT Partners LP
230
4
112,667.5
Deals
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
▲▲
Sh (%) # of Deals
US Completed Restructuring (DR2) US Announced Restructuring (DR2a)
Financial Advisor
# of Deals per Advisor
Jan 1 - Dec 31
67.9
2 0 1,284.6Jefferies LLC 8* 10*
Industry Total
Rothschild
27%
25%17%
12%12% 7%
Telecommunications Industrials
Energy and Power Consumer Products and Services
Healthcare Media and Entertainment
*tie
*Only six mandates claimed by Houlihan Lokey & Moelis & Co, FTI Consulting & Pricewaterhousecoopers
▲One Square Advisors GmbH 12* - 68.12 -9 ▼
▼▲-▼▼▲
2.9
-82--1-111
2.92.93.91.02.92.0
2.4
3341323
4.94.13.53.12.72.7
27*
4,448.53,647.93,104.12,750.02,435.02,428.22,199.6
416-
201017*
Deloitte
9101112131415
Morgan StanleyGreenhill & Co, LLCAlixPartners LLCErnst & Young LLPGoldman Sachs & CoEvercore Partners
Nexolon Co Ltd 116.54 2/10/2015 South Korea High TechnologySTX Engine Co Ltd 107.27 3/31/2015 South Korea Industrials
IndustrialsNamKwang Engineering&Constr 137.63 1/21/2015 South Korea Industrials
200.00186.20
Skymark Airlines Inc 145.03 9/29/2015 Japan
India
--▼
121.11,864.0
McAleese Group 149.59 8/27/2015 Australia Industrials
322
-0-2
IREA Corporate FinanceLeonardo & Co
9*12*12*
118*
-
Montalban Atlas Capital9*9*
2
Goldman Sachs & Co▲
Asia Pacific & Japan Top 10 Deals Completed*
-33
4,163.0412.8
2,435.0
Industry Total 90,042.5
16.7
8
Moelis & CoPJT Partners LP10.8
2.9
▼
▼▼
Houlihan Lokey
3 10
32,723.4
13.25
2.9
6
6.1 113
4 1
2
Market
1 33,280.4
Market# of
-417
5.924.6
▼1
22
▲Value US$m
Lazard 2
Rothschild 5
Financial Advisor
PJT Partners LP 36.3
9,630.5 10.7
Sh (%)Restructuring
22,101.0
Deals Value (US$m)# of Deals # of Deals
-412,945.2
▲
Restructuring
229.84
Lazard 2*
# of Deals
17
2015 Rank
Change inFinancial Advisor
1
2015 Rank
2014 Rank
2014 Rank
▼
24,982.3
3
Change in
6
510 -129.8 -13
KPMG 6 7 -45,444.3 -46
265,126.6
▼-
102
31,902.25
1-
4,807.7 5.3 -0Greenhill & Co, LLC
13* 5
Moelis & Co▼
6
Houlihan Lokey3
11,848.2
37.0
3/31/20153/16/2015
1900.00 12/1/20156/30/201511/23/2015
Dongyang Engineering & Constr
IREA Corporate Finance 3
Sh (%)
5.78
9.8
11KPMG7.8
Date Effective
2 ▲
-9
▲ 7
▼
AlixPartners LLC 7* - 4
5*
▼
14
Gleacher Shacklock LLP 7 15
Debtor Name
Jaiprakash Power Ventures Ltd
-63 ▼
South Korea Industrials
227,197.9120 -95
IndustrialsHigh Technology
Real EstateEnergy and Power
-▲
21,790.5▲713* 9
-1
6,475.0
- 4 0
Rothschild
Macau
1,449.43,104.1
Asia Pac & Japan Completed Value by Industry
Industry Total
Deloitte 7*
Indonesia Japan
Restructuring Value (US$m)
1400.001678.20
--
Studio City Co Ltd Sharp Corp
Debtor IndustryDebtor Domicile NationBerlian Laju Tanker Tbk PT
44%
29%
22%
Industrials High Technology Real Estate
Energy and Power Consumer Staples Materials
35%
27%20%
9%
Financials Industrials
Government and Agencies Energy and Power
Real Estate
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-
-
-
-
-
-
Distressed Debt & Bankruptcy Restructuring Rankings
E-mail: [email protected] 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.
Announced and completed rankings include all transactions announced or completed between January 1, 2014 and December 31, 2015 and of which Thomson Reuters was made aware.All 2015 data is as of 10:00am EST on January 14, 2016.
Full Year 2015
Asia-Pacific
Criteria Summary
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Americas
E-mail: [email protected]
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
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 atthe time of announcement of terms.
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, andunconditional transactions. 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 equityoffering. In order to be considered rank eligible, the debtor company must be either bankrupt or distressed.
Christina Mavraki (+44 20 7542 7381)
Robert Levine (+1 646-223-5682)
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.
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 beliable for any 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, expressor implied, as to the 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 tocarry out a transaction or 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 orproducts, including the buying or 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.
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