DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

Transcription

1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Restructuring Advisors Third Quarter 202

2 Third Quarter 202 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$364. billion during the first nine months of 202, a 234.8% increase compared to the US$55. billion from the 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 20. Activity was led by Greece's US$263. 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 202, a 3.4% decrease compared to the same period last year. There were 07 Restructuring transactions announced in the first three quarters of 202, 96 fewer than the previous year. The industry accounted for 36% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$3. billion in the first three quarters of 202, 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 Japan) deal volumes during the first nine months of 202 reached US$9 billion, up 36.4% from the same period last year. Telecoms was the most active sector, capturing 5% of the market, followed by and High Tech, with 28% and 7% market share, respectively. Worldwide Completed Restructuring (DR) WW Announced Restructuring(DRa) Worldwide Completed Value by Industry ($bil) Value (US$m) # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Blackstone Group LP 6 295, , Rothschild , , , ,505.5 Houlihan Lokey 3 32, , Houlihan Lokey ,270.7 Rothschild , , Blackstone Group LP ,436.9 Moelis & Co 5 4 8, , Moelis & Co ,038.9 Alvarez & Marsal 6 7 9, , IREA Corporate Finance Gleacher & Co Inc 7 8, , KPMG 7 * 7 2 7,224. Jefferies & Co Inc 8 0 5, , Jefferies & Co Inc 8 3* 6 4 4,00.3 Morgan Stanley 9* 5* 4, , Alvarez & Marsal 9* * 5 0 6, * 38 4, , Leonardo & Co 9* 3* 5 3 4,329.2 Zolfo Cooper LLC 34 4, ,00. 0 FTI Consulting Inc 9* 9* 5 2,939.5 PricewaterhouseCoopers 2 8 4, ,072. ORIX M&A Solutions Corp 2* 4* 4 3. Leonardo & Co 3 9 4, ,00. Perella Weinberg Partners LP 2* 4 4,674.6 KPMG , , AlixPartners LLC 2* 9* 4 9,388. UBS , Evercore Partners 5* 9* Mediobanca 6 3, ,763.0 GLC Advisors & Co 5* 5* Greenhill & Co, LLC 7* 37 3, , * 5* Evercore Partners 7* 4 3, , Goldman Sachs & Co 5* BNP Paribas SA 9 2, , ,268.0 RBC Capital Markets 20* KordaMentha Pty Ltd 20* McGrathNicol Services Pty Ltd 20* AlixPartners LLC , , Altium Capital Limited 24 2, , JP Morgan 25 5*, , , % 6% 5% 3% 2% Government and Agencies Energy and Power Consumer Staples 72% Worldwide Announced Bankruptcy Sales 202 Top Ten Completed Restructuring Deals (US$m) # of Deals Media and Entertainment Energy and Powe er Consumer Staple s Healthcare Consumer Produc cts and Services Telecommunicatio ons Greece $263,23 Washington Mutual,Seattle,WA $0,350 eircom Ltd $4,553 Yell Group PLC $4,460 Viridian Group Ltd $3,63 Houghton Mifflin Harcourt $3,00 Nokia Siemens Networks Oy $2,644 Kerzner International Resorts $2,600 Dubai International Capital $2,500 Materis Corporate Services SAS $2,49

3 Third Quarter 202 US/EMEA/Asia/Japan Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) US Announced Restructuring (DR2a) US Completed Value by Industry Value (US$m) # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Blackstone Group LP 3 2, Houlihan Lokey 2 6 4,606.2 Houlihan Lokey 2 2 3, Blackstone Group LP , , Rothschild 3* ,202.9 Moelis & Co 4 4 6, * 0 2 8,370.4 Rothschild 5 6 3, Moelis & Co ,52.7 UBS 6 26*, Jefferies & Co Inc 6 5 9,547.5 GLC Advisors & Co FTI Consulting Inc 7 6* 4 3,52.5 Alvarez & Marsal Perella Weinberg Partners LP 8* 3 4,034.2 Perella Weinberg Partners LP GLC Advisors & Co 8* * 3 3,83.0 FTI Consulting Inc 0* Evercore Partners 0* 6* 2,090.0 Jefferies & Co Inc 0* Alvarez & Marsal 0* 7* 2 2 2,902.0 Peter J. Solomon Co Ltd AlixPartners LLC 0* * 2 0 7,03.2 Navigant Consulting Inc ,668.8 Global Hunter Securities LLC , % 2% % % 8% 5% 5% 0% Consumer Staples Healthcare 0% 2% 36% Energy and Power EMEA Completed Restructuring (DR4) EMEA Announced Restructuring (DR4a) EMEA Completed Value by Industry Value (US$m) Restructuring Market #of Market Change in #of Change in Restructuring Sh (%) Deals Sh (%) # of Deals 8 279, Rothschild ,38.9 Blackstone Group LP , ,06.2 Rothschild , IREA Corporate Finance Houlihan Lokey 4 5, Houlihan Lokey ,85. Moelis & Co 5 5, Moelis & Co 5* 9* 6 5 6,787.5 Alvarez & Marsal 6* 8, Blackstone Group LP 5* 9* ,777.2 Gleacher & Co Inc 6* 8, KPMG 7* 9* 5 2 4,608.4 Morgan Stanley 8* 9* 4, Leonardo & Co 7* 5 3 4, * 20 4, ,765.5 Jefferies & Co Inc 8* 4, Leonardo & Co 6 4, Mediobanca 2 3, Greenhill & Co, LLC 3* 3, Evercore Partners 3* 9* 3, , % 3% Government and Agencies 88% Asia Pacific & Japan Completed Restructuring AP/Japan Announced Restructuring Asia Pac & Japan Completed Value by Industry Value (US$m) # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Moelis & Co 3* 7, ORIX M&A Solutions Corp 6* 4 3. Houlihan Lokey 2 4, KPMG 2* 6* 3 2 3,634. Morgan Stanley 3* 4, Moelis & Co 2* 2* 3 2 6,66.9 Alvarez & Marsal.9 Houlihan Lokey 2* 6* 3 2 6,66.9 Jefferies & Co Inc.9 Nomura 5* 6* 2 2, Frontier Management Inc 5* 4* Gleacher & Co Inc 3* 4, Sumitomo Mitsui Finl Grp Inc 5* 2.0 PricewaterhouseCoopers 8 4 2, Alvarez & Marsal 5* 6* 2 0, * 3* ,42.0 RBC Capital Markets 9*.9 KordaMentha Pty Ltd 9*.9 McGrathNicol Services Pty Ltd 9*.9 Mizuho Financial Group , % 6% 28% 5% 2

4 Third Quarter 202 Distressed Debt & Bankruptcy Restructuring Rankings WW Completed Restructuring (excl. Sovereign Debt) EMEA Completed Restructuring (excl. Sovereign Debt) Sh (%) Deals Sh (%) # of Deals Sh (%) Deals Sh (%) # of Deals Houlihan Lokey 32, Rothschild 2 22, Blackstone Group LP , , , Houlihan Lokey 3 5, Rothschild , Moelis & Co 4 5, Moelis & Co 5 4 8, Alvarez & Marsal 5* 8, Alvarez & Marsal 6 7 9, Gleacher & Co Inc 5* 8, Gleacher & Co Inc 7 8, Blackstone Group LP 7 7 7, Jefferies & Co Inc 8 0 5, Morgan Stanley 8* 9* 4, Morgan Stanley 9* 5* 4, * 20 4, * 38 4, Jefferies & Co Inc 8* 4, Zolfo Cooper LLC 34 4, Leonardo & Co 6 4, PricewaterhouseCoopers 2 8 4, Mediobanca 2 3, Leonardo & Co 3 9 4, Greenhill & Co, LLC 3* 3, KPMG , Evercore Partners 3* 9* 3, UBS 5 3, KPMG , Mediobanca 6 3, BNP Paribas SA 6 2, Greenhill & Co, LLC 7* 37 3, AlixPartners LLC 7 4 2, Evercore Partners 7* 4 3, Altium Capital Limited 8* 2, BNP Paribas SA 9 2, UBS 8* 2, RBC Capital Markets 20* 2, JP Morgan 20, KordaMentha Pty Ltd 20* 2, Bank of America Merrill Lynch 2, McGrathNicol Services Pty Ltd 20* 2, PricewaterhouseCoopers 22 4, AlixPartners LLC , Ernst & Young LLP Altium Capital Limited 24 2, DC Advisory Partners JP Morgan 25 5*, Perella Weinberg Partners LP , , If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Michael Rawlings ( ) michael.rawlings@thomsonreuters.com EMEA Serkan Tecimer ( ) serkan.tecimer@thomsonreuters.com AsiaPacific Kai SorianoStaCruz ( ) kai.sorianostacruz@thomsonreuters.com Criteria Summary Announced and completed rankings include all transactions announced or completed between January, 20 and September 30, 202 and of which Thomson Reuters was made aware. All 202 data is as of 9:00am EDT on October 5, 202. 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. Deals with undisclosed dollar values are rank eligible but with no corresponding Restructuring Value. NonUSdollardenominated 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 adhoc 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 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, express or 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 to carry 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 or products, including the buying or selling of securities. Thomson Reuters has not undertakenany liability or obligation relating to the purchaseor sale of securities for or by any personin connectionwith this document. 202 Thomson Reuters. All rights reserved. ThomsonReuters and the ThomsonReuters 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

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