6%. 5%. *tie. Top Ten Completed Restructuring Deals (US$m). 1. 10. KPMG ..... presentation tools enables you to undertak
DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors First Quarter 2012
First Quarter 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$38.3 billion during the first quarter of 2012, a 38.5% decline from the same period last year. In terms of volume, the number of completed deals decreased by 29.8% to 86 transactions. The largest completed transaction of the quarter was the US$10.4 billion Washington Mutual restructuring, and the largest announced transaction was Greece's US$272.6 billion debt exchange transaction. US deal activity totalled US$20.8 billion during the first quarter of 2012, a 7.2% decrease compared to the same period last year. There were 47 restructuring transactions announced in the first quarter of 2012, a 53.9% increase compared to the previous year. The Financials and Media & Entertainment industries accounted for over 70% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$14.9 billion in the first three months of 2012, marking a 57.3% decrease in activity compared to the first quarter of 2011. Financials was the leading sector with approximately 53% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes during the first quarter of 2012 reached US$1.1 billion, down 76.4% from the same period last year. Financials was the most active sector, capturing 38% of the market, followed by Materials and Retail, with 31% and 21% market share respectively.
Worldwide Completed Restructuring (DR1)
Jan 1 - March 30
Restructuring Value per Advisor (US$m) Market Restructuring 2012 2011 Value US$m Rank Rank Sh (%) 6 41.3 1 15,830.3 2 1 19.7 7,538.5 3 3 7,292.5 19.0 4 2 5,798.9 15.1 5 1 858 7 4 9 1,858.7 4.9 4.4 1,685.9 6 30 7 19 3.2 1,216.0 8 8 2.6 1,000.0 942.1 9 2.5 875.0 10 4 2.3 11 323.4 0.8 12 250.0 0.7 214.9 13* 31* 0.6 214.9 13* 0.6 196.7 15 0.5 110.3 16 0.3 17 0.2 61.4 43.0 0.1 18 26.0 0.1 19 0.0 20 7.7 .1 0.0 21 .0 0.0 22* .0 0.0 22* 31*
Financial Advisor Blackstone Group LP Houlihan Lokey Rothschild Lazard Bank of America Merrill Lynch PricewaterhouseCoopers KPMG UBS Alvarez & Marsal Moelis & Co Global Partners Consulting Inc Peter J. Solomon Co Ltd Nomura Wingate Direct Investments Pty GCA Savvian Group Corp Global Hunter Securities LLC ABeam M&A Consulting Ltd Mizuho Financial Group Masters Trust Inc FinTech Global Inc ORIX M&A Solutions Corp BDO International DC Advisory Partners
# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 ▲ 9.3 8 2 12 ▲ 14.0 4.7 -1 ▼ 4 10 11.6 1 ▲ 1 1 2 1.2 0 1 1.2 1.2 1 0 0 1 1.2 2 2.3 2 2.3 -2 ▼ 1 1.2 1 1.2 1 1.2 0 1 1.2 3 3.5 1.2 1 1 1.2 1 1.2 1 1.2 1 1.2 1 1.2 1 1.2 0 1.2 1
38,315.4
Industry Total *tie
86
-138
▼
WW Announced Restructuring (DR1a)
Financial Advisor Lazard Rothschild Houlihan Lokey Moelis & Co Blackstone Group LP AlixPartners LLC Perella Weinberg Partners LP FTI Consulting Inc DC Advisory Partners Evercore Partners KPMG Gordian Group, LP Mizuho Financial Group Alvarez & Marsal Global Hunter Securities LLC ORIX M&A Solutions Corp BDO International Nomura Brookland Partners LLP Wingate Direct Investments Pty
Jan 1 - March 30
# of Deals per Advisor # of Change in 2012 2011 Deals # of Deals Rank Rank 2* 10 ▼ 1 -6 2 8 2* -8 ▼ 6 -11 3* 1 ▼ 6 3* 5 -2 ▼ 5 6 5 2 ▼ -2 6 13* 4 2 ▲ 7* 2 7* 13* 2 0 2 21* 1 ▲ 7* 10* -1 ▼ 1 13* 10* 21* 1 0 10* 1 10* 1 13* -1 ▼ 10* 1 1 10* 1 10* 10* 1 1 10* 10* 1 10* 1
Industry Total
144
-123
Value (US$m) Restructuring Value (US$m) 284,265.1 12,727.4 2,772.2 1,196.4 12 467 0 12,467.0 9,388.1 1,584.6 7,168.0 469.4 1,800.0 2,200.0 117.3 551.9 402.0 110.3 .1 .0 214.9 676.4 214.9
▼
325,953.6
# of Deals
Worldwide Announced Bankruptcy Sales
Worldwide Completed Value by Industry ($bil)
6%
5% 49%
9% 12% 12%
Financials
Telecommunications
Materials
Media and Entertainment
Retail
Real Estate
Healthcare
Industrials
Energy and Power
Consumer Products and Services
High Technology
Consumer Staples
Top Ten Completed Restructuring Deals (US$m) Washington Mutual,Seattle,WA
20 18 16 14 12 10 8 6 4 2 0
$10,350
Eiffarie SAS Nokia Siemens Networks Oy AfriSam(South Africa)(Pty)Ltd Quabit Inmobiliaria SA Vitro SAB de CV
$5,029 $2,644 $1,859 $1,686 $1,216
ons Telecommunicatio
Financials
Real Estate
cts Consumer Produc and Services
Healthcare
High Technology
Consumer Staples
Materials
Retail
Energy and Powe er
Media and Entertainment
CEVA Investments Ltd
$1,112
Cemex SAB de CV
$1,076
National Bank of Greece SA
$1,062
DBSD North America Inc
$1,000
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First Quarter 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2)
Financial Advisor Blackstone Group LP Houlihan Lokey Lazard UBS Alvarez & Marsal Moelis & Co Rothschild Peter J. Solomon Co Ltd Global Hunter Securities LLC DC Advisory Partners
Jan 1 - March 30
Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Sh (%) Value US$m Rank Rank 1 14,614.3 70.1 7 2 5,085.2 24.4 2 18.9 3,940.2 3 1 1,000.0 4 4.8 5 942.1 4.5 6 875.0 3 4.2 7 5 452.8 2.2 8 250.0 1.2 110.3 0.5 9 10 0.0 .0
Industry Total
20,840.8
EMEA Completed Restructuring (DR4)
Financial Advisor Rothschild Houlihan Lokey Bank of America Merrill Lynch Lazard PricewaterhouseCoopers BDO International DC Advisory Partners
Industry Total
Industry Total
30
-48
▼
Jan 1 - March 30
Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 4* 37.9 5,623.7 16.5 2 1 2,453.3 3* 1,858.7 12.5 3* 2 12.5 1,858.7 5 1,685.9 11.4 6* .0 0.0 6* 14* .0 0.0
14,856.1
Asia Pacific & Japan Completed Restructuring
Financial Advisor Global Partners Consulting Inc Nomura Wingate Direct Investments Pty GCA Savvian Group Corp ABeam M&A Consulting Ltd Mizuho Financial Group Masters Trust Inc FinTech Global Inc ORIX M&A Solutions Corp
# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7 23.3 5 ▲ ▲ 10 33.3 3 6 20.0 1 ▲ 1 3.3 2 6.7 6.7 -1 ▼ 2 1 ▼ 3.3 -2 3.3 1 3.3 1 1 3.3 -
Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Value US$m Rank Rank Sh (%) 1 323.4 28.6 214.9 19.0 2* 12* 2* 214.9 19.0 4 196.7 17.4 5 61.4 5.4 6 3.8 43.0 26.0 2.3 7 0.7 8 7.7 9 .1 0.0
1,131.1
# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 6.5 1 2 ▲ 2 ▼ 6.5 -1 1 3.2 4 12.9 1 ▲ 1 3.2 1 3.2 1 3.2 0 -
31
-47
▼
Jan 1 - March 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1 4.0 4.0 1 0 1 4.0 3 12.0 1 4.0 1 4.0 4.0 1 1 4.0 1 4.0 -
25
2
▲
US Announced Restructuring (DR2a)
Financial Advisor Moelis & Co Houlihan Lokey Blackstone Group LP Lazard Rothschild AlixPartners LLC Gordian Group, LP Alvarez & Marsal Perella Weinberg Partners LP Global Hunter Securities LLC FTI Consulting Inc DC Advisory Partners
Jan 1 - March 30
# of Deals per Advisor 2012 2011 # of Change in Rank Rank Deals # of Deals 1* 3 5 -1 ▼ 1* 2 5 -2 ▼ 2 ▲ 5* 5 1* 1 3 -6 4 ▼ 5* ▼ 4 2 -2 10* 2 5* 1 ▲ 7* 1 10* 1 0 7* 7* 1 1 7* 1 0 10* 7* 7* 1 -
47
Industry Total
-55
EMEA Announced Restructuring (DR4a)
Financial Advisor Lazard Rothschild DC Advisory Partners AlixPartners LLC Evercore Partners KPMG BDO International Brookland Partners LLP
63
-56
AP / Japan Announced Restructuring
Industry Total
17,625.0
Jan 1 - March 30
# of Deals per Advisor # of Change in 2012 2011 Rank Rank Deals # of Deals 1 1 12* 7 ▲ 3 6 ▼ 2 -6 5 1 3* 2 ▲ 3* 4 2 1 ▲ -1 5* 2 1 ▼ 5* 12* 1 0 1 5* 5* 12* 1 -
Industry Total
Financial Advisor Houlihan Lokey Mizuho Financial Group Moelis & Co ORIX M&A Solutions Corp FTI Consulting Inc Wingate Direct Investments Pty Nomura
▼
Value (US$m) Restructuring Value (US$m) 556.0 2,131.8 12,467.0 7,909.1 646.0 7,013.2 117.3 402.0 944.2 110.3 6,750.0 .0
▼
34
5
▲
4%
9% 11%
56%
16%
Financials Retail Industrials Healthcare Energy and Power Materials
Media and Entertainment Telecommunications Consumer Products and Services Real Estate High Technology
EMEA Completed Value by Industry
Value (US$m) Restructuring Value (US$m) 276,356.0 12,081.4 469.4 2,374.9 1,800.0 2,200.0 .0 676.4
11%
4%
13%
53%
18%
Financials
Telecommunications
Materials
Real Estate
Healthcare
Industrials
300,446.3
Jan 1 - March 30
# of Deals per Advisor # of Change in 2012 2011 Deals # of Deals Rank Rank 1* 1 1 1* 1* 2* 1 ▼ -1 1* 1 1* 1 1* 1 1 1* -
US Completed Value by Industry
Asia Pac & Japan Completed Value by Industry
Value (US$m) Restructuring Value (US$m) .0 551.9 .0 .1 418.0 214.9 214.9
6,945.4
9% 21%
38%
31%
Financials
Materials
Retail
Industrials
Real Estate
Consumer Staples
Consumer Products and Services
Healthcare
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First Quarter 2012 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, 2011 and March 30, 2012 and of which Thomson Reuters was made aware. All
2012 data is as of 9:00am EDT on April 10, 2012. - 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 Anthony Pico (+1 646 223-8413) E-mail:
[email protected] EMEA Serkan Tecimer (+44 20 7542 3566) E-mail:
[email protected] Asia-Pacific Jason Pacannuayan (+632 858 7262) 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 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 undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2012 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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