DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW ...

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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS Full Year 2013

Full Year 2013 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$172.7 billion in 2013, a 61.5% decline from last year. However, in terms of volume, the number of completed deals increased from 323 to 468 transactions. The largest completed transaction of the year was the US$21.7 billion AMR restructuring. US deal activity totalled US$90.4 billion in 2013, a 29.4% increase compared to 2012. There were 129 restructuring transactions completed, 42 more than the previous year. Companies in the Industrials sector accounted for 35% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$65.8 billion in 2013, marking an 81.9% decrease in activity compared to 2012. The large decrease in activity is due to 2012's US$263.1 billion restructuring of Greece's sovereign debt. Industrials led all sectors in EMEA, with 27% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes in 2013 reached US$24.1 billion, up 82.6% from last year. Energy & Power was the most active sector, capturing 44% of the market, followed by High Technology and Media & Entertainment, with 22% and 14% market share, respectively.

Worldwide Completed Restructuring (DR1)

Financial Advisor Lazard Houlihan Lokey Moelis & Co Blackstone Group LP Rothschild FTI Consulting Inc AlixPartners LLC Greenhill & Co, LLC Mesirow Financial Corp SkyWorks Capital LLC Evercore Partners Centerview Partners LLC Alvarez & Marsal GLC Advisors & Co Jefferies LLC Perella Weinberg Partners LP PricewaterhouseCoopers Morgan Stanley Leonardo & Co Goldman Sachs & Co Industry Total *tie

Restructuring Value per Advisor (US$m) Market Restructuring 2013 2012 Sh (%) Value US$m Rank Rank 1 41.7 1 72,064.7 67,957.9 39.4 2 4 3 3 33.1 57,158.3 29.1 4 2 50,198.6 5 5 45 864 3 26 6 45,864.3 26.6 17.6 30,401.7 6 13 15.1 26,121.6 7 22 14.5 25,007.0 8 6 12.6 9* 21,677.0 9* 21,677.0 12.6 11 12 18,893.5 10.9 12 15,276.2 8.9 13 7 5.6 9,740.0 14 34 5.0 8,662.5 15 15 4.3 7,425.0 16 33 7,179.2 4.2 17 18 7,013.0 4.1 18 14 6,802.0 3.9 19 20 3,801.2 2.2 20 42 3,719.7 2.2 172,668.9

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 57 12.2 18 ▲ 6.2 -14 29 ▼ 6.0 ▼ 28 -2 ▲ 29 6.2 2 32 6 8 0 6.8 9 1.9 5 ▲ 2 ▲ 5 1.1 ▼ 4 0.9 -3 1 0.2 1 0.2 ▲ 3 6 1.3 1 0.2 7 1.5 2 ▲ 6 1.3 ▲ 3 3 0 0.6 0.9 2 ▲ 4 1.1 5 2 ▲ 2 0.4 0 6 1.3 2 ▲ 2 0.4 1 ▲ 468 145 ▲

WW Announced Restructuring (DR1a)

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1 1 61 16 ▲ 2 -8 ▼ 33 2 3 3 28 -12 ▼ 26 -13 4* 4 ▼ 4* 5 26 0 4 8 11 3 ▲ 6 6 -7 10 ▼ 7* 7* 10 4 ▲ 9* 12* 9 4 ▲ 9 7 22* ▲ 10 4 -4 11* 7 5 ▼ 5 12* 11* 0 5 ▼ -1 9* 11* 5 0 11* 12* 11* 12* 5 0 12* 5 11* 0 18* ▲ 1 11* 5 4 18* 22* 1 ▲ 18* 28* 4 2 ▲ 18* 37* 4 3 ▲ 610 146 ▲

Financial Advisor Lazard Rothschild Houlihan Lokey Moelis & Co Blackstone Group LP FTI Consulting Inc IREA Corporate Finance Alvarez & Marsal Leonardo & Co PricewaterhouseCoopers KPMG Evercore Partners Greenhill & Co, LLC GLC Advisors & Co AlixPartners LLC Canaccord Genuity Goldman Sachs & Co Ernst & Young LLP Vitale & Associati SpA Macquarie Group Industry Total *tie

Worldwide Announced Bankruptcy Sales by Industry

# of Deals

Jan 1 - Dec 31 Value (US$m) Restructuring Value (US$m) 84,393.1 76,133.8 46,566.8 86,764.3 101 964 0 101,964.0 29,829.5 36.0 14,557.3 4,093.9 10,364.3 4,468.7 42,238.3 44,544.9 2,040.5 11375.4 323.3 10,116.4 2,880.5 19.5 1,705.2 269,683.4

Worldwide Completed Value by Industry (US$bil)

26%

7% 8% 9%

16%

11%

12%

Industrials

Financials

Energy and Power

Media and Entertainment

Materials

High Technology

Retail

Telecommunications

Government and Agencies

Consumer Products and Services

Real Estate

Consumer Staples

Top Ten Completed Restructuring Deals (US$m) AMR Corp

180 160 140 120 100 80 60 40 20 0

$21,677

Residential Capital LLC

$15,276

TNEB Eastman Kodak Co El Corte Ingles SA CMA CGM SA Jefferson Co-Alabama

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$8,883 $6,750 $6,443 $4,600 $4,230

Nine Entertainment Co Holdings

$3,426

Grupo Eroski SA

$3,322

Grupo Celsa

$3,314

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US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2)

Financial Advisor Lazard Houlihan Lokey Blackstone Group LP Moelis & Co FTI Consulting Inc AlixPartners LLC Greenhill & Co, LLC Rothschild Mesirow Financial Corp SkyWorks Capital LLC Evercore Partners Centerview Partners LLC Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Value US$m Sh (%) Rank Rank 2 58,103.0 64.3 1 4 49,392.4 54.7 2 3 1 46,496.6 51.5 4 3 44,631.4 49.4 27,384.3 30.3 5 5 6 26,121.6 28.9 12 7 7 25,007.0 27.7 8 6 27.1 24,505.6 9* 21,677.0 24.0 9* 21,677.0 24.0 11 15 17,193.5 19.0 12 15,276.2 16.9 90,370.2

EMEA Completed Restructuring (DR4)

Financial Advisor Rothschild Houlihan Lokey Lazard Moelis & Co PricewaterhouseCoopers Morgan Stanley Blackstone Group LP Alvarez & Marsal Leonardo & Co Credit Suisse Macquarie Group Goldman Sachs & Co Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 4 1 22,745.4 34.6 30.8 2 3 20,278.2 17,291.5 26.3 1 3 4 5 16.6 10,908.0 5 7,013.0 24 10.7 6 10 6,802.0 10.3 5,088.6 7 2 7.7 8 7* 4,264.5 6.5 9 16 3,801.2 5.8 10* 3,425.7 5.2 10* 3,425.7 5.2 10* 30 3,425.7 5.2 65,795.1

Asia Pacific & Japan Completed Restructuring

Financial Advisor Moelis & Co Goldman Sachs & Co Credit Suisse Rothschild Macquarie Group Nomura KPMG Houlihan Lokey Deloitte State Bank of India Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 2 7,241.1 30.1 2 3,719.7 15.4 3 3,517.1 14.6 14.2 4* 25 3,425.7 3,425.7 14.2 4* 6* 17* 2,516.0 10.5 6* 21 2,516.0 10.5 8 1 1,870.5 7.8 9 12.0 0.1 10 11.6 0.1 24,086.3

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 25.6 15 ▲ 33 19 14.7 -5 ▼ 7 25 19.4 ▲ -5 ▼ 11 8.5 7 5.4 ▲ 4 5 3.9 4 ▲ 3 2.3 2 ▲ 7.0 2 ▲ 9 0.8 1 1 0.8 5 3.9 4 ▲ 1 0.8 ▲ 42 129

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 25 1 ▲ 10.3 -5 4.5 11 ▼ 3 ▲ 9.9 24 ▲ 3 14 5.8 ▲ 5 2.1 4 0 2 0.8 5 2.1 -3 ▼ 0.8 0 2 ▲ 6 2.5 2 1 0.4 1 0.4 0 1 0.4 242 88 ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 5 5.2 2 ▲ 2 2.1 2 2.1 1 1.0 0 1 1.0 1.0 1 0 1 1.0 -1 ▼ 1 1.0 -2 ▼ 1 1.0 5 5.2 23 ▲ 96

US Announced Restructuring (DR2a)

Jan 1 - Dec 31

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals ▲ 32 1 3 12 2 2 18 -3 ▼ 3 1 15 -11 ▼ 4 4 14 ▼ -4 5 5 8 -4 ▼ 6 13* 7 5 ▲ 7* 5 ▲ 8* 1 7* 5 7 0 7* 10* 2 5 ▲ 7* -3 6 5 ▼ 11 10* 4 1 ▲ 12 13* 3 1 ▲ 159 24 ▲

Financial Advisor Lazard Blackstone Group LP Houlihan Lokey Moelis & Co Rothschild Alvarez & Marsal Evercore Partners GLC Advisors & Co AlixPartners LLC FTI Consulting Inc Jefferies LLC Greenhill & Co, LLC Industry Total *tie

EMEA Announced Restructuring (DR4a)

Jan 1 - Dec 31

# of Deals per Advisor # of Change in 2013 2012 Rank Rank Deals # of Deals 2 28 ▲ 1 3 2 22 6 -5 ▼ 0 5 12 3 3 10 ▼ 4 -7 1 ▲ 4 5 9 8 -10 6* 15* ▼ 6* 24* 8 1 ▲ 8 24* 7 5 ▲ 9* 15* 4 -2 ▼ 1 ▲ 9* 4 9* 4 2 ▲ 0 9* 4 ▲ 301 94

Financial Advisor Lazard Rothschild Houlihan Lokey IREA Corporate Finance Leonardo & Co Moelis & Co Blackstone Group LP PricewaterhouseCoopers KPMG Ernst & Young LLP Vitale & Associati SpA Canaccord Genuity Industry Total *tie

AP / Japan Announced Restructuring


Value (US$m) Restructuring Value (US$m) 16,237.8 21,944.0 17,905.2 36.0 4,093.9 9,376.6 14,302.8 10,364.3 358.7 2,880.5 19.5 54.8 98,866.1

Jan 1 - Dec 31

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1 1* 3 -1 ▼ 2 2 3* 1 1* 1 -3 ▼ 3* 1* 1 -3 ▼ 3* 3* 1 3* 10* 1 0 3* 1 3* 1 142 36 ▲

Financial Advisor Moelis & Co Kaede Group Credit Suisse State Bank of India KPMG Lazard Deloitte Goldman Sachs & Co FTI Consulting Inc Industry Total *tie

Value (US$m) Restructuring Value (US$m) 61,760.4 82,795.0 28,635.6 75,375.6 48,170.0 10,225.5 42,238.3 2,040.5 11,375.4 13,802.1 7,939.0 41,007.0 132,953.1

Value (US$m) Restructuring Value (US$m) 1,944.9 .0 91.4 8.4 4,110.0 .0 12.0 294.0 1,900.0 -

US Completed Value by Industry

5% 4% 9% 13%

35% 22%

Industrials Media and Entertainment Government and Agencies Consumer Products and Services Healthcare Telecommunications

Financials High Technology Materials Energy and Power Consumer Staples

EMEA Completed Value by Industry

12%

12% 13%

16%

27% 20%

Industrials

Retail

Financials

Materials

Energy and Power


Asia Pac & Japan Completed Value by Industry

14%

4% 44%

14% 22%

Energy and Power

High Technology


Materials

Industrials

Consumer Staples

Consumer Products and Services

Financials



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, 2012 and December 31, 2013 and of which Thomson Reuters was made aware. All

2013 data is as of Noon EST on January 9, 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 Serkan Tecimer (+44 20 7542 3566) 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 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. © 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.



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