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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors First Quarter 2013

First Quarter 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$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 by 4.6% 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 to the 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 total completed 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 by Materials and Industrials, with 31.9% and 5.2% market share respectively.

Worldwide Completed Restructuring (DR1)

Jan 1 - March 31

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Sh (%) Value US$m Rank Rank 15,926.9 2 67.4 1 8,269.7 8 35.0 2 5,665.7 3 5 24.0 3,425.7 4* 14.5 4* 3 425 7 14 5 4 3,425.7 14.5 4* 3,425.7 14.5 7 2,846.4 12.0 8* 2,500.0 15 10.6 10.6 2,500.0 8* 1 8* 2,500.0 10.6 11 3 2,451.0 10.4 2,107.0 8.9 12 4 13 2.1 497.0 14 1.9 454.0 15 1.5 346.4 23,641.8

Financial Advisor Houlihan Lokey Rothschild Moelis & Co Credit Suisse Macquarie Group Goldman Sachs & Co FTI Consulting Inc Alvarez & Marsal Perella Weinberg Partners LP Blackstone Group LP Lazard PricewaterhouseCoopers Alfaro Davila y Rios SC Ernst & Young LLP Stifel Financial Corp Industry Total *tie

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7.8 -7 ▼ 8 5 0 4.9 0 2.9 3 1 1.0 1 1 0 1.0 1 1.0 2 1.9 ▼ 1 1.0 -1 1 1.0 3 2.9 -6 ▼ 5 ▲ 16 15.5 2 1.9 0 1 1.0 1 1.0 1 1.0 -5 103 ▼

WW Announced Restructuring (DR1a)

Jan 1 - March 31

# of Deals per Advisor # of Change in 2013 2012 Deals # of Deals Rank Rank ▲ 3 20 8 1 4* 7 0 2 3* 8* 5 2 ▲ 5 2 -8 ▼ 3* 5 1 4 -11 11 ▼ 6* 4* 3 -4 ▼ ▼ 6* 6* 3 -2 6* 16* 3 2 ▲ 10* 2 0 9* 9* 2 ▲ 1 9* 16* 2 1 12* 12* 1 1 12* 16* 0 12* 1 16* 0 12* 16* 1 0 1 12* 12* 1 12* 16* 1 0 12* 16* 1 0 12* 1 149 -16 ▼

Financial Advisor Lazard Moelis & Co Alvarez & Marsal Rothschild Houlihan Lokey IREA Corporate Finance Blackstone Group LP FTI Consulting Inc Evercore Partners Sunbelt Partners Brookland Partners LLP Hoodless Brennan & Partners PricewaterhouseCoopers Broadspan Capital Perella Weinberg Partners LP Deloitte SkyWorks Capital LLC McKinsey & Co Gleacher & Co Inc Jefferies & Co Inc Goldman Sachs & Co Industry Total *tie

Value (US$m) Restructuring Value (US$m) 26,017.2 26,646.8 6,874.4 27,997.9 9 109 4 9,109.4 .0 4,475.3 8,220.9 804.3 .0 4,103.4 2.2 1,737.6 272.0 509.4 12.0 21,677.0 394.0 3,770.9 425.0 3,770.9 58,450.9

# of Deals

Worldwide Announced Bankruptcy Sales

Worldwide Completed Value by Industry ($bil)

4%

8%

33% 14% 14%

21%

Industrials

Media and Entertainment

Retail

Energy and Power

Materials

Telecommunications

High Technology

Financials

Consumer Products and Services

Consumer Staples

Healthcare

Real Estate

Top Ten Completed Restructuring Deals (US$m) CMA CGM SA

40 35 30 25 20 15 10 5 0

$4,600

Nine Entertainment Co Pty Ltd

$3,426

Grupo Eroski SA

$3,322

Hawker Beechcraft Acquisition

$2,500

Sino-Forest Corp

$1,871

Biffa Group Ltd Real Estate

Telecommunicatio ons

er Energy and Powe

Financials

Healthcare

Retail

High Technology

Materials

Consumer Produc cts and Services


Consumer Staples

Industrials

1

$1,738

MSR Resort Golf Course LLC

$1,500

Energy Future Holdings Corp

$1,374

Axtel SAB de CV

$497

Italtel Group SpA

$454

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

Financial Advisor Houlihan Lokey FTI Consulting Inc Alvarez & Marsal Perella Weinberg Partners LP Blackstone Group LP Lazard Stifel Financial Corp Rothschild Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Value US$m Sh (%) Rank Rank 2 4,397.0 1 71.8 2,846.4 46.5 2 3* 5 40.8 2,500.0 3* 2,500.0 40.8 3* 1 2,500.0 40.8 6 3 1,500.0 24.5 7 346.4 5.7 244.0 8 7 4.0 6,128.4

EMEA Completed Restructuring (DR4)

Financial Advisor Houlihan Lokey Rothschild Moelis & Co Credit Suisse Macquarie Group Goldman Sachs & Co PricewaterhouseCoopers Lazard Ernst & Young LLP Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 1 9,659.4 66.2 55.0 2 8 8,025.7 3,795.2 26.0 3 4* 3,425.7 23.5 4* 3,425.7 23.5 4* 3,425.7 23.5 7 7 14.5 2,107.0 8* 5* 454.0 3.1 8* 454.0 3.1 14,581.5

Asia Pacific & Japan Completed Restructuring

Financial Advisor Moelis & Co Credit Suisse Rothschild Goldman Sachs & Co Macquarie Group Houlihan Lokey Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Sh (%) Rank Rank Value US$m 5,296.2 90.4 1 1* 2* 3,425.7 58.5 2* 16 3,425.7 58.5 2* 3,425.7 58.5 58.5 2* 3,425.7 6 1,870.5 31.9 5,860.7

Jan 1 - March 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 14.3 -7 4 ▼ 2 7.1 1 3.6 ▼ -1 3.6 1 3 10.7 -4 ▼ 13 46.4 7 ▲ 1 3.6 2 7.1 1 ▲ -6 28 ▼

Jan 1 - March 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 -1 ▼ 4.9 2 6.6 4 ▲ 3.3 2 1.6 1 1.6 1 1 1.6 2 1 ▲ 3.3 ▼ 2 3.3 -2 1 1.6 ▲ 61 18

Jan 1 - March 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2 14.3 1 ▲ 1 7.1 1 0 7.1 1 7.1 1 7.1 1 7.1 -17 14 ▼

US Announced Restructuring (DR2a)

Jan 1 - March 31

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 17 ▲ 1 6* 15 3* 5 2 2 ▲ 3 8* 4 3 ▲ 1 4* ▲ 8* 2 4* ▼ 2 2 -2 ▼ 4* 3* 2 -1 7* 1 ▼ 1 -7 1 7* 7* 1 7* 1 7* 8* 1 0 ▼ 45 -2

Financial Advisor Lazard Moelis & Co Alvarez & Marsal Evercore Partners Blackstone Group LP Rothschild Houlihan Lokey Perella Weinberg Partners LP SkyWorks Capital LLC McKinsey & Co Jefferies & Co Inc Industry Total *tie

EMEA Announced Restructuring (DR4a)

Jan 1 - March 31

# of Deals per Advisor # of Change in 2013 2012 Rank Rank Deals # of Deals 1* 4 ▼ 1 -6 5* -2 2* 3 ▼ 3 -4 2* 11* ▼ 2* ▼ 11* 3 -7 11* 2 5* 0 5* 1* 2 1 ▲ 5* 4 2 8* 1 8* 1 8* 1 0 8* 1 0 8* 1 0 8* 1 ▼ 72 -12

Financial Advisor Rothschild Houlihan Lokey IREA Corporate Finance Lazard Moelis & Co Brookland Partners LLP FTI Consulting Inc Hoodless Brennan & Partners PricewaterhouseCoopers Alvarez & Marsal Gleacher & Co Inc Blackstone Group LP Goldman Sachs & Co Industry Total *tie

AP / Japan Announced Restructuring

Value (US$m) Restructuring Value (US$m) 6,320.9 7,609.4 .0 740.2 2,332.0 4,103.4 6,320.9 2.2 1,737.6 2,550.0 3,770.9 3,770.9 3,770.9 23,607.6

Jan 1 - March 31

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 2 1 2* 5* 0 1 2* 1 32 -4 ▼

Financial Advisor Sunbelt Partners Deloitte FTI Consulting Inc Industry Total *tie

Value (US$m) Restructuring Value (US$m) 25,277.0 24,314.8 4,324.4 804.3 704.4 21,677.0 1,500.0 509.4 21,677.0 394.0 425.0 32,343.5

US Completed Value by Industry

24%

45% 25%

Industrials Media and Entertainment Retail Financials Real Estate

Energy and Power Telecommunications Consumer Products and Services Healthcare High Technology

EMEA Completed Value by Industry

12%

34%

23% 25%

Industrials


Retail

Energy and Power

High Technology

Financials

Asia Pac & Japan Completed Value by Industry

Value (US$m) Restructuring Value (US$m) .0 12.0 1,900.0 3,082.8

5%

4%

32%

59%


Materials

Industrials

Consumer Staples

Consumer Products and Services

High Technology

Retail

Energy and Power

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

2013 data is as of 9:00am EDT on April 9, 2013. - 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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