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Sep 30, 2012 - Global Deals Intelligence ... IREA Corporate Finance. △. 7 ..... Microsoft, Office, Word, Excel and PowerPoint are either registered trademarks or ...
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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Third Quarter 2012

Third 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$364.1 billion during the first nine months of 2012, a 234.8% increase compared to the US$155.1 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 2011. Activity was led by Greece's US$263.1 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 2012, a 31.4% decrease compared to the same period last year. There were 107 Restructuring transactions announced in the first three quarters of 2012, 96 fewer than the previous year. The Financials industry accounted for 36% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$311.1 billion in the first three quarters of 2012, 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 2012 reached US$9 billion, up 36.4% from the same period last year. Telecoms was the most active sector, capturing 51% of the market, followed by Industrials and High Tech, with 28% and 7% market share, respectively.

Worldwide Completed Restructuring (DR1)

Jan 1 - Sep 30

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Sh (%) Rank Rank Value US$m 295,369.7 1 6 81.1 294,915.5 81.0 2 3 3 1 32,876.6 9.0 2 7.1 4 25,734.8 5 4 18 941 2 5 2 18,941.2 5.2 2.5 6 7 9,257.5 2.3 8,315.4 7 1.4 5,024.3 8 10 4,552.8 9* 15* 1.3 4,552.8 38 9* 1.3 4,100.0 1.1 11 34 12 8 4,072.2 1.1 9 1.1 13 4,001.0 1.1 14 22 3,909.1 15 11 1.1 3857.3 16 1.0 3,762.5 3,162.8 0.9 17* 37 0.9 17* 14 3,162.8 0.7 19 2,419.5 0.7 2,377.8 20* 20* 0.7 2,377.8 20* 2,377.8 0.7 23 13 2,374.9 0.7 2,371.7 0.7 24 1,990.5 0.6 25 51* 364,140.3

Financial Advisor Blackstone Group LP Lazard Houlihan Lokey Rothschild Moelis & Co Alvarez & Marsal Gleacher & Co Inc Jefferies & Co Inc Morgan Stanley Canaccord Genuity Corp Zolfo Cooper LLC PricewaterhouseCoopers Leonardo & Co KPMG UBS Mediobanca Greenhill & Co, LLC Evercore Partners BNP Paribas SA RBC Capital Markets KordaMentha Pty Ltd McGrathNicol Services Pty Ltd AlixPartners LLC Altium Capital Limited JP Morgan Industry Total *tie

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 295,370 81.1 7 ▲ 294,916 81.0 9 ▲ 32,877 7 ▲ 9.0 7.1 3 ▲ 25,735 18 941 5 2 1 ▲ 18,941 5.2 1 ▲ 9,258 2.5 2.3 8,315 5,024 1.4 ▼ -2 0 4,553 1.3 1.3 4,553 -3 ▼ 4,100 1.1 0 4,072 1.1 ▼ -1 ▲ 4,001 1.1 1 2 ▲ 3,909 1.1 0 3,857 1.1 3,763 1.0 3,163 0.9 0 -1 3,163 ▼ 0.9 0.7 2,420 2,378 0.7 2,378 0.7 2,378 0.7 2,375 ▼ 0.7 -1 2,372 0.7 -1 1,991 0.6 ▼ 226 -138 ▼

WW Announced Restructuring(DR1a)

Jan 1 - Sep 30

# of Deals per Advisor 2012 2011 # of Change in Rank Rank Deals # of Deals ▼ 1 -1 2 35 1 ▼ 29 -11 2 3 3 23 -12 ▼ 19 4 5 -1 ▼ 5 6 16 1 ▼ -1 4 14 -9 ▼ 6 7 11* 7 2 ▲ 6 4 ▲ 31* 8 9* 0 11* 5 31* 5 ▲ 3 9* 2 9* 19* 5 ▲ 41* ▲ 4 3 12* 12* 4 19* 4 12* 1 ▲ 0 15* 3 19* 15* 15* 3 -1 ▼ 15* 15* 3 -1 ▼ 15* 7 3 -10 ▼ 337 -284 ▼

Financial Advisor Rothschild Lazard Houlihan Lokey Blackstone Group LP Moelis & Co IREA Corporate Finance KPMG Jefferies & Co Inc Alvarez & Marsal Leonardo & Co FTI Consulting Inc ORIX M&A Solutions Corp Perella Weinberg Partners LP AlixPartners LLC Evercore Partners GLC Advisors & Co Canaccord Genuity Corp Goldman Sachs & Co Industry Total

# of Deals

Worldwide Announced Bankruptcy Sales

Value (US$m) Restructuring Value (US$m) 41,003.4 301,505