Retail, Energy Sectors Lead 2017 Restructurings, Topping Healthcare
Early in the first quarter of 2017, many restructuring attorneys and advisers were certain that the healthcare industry was heading for a wave of out-of-court restructurings and bankruptcy filings because of
After Trump's first proposed legislation stalled and a second try at passing a bill squeaked through with minimal support, advisers are no longer certain that Trump's assault on The Affordable Care Act will be a threat to the healthcare sector this year, as they first thought. Advisers are now asserting that companies in the energy and retail sectors will be more active this year seeking out-of-court restructurings than the healthcare industry.
"A long list retailers led a parade of out-of-court restructurings in the first quarter with many of them, such as Macy's,
The Deal's exclusive ranking covers the top global advisers involved in out-of-court cases filed between January 1 and March 31, 2017.
Some highlights from the report:
- Lazard Ltd. was the top financial adviser to distressed companies in the first quarter, with 28 deals. Houlihan Lokey Inc. was second, with 19 deals. Rothschild & Co was third, with 13 deals. Evercore Partners Inc. ranked fourth with eight deals. Rounding up the top five was Moelis & Co., with seven deals.
- Houlihan Lokey Inc. was the top financial adviser to creditors, with seven deals.
Moelis & Co. LLCwas second, with six. PJT Partners Inc. ranked third, with five deals. Lazard Ltd. and Rothschild & Co tied for fourth, with four deals. Ducera Partners LLCranked fifth, with three deals.
- Among law firms,
Kirkland & Ellis LLPwas the top counsel to distressed companies, with 10 deals. Latham & Watkins LLPranked second, with six deals. Cleary Gottlieb Steen & Hamilton LLPand Davis Polk & Wardell LLPtied for third, with five deals each. Milbank, Tweed, Hadley & McCloy LLPranked first for the top counsel to creditors, with 18 deals. Paul, Weiss, Rifkind, Wharton & Garrison LLPranked second, with 14 deals. Latham & Watkins LLPranked third, with nine deals. Proskauer Rose LLPranked fourth, with five deals. Cleary Gottlieb Steen & Hamilton LLPand Gibson, Dunn & Crutcher LLPtied for fifth, with four deals each. AlixPartners LLPand Alvarez & Marsal LLCtied for the top restructuring advisers to distressed companies, with nine deals each. FTI Consulting Inc. was ranked second, with six. Zolfo Cooper LLCwas third, with three deals. And PricewaterhouseCooperswas fourth, with two deals.
About The Deal's Out-of-Court Restructuring League Tables
The Deal's Out-of-Court Restructuring league tables are based on distressed companies experiencing financial restructuring ongoing or completed during the period under review. Minimum requirements for inclusion include: announcement, completion or reference date; at least one (1) instrument of debt amount stated (bond, note, loan, credit facility, etc.); credit facility security (secured or unsecured); and name of the distressed company. Roles in the league tables will be: legal advisory, financial advisory and other advisory (including Public Relations or Restructuring Adviser). There are neither geographic nor company value size restrictions for the distressed company.
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