Top Restructuring Groups
As we all know, restructuring is hot right now. What is the general consensus as to which firms have the top restructuring groups?
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(in no particular order)
Lazard HLHZ Blackstone Rothschild Miller Buckfire
By the way, HLHZ is heavily involved in creditor-side advisory, while the rest are heavily focused on debtor-side
If HLHZ reps the creditors, does that provide better exit opps to distressed funds, since you'd be in constant contact with them and get to know them, whereas working on the debtor side you'll be in contact with the debtor? Or does deal flow/experience trump this?
what about Gleacher?
..Greenhill and Gleacher as well.
also Macquarie, they acquired giuliani advisors a while ago.
We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
What about Evercore?
from my understanding, they just recently started their restructuring practice. they took one of the guys from bear to start it up. if you know different, then let us know.
same thing with Moelis, they grabbed up some mds from Jefferies but i havent really followed/heard much to verify them as one of the top restructuring firms.
also, you may want to consider the top restructuring focused management consulting firms. I mean really..the head of alvarez & marsal is the CEO/CRO of lehman.
We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
how about the Gordian Group? i know the partners wrote a well known book about restructuring.
Lazard, HL, Blackstone, Miller Buckfire, Rothschild and PWP are very strong and are generally considered a "top restructuring group". While its true that Houlihan focuses on creditor-side advisory, I've seen them on numerous prominent bankruptcies representing the debtor. IMO, I think that Lazard gets the nod for the best restructuring practice, given their current and recent assignments.
Evercore's restructuring group is also strong and will get stronger. As Cornelius said, they did snatch up one of JeffCo's MD's, but were also co-founded (I think) by one of Miller Buckfire's former partners. Right now they have about 5 MD's, all of which seem very legit.
I don't think Moelis' group is as strong as its name-brand would indicate. If I am not mistaken, they have two MD's (both from JeffCo). Greenhill is also pretty good, as is Goldman's group. I would also take a look at Chanin Capital Partners (an arm of Duff&Phelps), Alvarez & Marsal (although they don't focus primarily on restructuring advisory), Imperial Capital, Broadpoint, and Gleacher if you really want to go into rest.
Imperial Capital has a solid restructuring practice. I wouldn't put it in the "top" bracket, but it's relatively strong.
It may be helpful (it would be to me, anyway) if we specified some of the big cases that are happening right now, and who's working them. I know Blackstone's working with SemGroup and Lazard's advising Extended Stay, but honestly off the top of my head I don't know who's staffed on Lehman, General Growth, Circuit City, Pimgrim's Pride, Tribune, etc.
Lehman - Lazard Tribune - Lazard Pierre Foods (packaged foods provider) - Perella Weinberg Mervyn's - Miller Buckfire Kimball Hill - Houlihan Lokey
Not 100% sure of these: Pilgrim's Pride - Lazard Circuit City - Rothschild
Either not familiar with the others or don't know if they have hired an FA
Pilgrim's Pride is Lazard. Circuit City is Rothschild
Incidentally, 4 of the 7 cases baloogafish listed have the same operational advisor.
Damn straight.
To fill in the picture, in case anyone on this forum cares, one law firm (Weil Gotshal) has scored a stunning number of representations on the big cases lately, which kind of surprised people because there was some thought that they were being overtaken by Kirkland & Ellis after sitting out some of the big airline cases.
Weil is repping: GM, Lehman, Semgroup, Pilgrim's Pride, Lenox Group, and Extended Stay
Kirkland is repping: Kimball Hill, Pierre foods
Sidley Austin is repping: General Growth, Tribune
Skadden Arps is repping: Circuit City
Thanks for the information guys.
"GM has already been preparing for the worst. Its management recently tapped bankruptcy veteran Harvey Miller of the New York law firm, Weil Gotshal & Manges LP. Mr. Miller worked on the bankruptcies of Lehman Brothers, Bethlehem Steel Corp. and Marvel Entertainment Group.
Others involved in the matter include restructuring veterans Jay Alix, Evercore Partners' William Repko, Blackstone Group's Arthur Newman and Martin Bienenstock at the law firm of Dewey & LeBoeuf LLP who worked on the Enron bankruptcy."
Why is it that restructuring affords much better perks than other and products?
I know more than a few people in restructuring that get all the standard perks plus lunch and dinner, unrestricted car service and a multitude of other small but nice-to-have perks.
I wonder this too. Friends in top groups get free lunch (15 on weekdays and 25 on weekends), dinner everyday (regardless of how late they stay), car service to and from work and I've heard ridiculous stories on some of the things they were able to expense.
Which groups?
And while it hasn't happened yet, IF Nortel decides to declare bankruptcy, they will be using Lazard.
I am also interested in restructuring, but does it has to be i-banks? How about KPMG resturcturing? Or consulting firms? Do i-banks also do cash management, turnaround management, etc, in addition to fin restructuring?
There's a difference between financial restructuring and operational restructuring. Places like Alvarez & Marsal, Alix Partners, FTI will do a lot of turnaround/operational restructuring whereas Lazard, Blackstone, etc work through the financial restructuring.
Consulting firms like Alvarez, FTI and Alix also do significant financial restructuring in addition to the ops. Most restructurings require the two components so advisors are becoming one stop shops.
I don't see any recent mandates mention Blackstone but I am pretty sure they are a big player. So how do we explain this ?
bump
Top Restructuring Boutique Investment Banks (Originally Posted: 12/28/2011)
I'm really interested in restructuring and would like to intern for a top boutique in the field, obviously there are the elite ones (Lazard, Evercore, Greenhill) can anyone help fill me in on more top restructuring firms?
Restructuring is very boutique-oriented. Some others with strong practices include Houlihan Lokey, Miller Buckfire, and Blackstone.
Houlihan Lokey is the leader in creditor-side restructuring, as opposed to debtor-side, which is what Laz, Evercore and Greenhill typical focus on. Other restructuring shops include Rothschild, Perella Weinberg, Blackstone and Moelis.
If you're looking for a name that isn't as obvious, I'd go with Miller Buckfire. Really strong restructuring shop.
Thanks guys, how about regional Los Angeles firms? Im a sophomore and a lot of the larger shops will only take junior interns.
Thanks guys, how about regional Los Angeles firms? Im a sophomore and a lot of the larger shops will only take junior interns.
Imperial Capital is a decent "less prestigious" restructuring shop in LA
HL is big in LA, thats where their headquarters is
Heard that MB is bleeding from the top - still a big name, but maybe not the best star to hitch your wagon to at this point (although I suppose an internship carries less risk than FT).
Any other firms along the lines of imperial?
.
Not sure how big Alvarez & Marsal is in LA, but they do pretty well.
Mesirow Conway MacKenzie
Why are you so interested in Restructuring out of interest? Weird for a soph to have such a specific goal.
Restructuring and corporate finance advisory seem like the best way to really analyze companies and learn them inside and out, eventually I would like to go into distressed PE, and restructuring 1. seems like a very clear path to that, and 2. would give me the right experience to be successful.
I guess he's reading the news haha
Top Restructuring Group (Originally Posted: 01/31/2015)
Where would restructuring groups at different firms rank if they were to be placed into tiers? I'm interested to know how other lesser known groups ranks amongst the rest of the industry.
I think there could be a general agreement that names like Houlihan, Lazard, and Blackstone RX teams and maybe a few others could probably be considered tier 1, but where would other RX groups at shops like Harris Williams, Baird, UBS and so on rank in terms of tier 2, tier 3, etc.?
Moelis LA is top shop for sure. I would say Evercore RX is bottom first tier and Greenhill being top second tier
How is Jefferies restructuring these days?
Don't forget Rothschild; they're definitely a top-tier restructuring firm.
3Q RX league tables should fill any gaps: http://dmi.thomsonreuters.com/Content/Files/3Q2014_Distressed_Debt_Bank…
Yo, ever look at Deal Pipeline league tables? They seem preferable since they distinguish roles of financial advisor and ops advisor. http://thedeal.com/pdf/Q3BLT2014.pdf
Also, nobody's mentioned Perella Weinberg. I think they got debtor side mandate (idk if that's correct term) for Caesars.
PJS also doing some stuff for Radioshack
Thanks for sharing. Looks like FY14 RX league table is out too for those interested.
http://dmi.thomsonreuters.com/Content/File /4Q2014_Distressed_Debt_Bankruptcy_Restructuring_Advisory_Review.pdf
Thanks for sharing. Looks like FY14 RX league table is out too for those interested.
http://dmi.thomsonreuters.com/Content/File /4Q2014_Distressed_Debt_Bankruptcy_Restructuring_Advisory_Review.pdf
Tier 1 -> HL, BX, Laz, and Rothschild. Tier 2 -> MB, EVR, Moelis, GHL and then everybody else
I work in RX as well and would tend to agree with this. Would move Rothschild down to T2 or off completely though, really never see them on much. Would also clarify that HL is basically a creditor shop where the other firms do a mix of debtor/creditor.
I heard from a buddy that Rothschild is on a downward slope no hard evidence though
From the perspective of someone who sometimes looks to hire these folks
Tier 1 -> BX, HL, Laz, Moelis Tier 2 -> Everyone else
Do you think will the spinoff of BX Advisory / RX into PJT Partners have any effect on recruiting in the future?
Do you think will the spinoff of BX Advisory / RX into PJT Partners have any effect on recruiting in the future?
With a background in Corporate Credit Risk Underwriting / portfolio management (Credit analysis of bank's loans and capital commitments), is it feasible to try and break into restructuring at another investment bank given experiences from the creditor's perspective and underwriting the loans / syndication with the Company / debtor? Does anyone have any similar experiences? Thanks.
Way to hijack the thread with a stupid question.
No, it's not worth it. Don't take the few hours to update/tailor your resume and look for/network for a job you want. You have everything to lose and nothing to gain by trying.
Would agree with everything thus far, although with some of these firms remember that analysts are generalists and thus spending a majority or all of your time on restructuring deals can't be guaranteed. Very different than taking an offer at BX or HL.
I work in RX, and we tend to see HL and BX on most deals. Then probably Moelis, Lazard, Rothschild and then MB, Millstein, Evercore and then whatever firms that do one-off restructuring deals. Of course, this just my personal experience, but I keep up with most of the currently distressed industries out there (i.e.,retail, e&p, metals/mining)
Also HockeyFan99, the head of RX at Jefferies left a few years ago to start a RX practice at Guggenheim. They've pulled in some okay mandates like Exide and EFH UCC.
what about in london?
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