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Probably something to solve with the search function I'd imagine.
While your suggestion was insightful, I already tried that. WSO isn't notorious for their in-depth search functionality. Plus I couldn't find a single thread explicitly listing or comparing different RX practices. If you're super confident that the search function would help, perhaps you'd enlighten me by posting your top results?
There is a massive thread that was even posted by Petition on all things "restructuring." I know it's a bit tough to get creative and try a few different search terms.
Also, best is a bit of a broad category. Best WLB, biggest engagements, oldest whitest guys, what are you looking for?
RX is too small of a space (and too cyclical in terms of industries in distress) for a boutique to specialize in an industry. Really not a whole lot outside the usual EBs + Miller Buckfire / Ducera aside from regional places, and those are usually more focused on operational turnaround than financial RX.
How good is Moelis’ RX practice?
Decent but tier below the major banks like PJT/LAZ/HL/EVR
Deleted
You’ve never heard of PJT RSSG?
Places like GLC, Gordian, TRS Advisors, and SSG are all Rx "boutiques" that do real distressed work, albiet at a much smaller scale. Shops like these either usually specialize in UCC representation on creditor-side engagements where as places like HL and PJT will be much more focused on creditor mandates with larger, more established lenders. Places like Province, Inc., which is more of a turnaround shop in general, focus almost solely on UCC advisory and 363 sales.
On the debtor side, it's really all over the place. Shops like TRS (now part of Piper Sandler I believe), Gordian, and GLC have historically done more debtor mandates, and when Rx cools off, focus on more middle-market M&A. Of course these debtor engagements will almost always involve smaller companies than you would see the typical Rx juggernauts take on (EVR, LAZ, PJT), but they are debtor mandates nonetheless. The nature of these transactions are often times a bit different as well. Many of these engagements will involve PE sponsors, or in somewhat unusual cases, the original owners of the entity, unlike larger deals where the companies typically have public ownership. If you are looking at Rx, I wouldn't completely rule out some of the smaller banks. They offer legitimate Rx deal experience and often times, a more hands-on approach.
HL in recent years is almost exactly 50/50 creditor/debtor, FYI
The above is wrong on a couple levels. And it’s not up for debate. TRS and GLC do not do UCC work lol - that’s not something bankers really do at all, anywhere.
TRS (now acquired) was founded by the top guy at Rothschild. That guy is singlehandedly the reason Rothschild is still known as an EB in US restructuring. GLC is a creditor-heavy shop that’s consistently in some very large situations.
Its debtor-side where you see a couple top EBs specialize. Laz, Evercore, PJT.
Moelis, HL, PWP, Ducera, Gugg, Roth all do a mix of both creditor and debtor.
CVP team is very small, but very good. Jefferies shows up here and there on big deals too
Miller Buckfire is well known, but many of its former top bankers are now at CVP
can I pm you to ask questions about a couple of those firms you mentioned? I'm interviewing with them
PJT/HL/EVR/Lazard/Moelis, end thread
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