Thomson just released its “Distressed Debt & Bankruptcy Restructuring League Tables for the full year 2009”. I thought some of you might be interested. You can access the whole report on their Deals Intelligence Site, but need to register.
Here is the top 10 for worldwide completed restructuring (Rank - Financial advisor - Restructuring value US$m - # of deals)
1 - Houlihan Lokey - 130,670 - 67 2 - Evercore Partners - 98,562 - 5 3 - Morgan Stanley - 87,110 - 3 4 - Blackstone Group - 56,579 - 2 5 - AP Services - 55,279 - 1 6 - Rothschild - 42,630 - 42 7 - Lazard - 33,873 - 38 8 - Moelis & Co - 25,658 - 13 9 - Goldman Sachs - 15,212 - 17 10 - UBS - 13,275 - 8
.
Why does everyone keep saying Moelis is top 3 in restructuring when Evercore , BX, Laz and Roth are ahead of them, and these are not the firms that just "milk the monthlies".
Why is Moelis 25B when Dubai World is restructuring 23.5B in debt? Could someone post the original links?
That is 2009 completed, meaning that stuff was most likely announced in 2008. Could be wrong, but those guys didn't even have a proper restructuring group until mid-2008. 2009 Announced for the US is:
HLHZ Lazard Rothschild Moelis Miller Buckfire GS UBS Alvarez & Marshall Evercore Duff & Phelps Greenhill Alix PWP
Some interesting names in there because Thomson includes:Exchange Offers, Loan Modification and Tender offers in addition to bankruptcy situations. Since the above ranking is based on number of deals you see places like Alix, D&P, Alvarez......some could be working in the capacity of crisis managers on a large volume of small-scale restructurings.
This is from Deal Pipeline (March 2010): Rank Advisor No. of Cases 1 Houlihan Lokey 43 2 Chanin Capital Partners/Duff & Phelps 23 3* Mesirow Financial Holdings Inc. 22 3* Moelis & Co. LLC 22 4 Jefferies & Co. 21 5 Lazard 18 6 Miller Buckfire & Co. LLC 10 7* Blackstone Group LP 8 7* Rothschild 8 7* SSG Capital Advisors LLC 8 8* Imperial Capital LLC 7 8* Trenwith Group LLC 7 9 Gordian Group LLC 6 10* General Capital Partners LLC 5 10* Goldman, Sachs & Co. 5
Again, places like Mesirow and Chanin won't be working on the same type of cases like Lazard.
Most people on this site would be interested in debtor side cases, where firms like Lazard, Moelis, Rothschild, Blackstone and some others dominate (at least last year). Understand what the tables mean or you might end up thinking that places like Chanin are better than the firms mentioned above.
You can get the full report here: http://online.thomsonreuters.com/DealsIntelligence/ReviewsAndAnalysis You might need to register by giving your email (its free). There is also the split between North America, EMEA and Asia, each time with completed and announced.
It's Worldwide 2009 Completed.
From what I understand, Rothschild is doing a lot of the heavy lifting on the Dubai World deal and someone from Deloitte was hired as CRO. Moelis was brought in last minute because Ken leveraged his relationships and pitched really hard and they are in a support role advising the "Department of Finance". Correct me if I'm off base here.
You are right on Dubai World. Rothschild has been engaged for awhile and Moelis just tags along because Ken made a call.
That being said, Moelis sent about 1000 bankers over there. Kind of unnecessary if you ask me.
Can someone throw in two cents about the Morgan Stanley comment up above?
In what capacity are larger investment banks involved in restructuring deals?
Larger investment banks work on specific aspects of a restructuring deal as they can't really "manage" a chapter 11. For example, if Company X has a lot of debt due in the next few years and needs to refinance, Morgan Stanley can help with a bond exchange issuance or something like that.
And thanks for confirming Moelis' involvement in Dubai World. I knew I shouldn't let a bunch of college seniors beef up a company up like that.
Exactly. Moelis is just way too overrated on this board. They might be doing ok in the restructuring space, but their M&A business is going downhill. It seems to me that Moelis is a very unstable firm..wont be surprised if they fall apart in the next few years.
1000 bankers...., should just give them all hardhats and work 100hr weeks on the construction site
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