PJT, Alvarez & Marsal, Evercore, Houlihan Lokey, FTI Consulting, AlixPartners, Berkeley Research Group, PWP, Moelis, Ankura, Province, CVP, Lazard, Ducera, M3, Portage Point, Teneo, Guggenheim, Huron
...tbh these guys get the vast majority of restructuring deals, rest are fighting for the scraps. Any thoughts are appreciated, I could always be wrong.
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I feel like this is pretty accurate, even in EU. Potentially missing Roths tho as they seem to win pretty niche / relationship driven ones?
Roths former RX co-head Parkhill moved to gugg
In EU Roths is a top RX bank but almost always debtor side
Yes, this generally very accurate for IB and consulting
Thoughts on GLC?
Would think they fall into the fighting for scraps category. Haven't seen them on much as of late
Appreciate it. I’ve seen solid credit exits on LinkedIn, but curious on the value prop of being a RX analyst at a shop that’s “fighting for scraps” vs. traditional M&A as a learning ground. Do you think the RX skillset itself makes it a strong learning ground regardless of the shop, or is shop quality more important?
Believe they were debtor-side on FAT Brands recently.
What’s the difference between RX firms like PJT and Lazard vs RX consulting firms like Province and the rest
RX IB (PJT etc) works on negotiating debt and reshaping cap structures, RX Consulting (A&M etc) focuses on fixing the business from the inside, often taking control of it.
Will note that the above is debtor side RX consultants; creditor side acts as operational watchdogs for the lenders, aggressively scrutinizing the distressed company's cash flow models, collateral, and turnaround plans to maximize debt recovery
Consulting do proper Rx(CRO + Insolvency)you piss your pant for. Banks are glorified Levfin pro max relying on Lawyers
Just did a little write up about this but generally speaking, consulting is focused on liquidity an operational levers to either prevent a RX or to ensure that one can be done and there is a go forward business for whoever will be holding the equity post-transaction.
PJT and HL for Banks. Alix, FTI and A&M for consulting.The rest are noise, past glory or recency bias
Pretty clear why this is getting MS'd lol
Cuz there is more to these industries than two companies? You might not see the largest or most complex work, but you might be doing the same work with smaller companies. Not everyone is maximizing for prestige.
Dang, RIP Evercore...
Holy cow dude you are actually sped
Any opinions on Dundon Advisers?
Ducera ?
Why would you say something like that?
I believe the others have lots of fun restructuing the local burger place with 3 locations.
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