Restructuring Groups 2020
How are restructuring groups doing currently? I heard that PJT, LAZ, etc. are even turning down mandates but what about other EB/MM groups like Guggenheim, HL, Rothschild, Jefferies, Centerview, etc.? Which groups are best set up to increase their market positioning during this crisis?
Anyone know how Moelis is doing too?
I hear that DB is absolutely killing it
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Dumb question - but where do you find this info? I have a FT membership, but when reading the news I'll see the occasional big headlines like when the US government appoints advisors, but did not see anything about Macy's or JC Penney for example.
Is there a source that tracks this info?
I’ve got the same question
Same question here
Think Laz has JCP (via Reuters)
Debtwire and Reorg are probably industry-standard go-to's, although both are expensive if you are not part of an organization that has a subscription.
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The thing to understand about restructuring is that the space is actually very small. In a sense it is like the big 4 accounting firms; if you are a large public company/creditor to them, there is an extremely high likelihood that in the event of a bankruptcy, etc. it is going to be one of PJT, Moelis, Houlihan, or Lazard working on it (plus perhaps Rothschild).
These groups aren't that big either. PJT has 14 restructuring partners, Moelis has 15 MDs, Houlihan has 45 MDs (as a size comparison PJT has ~45 advisory MDs, Moelis has ~100 advisory MDs, and Houlihan has ~120 M&A MDs). As you can imagine all of these restructuring franchises are doing well right now, but you also have to consider that it can take up to 12-18months in some drawn out restructuring cases before the fees are actually realized (though there is a sizeable retainer fee in most structures, at least sizeable compared to M&A). So wouldn't necessarily expect massive Q2/Q3 performances from these firms.
Couldn't find the 2019 data publicly available but it largely looks similar to 2018, which you can download the Reuters report here: https://thesource.refinitiv.com/thesource/getfile/index/025800ef-e1a5-4…
Beyond those names you'll see Evercore, PWP, Greenhill, pick up a handful but not near the levels of the others. Look at the deal value and volume in that report, they are significantly smaller.
It's pretty easy to search recent deals in 2019/20 and see that EVR picks up more than just a handful.
They had 12 completed in the US in 2019, that's less than half of what PJT/Moelis/HL each did (at a smaller value per deal as well, except for HL which takes on more MM stuff at times). In 2018 they had 9 completed in the US (again less than half or even a third of the other major players).
Not saying they are a lesser shop by any means but they historically have not had the same size franchise as the others. Of course they will pick up more now but so will everyone else, probably reasonably in proportion to the above.
moelis has been doing a bit worse recently, with evr picking up the slack and pwp growing as well
Wasn't MoCo #1 in 2019
LOL let’s see some facts to back this up bud
From a distressed buy side perspective, disagree with this. If there is a “top tier” Moelis doesn’t belong in it. Lazard / PJT are top for debtor, HL for creditor. Otherwise Moelis, Evercore, PWP, Centerview, Rothschild, Greenhill, Ducera, Guggenheim pretty interchangeable and comes down to specific circumstances (industry, MD, fund relationships, etc). But yes, in any large restructuring with multiple constituents pretty much every one of the above will have a role somewhere.
Having lost so much of their senior talent, Rothschild is nowhere near where they used to be three years ago.
WallStreetOasis.com
Any thoughts on PwC's Business Restructuring Unit? Been approached twice for roles there but not entirely sure where that sits in the heirarchy of desirable places to work at PwC/Restructuring in general. (PwC sits higher than I would've guessed in the league table...)
I’d avoid unless it’s your only option.
how would you rank these restructuring groups in terms of exit opps? Sorry to be that guy, but following what the above posters are saying, is there a huge discrepancy in opps if you're not in PJT/Laz/HL?
From what I've seen, exits are similar between PJT/Laz/Moco/HL/Evr, but PJT is a cut above the other 4.
What do u think about switching from EVE/LAZ M&A internship to restructuring one from Jan onwards?
Probably a good idea that would be supported by the firm
Lazard seems to be killing it on the retail side: according to bloomberg they have Macy's, Neiman Marcus and JCPenny debtor mandates. Not to mention Boeing too.
What do the exits look like between PJT HL EVR LAZ and Gugg RX?
What are thoughts on the other groups? Ducera, Centerview, Jefferies, Miller Buckfire, etc?
Ducera and Houlihan both having a really good year in terms of deal flow/revenue
Source?
Any thoughts on UBS Restructuring?
I thought this was an internal group, no?
They are working with a group of creditors for Argentina's debt.
Heard Tobin & Co has been winning all the major bake offs
Heard Ducera is slaying
Got a seat at the fulcrum of the Frontier table, going up against PJT/EVR with HL, obviously retained for a reason
what do BB rx groups do? like Barclays and JPM
DIP financings, credit solutions
Does the creditor committee always have to hire a law firm / bank / "consulting" firm like A&M or would A&M be competing with the IB on these mandates?
A&M/FTI/Alix Partners compete with all the i-banks on 80% of the lender advisory (term loan or UCC) gigs
Any thoughts on PWP in terms of deal flow and exits?
you mean Ducera lololol PwP basically doesn't have Rx anymore
pretty sure Mnuchin hired PWP to help with the bailout so not sure about "basically doesn't have Rx"
Opinions on Gugg Rx?
It's by far the best group for sovereign RXs
What deals are Gugg on now?
can’t stress enough that jeffries isn’t an EB
can't stress enough what a sh*tty bank RBC is
come on man - jeff is a bank, a full service bank with advisory, capital markets, research and wealth management. EB’s need to be boutique’s (solely advisory) and be independent (entire business model is predicated on this).
by the way, i don’t work at rbc
Moelis got Hertz https://www.wsj.com/articles/hertz-hires-advisers-for-restructuring-tal…
Stock down aftermarket
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How is Lazard Chicago RX viewed compared to NYC office? Considering applying there because it's straight to RX instead of NY which is generalist for the summer.
pretty sure they run big deals out of that office. less of a “regional” structure to it per se.
Head of RX sits there, quality and quantity of work out of the two offices are relatively the same and exits seem solid
Thoughts on PWP RX after Ducera? exits etc,
Incoming SA...would love insights on this if anyone has any
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