Restructuring Groups in 2020
Ideas to what the restructuring landscape looks like? Any groups standing out during the pandemic? Top players right now.
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Career Resources
Are any RX groups hiring?
Debtwire tracks advisory mandates, and this is what they show YTD. This is more than likely partial, but it still paints the picture that the usual suspects are working. Can't forget about Centerview or Guggenheim
Are any of these places likely to recruit for FT restructuring roles?
ducera having a strong year?
Probably safe to say everyone is having a strong year from a Rx standpoint. For the other peeps asking about recruitment, keep in mind that new analysts joined. Also, some banks have shifted people around into Rx groups to keep up with the uptick in deals. I'd keep networking and brown-nosing, and your eyes peeled for any turnovers. I personally wouldn't expect any immediate openings, but you never know
PWP/Rothschild with those Houston-energy Rx Partnerships with TPH/Intrepid
I will be unemployed it seems
Something to consider with any RX league tables is much of RX work is super confidential, so news of mandates often do not show up on debtwire and the like.
The mandates that show up in the news are often the well known retail restructurings. Lots and lots of absolutely huge energy and REGAL restructurings in the last few years that have not shown up in news sources or on debtwire
Basic question but why does it not show up on the news ?
There are a lot of out of court restructurings that are never disclosed or publicized. These probably make up the majority of mandates vs. the big public deals.
lots of it’s hella confidential yo
If you were the company on the brink of bankruptcy and need to ink out a deal with creditors, would you want this news to be public? The concept of run on the bank for financial institutions is similar in RX, except here instead of depositors you have distressed PE shops and trade creditors. A company’s worst nightmare is that trade creditors get spooked, request COD and what was initially a stressed situation becomes distressed.
For some of the largest deals, it’s tough to keep quiet. Next to impossible. But there are so many many many many deals (both debtor for private companies and creditor mandates) that are not made public. The debtwire mandate tracker is a helpful guide, but don’t take their numbers as the end all be all. But this doesn’t mean that say Jefferies is number 7 on a debtwire ranking but after taking into account all of their private deals is number 1. The trend is generally the same (regarding Debtwire rankings).
What are the top groups in 2020 looking at it from a comp, exits, lifestyle, and culture perspective ?
Do I hear ranking thread?
PJT RSSG by far. Then EVR or HL RX. HL arguably has more mandates/deals and is on par with PJT but the exits, pay, and if you like the bro culture make the latter more appealing.
EDIT: This is just my personal opinion jeez. Whoever throwing MS probably got rejected from PJT first round lol
I'd also argue it depends on whether you want more creditor or debtor side deals. HL is able to get on so many deals because it is on many creditor mandates (and there's typically more than one creditor advisors because there are often multiple traunches of debt). Banks like PJT/EVR/LAZ are more focused on debtor side engagements.
Legendary edit.
From an analyst perspective, PJT RSSG is tops, followed by (in no particular order) Houlihan, Lazard, Evercore and Moelis. PJT, Houlihan, and Lazard all have reasons to fairly claim that they're the best restructuring advisor out there, but the things that matter from an analyst perspective are pay and exits. PJT pay is top of street, and exits from the restructuring group are commonly accepted to be the best of any group on wall street. After that, people's preferences between the other 4 vary based on what they care about -- Evercore and Moelis pay more, Houlihan and Lazard have more pedigree in restructuring, Evercore and Houlihan have separate recruiting processes for rx while Moelis and Lazard make generalist intern offers. Other banks that have decent restructuring practices that people end up at include Ducera (spun out of PWP), Guggenheim (acquired Millstein), Greenhill, PWP, Jefferies, and Rothschild.
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