RX Rankings 2022 - Can we please get restructuring rankings for the benefit of students and incoming interns looking to lateral
Usually people love making rankings on banks but we don't really have any rankings posts for all the RX shops including your lincoln, piper, raymond james, miller buckfire, imperial, TRS, GLC, Intrepid etc.
#1 Whichever firm you can get an offer from
#2 Doesn't matter
b
1. PJT
1A. HL/LAZ
1B. Evercore
1C. Moelis, Centerview
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lol it wont. rx nature is mostly out of court lol
Z
Rather than just conjecture ranks with no logic, here are some performance statistics. Here were the debtor advisors for the top 10 largest Chapter 11 restructurings of 2020 - the largest YTD of the decade for restructurings, so far (omitted Thai Air and Digicel for non-Ch 11)
1. $Moelis - Hertz ($24bn)
2. $Evercore - Frontier Communications ($22bn)
3. $PJT - LATAM Airlines ($18bn)
4. $PJT - Intelsat ($17bn)
5. $Guggenheim - Ascena Retail ($13bn)
6. $Rothschild - Chesapeake Energy Corp ($12bn)
8. $Evercore - McDermott ($10bn)
9. $Lazard - Valaris ($8bn)
11. $Houlihan Lokey - Seadrill ($7bn)
12. $Seabury - Norweigan Air ($7bn)
Generally, I think its reasonable to say all of the firms here do good work, and the repeat names (PJT 2x, EVR 2x) are repeat names for a reason
Broadly agree with your comment.
Nit-picky, but Houlihan advised on the Seadrill debtor-side in 2020 link. EVR must have done the 2017 era restructuring deal.
Good catch - two different transactions actually. One was Seadrill Partners a UK company and the other was Seadrill Limited a US company. A bit confusing as Seadrill Limited owned 35% of Seadrill Partners Assets. They both eventually filed but in different processes and timelines though.
Seadrill Limited was Houlihan, Seadrill Partners was Evercore.
accurate- Houlihan led the 2017 seadrill restructuring as well
Per RestructuringInterviews:
Tier 1: PJT, Evercore, Houlihan Lokey (HL), Lazard, Moelis
Tier 2: Rothschild, Centerview, PWP, Jefferies, Ducera, Gugg
Tier 3: Miller Buckfire, Greenhill
True for the US
Just to add that in Europe it looks more like this:
Tier 1: PJT, HL, RTH
Tier 2: Moelis, PWP, EVR, LAZ
Rest
Don't agree with this - Moelis London has top RX seniors and have worked on some very large mandates in the past few years. Team also isn't particularly large.
Definitely a case for Lazard to be T1 in Europe as well.
B
More generally and in loosely specific order within tiers
Tier 1 (in alphabetical order so nobody gets butthurt):
Evercore, HL, Lazard, Moelis, PJT
Tier 2:
Ducera, Centerview, Guggenheim, Jefferies, Greenhill, PWP, Piper Sandler
Tier 3:
Miller Buckfire, Rothschild, Raymond James, Baird
Tier 4:
GLC Advisors, PJ Solomon
Tier 1 is self explanatory, the best restructuring banks that you’ll see at least one of on every sizable mandate.
Tier 2 is mostly self explanatory with some notes that:
In Tier 3:
Would push back on PWP a bit. Agree the group is still not close to recovered from Kramer revolt, but they’ve brought in some talent. Look at deals the last few years, feed off strength of healthcare relationships at the firm as well as TPH energy connections. Found a nice niche in those 2 areas, and in 19 had iHeart. Not a bad resume.
I’d second this. Only legit T2 would be Centerview, Ducera, and Perella (alphabetical order)
Extremely based. Wondering why piper trs deserves tier 2 because I’ve heard people say that Jeff is def stronger than piper and that piper was a t3 shop. Have an upcoming interview with them so just want to learn more
Would second this. Have heard poor things about Piper’s Rx group through some of the seniors on my team who have worked across from their MDs. Also focus mainly on creditor side I believe.
Bump
Wondering why GLC is placed in tier 4? They seem to have pretty good exits from what I've seen (Oaktree, L Catterton, Cerberus, top Rx shops, etc). Employees seem to be mostly top Ugrad/Grad (UChicago, Wharton, Georgetown, Stern).
Just checked Debtwire and saw that GLC had seven publicly announced mandates in 2020 and 2021 (compared to for example Jefferies which had 29 publicly-announced mandates in 2020-2021)GLC did pick up 4 YTD and one (Endo International) is legit
With respect, I think you're close-ish, but your statement on Jefferies makes me think that you don't really know what you're talking about. UCC assignments suck because you really have little or no input on how a transaction is structured (which is where the advisors are adding value - and is frankly the most interesting part about RX banking). In most UCC assignments, your group has holdup value and you're looking to be as big a pain as possible so that someone will settle with you. By that time, the Company will have negotiated a potential plan with a major stakeholder (likely a plan that screws over your group) and so you're just trying to clawback as much as you can. Even if you're working a huge capital structure, you don't want to be working as UCC or Equity (usually).
Do you know what debtor deals Evercore has advised on recently? Asking because their website focuses on M&A and doesn't have an option to filter, and I don't have access to the league tables.
Talen Energy and Altera Infrastructure are the biggest ones this year IIRC
Does anyone have any insight into Baird's Rx practice? It's so new, I haven't been able to find out much.
Bumping this. Also curious
B
Brand new, started by some former Guggs guys I think
Former Miller B and Lazard folks at the senior level; it's a fledgling at the moment, at best.
From Debtwire for FA's on number of US in-court deals with prepetition debt over $250m for 2021 (all roles):
1. HL
2. FTI (doesn't really count)
3. Tie between Lazard and Rothschild
5. Moelis
6. Evercore
7. PJT Partners
If you rank by debt size it's HL, Rothschild, Lazard, Evercore, Moelis, PJT (excluding FTI here).
In any case, every time this thread comes up it's always the same names with people arguing who is "Tier 1" and "Tier 2" despite the fact that the industry is so small it's always the same 8-10 firms at the top competing against one another.
In court deals are not a good metric to rank rx banks imo
Delete
I just provided what took a couple mins to scrape. I wholeheartedly agree that it's not a holistic measure of rankings given that a lot of stuff being done especially in today's environment is going to be out of court, but it still is a good general view on rankings and a lot of people here are interested mostly in the in-court side of things anyways. Also as I said the names at the top don't really change a ton, you've got the guys doing a lot of fees / high quantum cap structures and then everyone else.
Thank you for this, does anyone have an outlook for the creditor side?
This list is both debtor creditor if I remember right - think that's how HL is on top
I interned in RX last summer and think the bottom line is that if you are interested in RX you will go and recruit for all of the top 8 groups or whatever. Then if you land only 1 offer (quite likely given the odds), you will take that group. If you are fortunate enough to land 2+ offers outside of the other exploding (relatively unlikely / don’t know many this has happened to) then you obviously have to make a decision. As this thread alludes sometimes it will be clear PJT vs. Jeff etc. Otherwise just go where you like the culture / vibe and don’t split hairs between EVR vs HL vs LAZ it is silly.
Let's ask the Restructuring__ Insta page LOL
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Is trs/piper a t2 or t3 shop? Seems like some think it’s around the likes of gugg but some think worst
interested as well
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