Best RX shops?

Probably something to solve with the search function I'd imagine.

RX is too small of a space (and too cyclical in terms of industries in distress) for a boutique to specialize in an industry. Really not a whole lot outside the usual EBs + Miller Buckfire / Ducera aside from regional places, and those are usually more focused on operational turnaround than financial RX.

How good is Moelis’ RX practice?

You’ve never heard of PJT RSSG?

Places like GLC, Gordian, TRS Advisors, and SSG are all Rx "boutiques" that do real distressed work, albiet at a much smaller scale. Shops like these either usually specialize in UCC representation on creditor-side engagements where as places like HL and PJT will be much more focused on creditor mandates with larger, more established lenders. Places like Province, Inc., which is more of a turnaround shop in general, focus almost solely on UCC advisory and 363 sales.

On the debtor side, it's really all over the place. Shops like TRS (now part of Piper Sandler I believe), Gordian, and GLC have historically done more debtor mandates, and when Rx cools off, focus on more middle-market M&A. Of course these debtor engagements will almost always involve smaller companies than you would see the typical Rx juggernauts take on (EVR, LAZ, PJT), but they are debtor mandates nonetheless. The nature of these transactions are often times a bit different as well. Many of these engagements will involve PE sponsors, or in somewhat unusual cases, the original owners of the entity, unlike larger deals where the companies typically have public ownership. If you are looking at Rx, I wouldn't completely rule out some of the smaller banks. They offer legitimate Rx deal experience and often times, a more hands-on approach. 

PJT/HL/EVR/Lazard/Moelis, end thread