If HLHZ reps the creditors, does that provide better exit opps to distressed funds, since you'd be in constant contact with them and get to know them, whereas working on the debtor side you'll be in contact with the debtor? Or does deal flow/experience trump this?

 
grandpabuzz:
What about Evercore?

from my understanding, they just recently started their restructuring practice. they took one of the guys from bear to start it up. if you know different, then let us know.

same thing with Moelis, they grabbed up some mds from Jefferies but i havent really followed/heard much to verify them as one of the top restructuring firms.

also, you may want to consider the top restructuring focused management consulting firms. I mean really..the head of alvarez & marsal is the CEO/CRO of lehman.

We're about to enter a Great Depression. Don't you want a president who's already dressed for it?

------------ I'm making it up as I go along.
 

Lazard, HL, Blackstone, Miller Buckfire, Rothschild and PWP are very strong and are generally considered a "top restructuring group". While its true that Houlihan focuses on creditor-side advisory, I've seen them on numerous prominent bankruptcies representing the debtor. IMO, I think that Lazard gets the nod for the best restructuring practice, given their current and recent assignments.

Evercore's restructuring group is also strong and will get stronger. As Cornelius said, they did snatch up one of JeffCo's MD's, but were also co-founded (I think) by one of Miller Buckfire's former partners. Right now they have about 5 MD's, all of which seem very legit.

I don't think Moelis' group is as strong as its name-brand would indicate. If I am not mistaken, they have two MD's (both from JeffCo). Greenhill is also pretty good, as is Goldman's group. I would also take a look at Chanin Capital Partners (an arm of Duff&Phelps), Alvarez & Marsal (although they don't focus primarily on restructuring advisory), Imperial Capital, Broadpoint, and Gleacher if you really want to go into rest.

 

It may be helpful (it would be to me, anyway) if we specified some of the big cases that are happening right now, and who's working them. I know Blackstone's working with SemGroup and Lazard's advising Extended Stay, but honestly off the top of my head I don't know who's staffed on Lehman, General Growth, Circuit City, Pimgrim's Pride, Tribune, etc.

 

To fill in the picture, in case anyone on this forum cares, one law firm (Weil Gotshal) has scored a stunning number of representations on the big cases lately, which kind of surprised people because there was some thought that they were being overtaken by Kirkland & Ellis after sitting out some of the big airline cases.

Weil is repping: GM, Lehman, Semgroup, Pilgrim's Pride, Lenox Group, and Extended Stay

Kirkland is repping: Kimball Hill, Pierre foods

Sidley Austin is repping: General Growth, Tribune

Skadden Arps is repping: Circuit City

 

"GM has already been preparing for the worst. Its management recently tapped bankruptcy veteran Harvey Miller of the New York law firm, Weil Gotshal & Manges LP. Mr. Miller worked on the bankruptcies of Lehman Brothers, Bethlehem Steel Corp. and Marvel Entertainment Group.

Others involved in the matter include restructuring veterans Jay Alix, Evercore Partners' William Repko, Blackstone Group's Arthur Newman and Martin Bienenstock at the law firm of Dewey & LeBoeuf LLP who worked on the Enron bankruptcy."

 
Marcus_Halberstram:
Why is it that restructuring affords much better perks than other and products?

I know more than a few people in restructuring that get all the standard perks plus lunch and dinner, unrestricted car service and a multitude of other small but nice-to-have perks.

I wonder this too. Friends in top groups get free lunch (15 on weekdays and 25 on weekends), dinner everyday (regardless of how late they stay), car service to and from work and I've heard ridiculous stories on some of the things they were able to expense.

 

Consulting firms like Alvarez, FTI and Alix also do significant financial restructuring in addition to the ops. Most restructurings require the two components so advisors are becoming one stop shops.

 

Heard that MB is bleeding from the top - still a big name, but maybe not the best star to hitch your wagon to at this point (although I suppose an internship carries less risk than FT).

 
wso1234:
Heard that MB is bleeding from the top - still a big name, but maybe not the best star to hitch your wagon to at this point (although I suppose an internship carries less risk than FT).
I've heard this too, from a MD who left actually, who said that it's going down the tubes. On the other hand, their bonuses for analysts in past years have been significantly above street.
 

Yo, ever look at Deal Pipeline league tables? They seem preferable since they distinguish roles of financial advisor and ops advisor. http://thedeal.com/pdf/Q3BLT2014.pdf

Also, nobody's mentioned Perella Weinberg. I think they got debtor side mandate (idk if that's correct term) for Caesars.

PJS also doing some stuff for Radioshack

People demand freedom of speech as a compensation for freedom of thought which they seldom use.
 
BulgeBoutiqueBanker:

Tier 1 -> HL, BX, Laz, and Rothschild.
Tier 2 -> MB, EVR, Moelis, GHL
and then everybody else

I work in RX as well and would tend to agree with this. Would move Rothschild down to T2 or off completely though, really never see them on much. Would also clarify that HL is basically a creditor shop where the other firms do a mix of debtor/creditor.

 
BulgeBoutiqueBanker:

Tier 1 -> HL, BX, Laz, and Rothschild.
Tier 2 -> MB, EVR, Moelis, GHL
and then everybody else

Dudeee. Id honestly put Moelis top 2/3. There is a changing of the guard. Moelis is going a LOT of restructuring and are getting on some banner transactions.

I heard from a buddy that Rothschild is on a downward slope no hard evidence though

 

With a background in Corporate Credit Risk Underwriting / portfolio management (Credit analysis of bank's loans and capital commitments), is it feasible to try and break into restructuring at another investment bank given experiences from the creditor's perspective and underwriting the loans / syndication with the Company / debtor? Does anyone have any similar experiences? Thanks.

 
oGs:

With a background in Corporate Credit Risk Underwriting / portfolio management (Credit analysis of bank's loans and capital commitments), is it feasible to try and break into restructuring at another investment bank given experiences from the creditor's perspective and underwriting the loans / syndication with the Company / debtor? Does anyone have any similar experiences? Thanks.

Way to hijack the thread with a stupid question.

No, it's not worth it. Don't take the few hours to update/tailor your resume and look for/network for a job you want. You have everything to lose and nothing to gain by trying.

 

I work in RX, and we tend to see HL and BX on most deals. Then probably Moelis, Lazard, Rothschild and then MB, Millstein, Evercore and then whatever firms that do one-off restructuring deals. Of course, this just my personal experience, but I keep up with most of the currently distressed industries out there (i.e.,retail, e&p, metals/mining)

 

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"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Consequatur quis qui a rem. Quis ut rem id maxime laboriosam. Delectus laborum error omnis tenetur.

Et occaecati non placeat aut ut non excepturi. Rerum vitae odit dolorem ut odit id repellat iure. Atque consequuntur quo commodi voluptatem ut alias. Nihil veniam ut porro veniam harum. Facere nesciunt aut facere itaque sit.

 

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