Comments (80)

Dec 8, 2008

(in no particular order)

Lazard
HLHZ
Blackstone
Rothschild
Miller Buckfire

By the way, HLHZ is heavily involved in creditor-side advisory, while the rest are heavily focused on debtor-side

Dec 8, 2008

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?

Dec 8, 2008

what about Gleacher?

Dec 8, 2008

..Greenhill and Gleacher as well.

also Macquarie, they acquired giuliani advisors a while ago.

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.

Dec 8, 2008

What about Evercore?

Dec 8, 2008
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.

Dec 8, 2008

how about the Gordian Group? i know the partners wrote a well known book about restructuring.

Dec 8, 2008

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.

Dec 8, 2008

Imperial Capital has a solid restructuring practice. I wouldn't put it in the "top" bracket, but it's relatively strong.

Dec 9, 2008

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.

Dec 9, 2008

Lehman - Lazard
Tribune - Lazard
Pierre Foods (packaged foods provider) - Perella Weinberg
Mervyn's - Miller Buckfire
Kimball Hill - Houlihan Lokey

Not 100% sure of these:
Pilgrim's Pride - Lazard
Circuit City - Rothschild

Either not familiar with the others or don't know if they have hired an FA

Dec 9, 2008

Pilgrim's Pride is Lazard. Circuit City is Rothschild

Dec 9, 2008

Incidentally, 4 of the 7 cases baloogafish listed have the same operational advisor.

Dec 10, 2008
ConsultThis:

Incidentally, 4 of the 7 cases baloogafish listed have the same operational advisor.

Damn straight.

Dec 12, 2008

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

Dec 11, 2008

Thanks for the information guys.

Dec 12, 2008

"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."

Dec 12, 2008

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.

Feb 26, 2009
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.

Mar 8, 2009

Which groups?

Dec 13, 2008

And while it hasn't happened yet, IF Nortel decides to declare bankruptcy, they will be using Lazard.

Dec 13, 2008

I am also interested in restructuring, but does it has to be i-banks? How about KPMG resturcturing? Or consulting firms? Do i-banks also do cash management, turnaround management, etc, in addition to fin restructuring?

Dec 13, 2008

There's a difference between financial restructuring and operational restructuring. Places like Alvarez & Marsal, Alix Partners, FTI will do a lot of turnaround/operational restructuring whereas Lazard, Blackstone, etc work through the financial restructuring.

Dec 14, 2008

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.

Apr 13, 2009

I don't see any recent mandates mention Blackstone but I am pretty sure they are a big player. So how do we explain this ?

Jun 26, 2012

bump

Jun 26, 2012

Restructuring is very boutique-oriented. Some others with strong practices include Houlihan Lokey, Miller Buckfire, and Blackstone.

Jun 26, 2012

Houlihan Lokey is the leader in creditor-side restructuring, as opposed to debtor-side, which is what Laz, Evercore and Greenhill typical focus on. Other restructuring shops include Rothschild, Perella Weinberg, Blackstone and Moelis.

Jun 26, 2012

If you're looking for a name that isn't as obvious, I'd go with Miller Buckfire. Really strong restructuring shop.

Jun 26, 2012

Thanks guys, how about regional Los Angeles firms? Im a sophomore and a lot of the larger shops will only take junior interns.

Jun 26, 2012

Thanks guys, how about regional Los Angeles firms? Im a sophomore and a lot of the larger shops will only take junior interns.

Jun 26, 2012

Imperial Capital is a decent "less prestigious" restructuring shop in LA

Array

Jun 26, 2012

HL is big in LA, thats where their headquarters is

Jun 26, 2012

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).

Jun 26, 2012
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.

Jun 26, 2012

Any other firms along the lines of imperial?

Jun 26, 2012

.

Jun 26, 2012

Not sure how big Alvarez & Marsal is in LA, but they do pretty well.

Best Response
Jun 26, 2012
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Jun 26, 2012

Why are you so interested in Restructuring out of interest? Weird for a soph to have such a specific goal.

Jun 26, 2012

Restructuring and corporate finance advisory seem like the best way to really analyze companies and learn them inside and out, eventually I would like to go into distressed PE, and restructuring 1. seems like a very clear path to that, and 2. would give me the right experience to be successful.

Jun 26, 2012
BreadBaker:

Restructuring and corporate finance advisory seem like the best way to really analyze companies and learn them inside and out, eventually I would like to go into distressed PE, and restructuring 1. seems like a very clear path to that, and 2. would give me the right experience to be successful.

I guess he's reading the news haha

Jun 26, 2012

Moelis LA is top shop for sure. I would say Evercore RX is bottom first tier and Greenhill being top second tier

Jun 26, 2012
Entertainment720:

Moelis LA is top shop for sure. I would say Evercore RX is bottom first tier and Greenhill being top second tier

Im pretty sure most of the RX is ran out of NY, at least based on the website. The heads of Restructuring sit in NY

Jun 26, 2012

How is Jefferies restructuring these days?

Jun 26, 2012

Don't forget Rothschild; they're definitely a top-tier restructuring firm.

3Q RX league tables should fill any gaps:
http://dmi.thomsonreuters.com/Content/Files/3Q2014...

Jun 26, 2012

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

Jun 26, 2012

Thanks for sharing. Looks like FY14 RX league table is out too for those interested.

http://dmi.thomsonreuters.com/Content/File /4Q2014_Distressed_Debt_Bankruptcy_Restructuring_Advisory_Review.pdf

Jun 26, 2012

Thanks for sharing. Looks like FY14 RX league table is out too for those interested.

http://dmi.thomsonreuters.com/Content/File /4Q2014_Distressed_Debt_Bankruptcy_Restructuring_Advisory_Review.pdf

Jun 26, 2012

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

Jun 26, 2012
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.

Jun 26, 2012
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

Jun 26, 2012

From the perspective of someone who sometimes looks to hire these folks

Tier 1 -> BX, HL, Laz, Moelis
Tier 2 -> Everyone else

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Jun 26, 2012
NewGuy:

From the perspective of someone who sometimes looks to hire these folks

Tier 1 -> BX, HL, Laz, Moelis

Tier 2 -> Everyone else

Do you think will the spinoff of BX Advisory / RX into PJT Partners have any effect on recruiting in the future?

Jun 26, 2012
NewGuy:

From the perspective of someone who sometimes looks to hire these folks

Tier 1 -> BX, HL, Laz, Moelis

Tier 2 -> Everyone else

Do you think will the spinoff of BX Advisory / RX into PJT Partners have any effect on recruiting in the future?

Jun 26, 2012
NewGuy:

From the perspective of someone who sometimes looks to hire these folks

Tier 1 -> BX, HL, Laz, Moelis

Tier 2 -> Everyone else

Agreed. +1 to you sir

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Jun 26, 2012

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.

Jun 26, 2012
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.

Jun 26, 2012

Would agree with everything thus far, although with some of these firms remember that analysts are generalists and thus spending a majority or all of your time on restructuring deals can't be guaranteed. Very different than taking an offer at BX or HL.

Jun 26, 2012

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)

Jun 26, 2012

Also HockeyFan99, the head of RX at Jefferies left a few years ago to start a RX practice at Guggenheim. They've pulled in some okay mandates like Exide and EFH UCC.

Jun 26, 2012

what about in london?

Jun 26, 2012
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Jun 26, 2012
Jun 26, 2012