Banks strong in the restructuring area
Which banks (BBs and MMs) have particularly strong restructuring groups?
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HLHZ
Id add Blackstone, Miller Buckfire
Rothschild
the thing to remember is that houlihan is primarily creditor-side, which is far less interesting than debtor-side. blackstone, miller buckfire, rothschild are all primarily debtor-side. greenhill also has a restructuring group, as well as lazard, which are both pretty respectable.
Of course, working on the Creditor side gives you significantly greater exposure to exit opportunities to the buyside.
why do u think creditor side is far less interesting than debtor side?
how does a restructuring group compare to a M&A group in terms of experience and depth of work? note: i dont care about exit ops!
With an M&A group you will have a lot of interaction with financial sponsors (ie PE shops). If you really don't care about exit ops that won't mean much but if you are looking to go into PE one day (assuming the bubble doesn't burst) it certainly couldn't hurt to do M&A and try and figure out how those guys think. They usually require you to do an LBO model in an interview so M&A will help with that.
When you look at M&A shops, make sure you ask whether they do more buy-side or sell-side. Sell-side is much better because you are almost certain to close some type of deal once engaged. With buy-side, the client often decides they don't like the multiples in the market and hold off until they decline a bit.
could someone explain the creditor/debtor? or is it another way of describing buyside and sellside?
they mean who you represent and advise -the debtor (company) or the creditor (bank...)
JPMorgan has a good restructuring department
What kind of exit ops to you have from a strong restructuring practice (Lazard, HLHZ, Barclays, etc.)??
In terms of exit opps, there's Lazard, Blackstone..then everyone else. Lazard and Blackstone analysts have either gone to, or gotten offers from KKR, TPG, TPG Axon, Perry, Carlyle, SilverPoint, Apollo, Tiger, and a number of other HFs that many of you probaby havent heard of.
These guys place just as well as MS MnA and GS TMT. Ask anyone who knows, and they'll say the same thing.
i wonder what is their request for candidates, or people with what background can be qualifed for Lazard?
is there any post about this kind of interview in this forum?
thanks a lot
how's perella weinbeg's dealflow? definitely prestigious, no doubts there; just haven't seen them on any restructuring rankings, ie the DEAL
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