NEW YORK, Oct. 26, 2016 /PRNewswire/ -- The Deal, a
business unit of TheStreet, Inc. (NASDAQ: TST), reported
that Chapter 11 bankruptcy filings increased 22% in Q3 2016,
compared to the previous year, led by a continued surge in oil and
energy company filings.
"Oil and gas companies are expected to continue filing Chapter
11 cases at an accelerated rate until OPEC negotiates a plan to cut
oil production. Due to the supply glut, prices have struggled to
regain even half the $112 per barrel
peak they hit in June of 2014, pressuring the energy industry,"
said Lindsay Rittenhouse, bankruptcy reporter at The Deal. "On
a positive note, Chapter 11 filings mean oil and gas producers have
the financing, including lenders willing to provide
debtor-in-possession loans, and the assets worth saving to carry
out the lengthy and costly process of a bankruptcy case for
reorganization, rather than succumbing to a complete shutdown."
The Deal's exclusive ranking covers the top firms and
professionals involved in active bankruptcy cases for the third
quarter of 2016. Collected data captures only active bankruptcy
work for ongoing U.S. and Canadian cases.
Some highlights from the report:
- Latham & Watkins LLP claimed the top spot for bankruptcy
law firms by volume, with $1,074.6
billion in liabilities. Akin Gump Strauss Hauer & Feld
LLP followed, with $1,052.7 billion
in liabilities. Vedder Price PC
ranked third, with $1,014.5 billion
in liabilities. Duane Morris LLP followed in fourth with
$980.7 billion in liabilities and
Dentons ranked fifth with $962.5
billion in liabilities.
- Among lawyers by volume, Peter
Gilhuly (Latham & Watkins LLP) ranked first, followed by
Douglas Rosner (Goulston &
Storrs PC), Daniel Golden (Akin Gump
Strauss Hauer & Feld LLP), Richard
Hahn (Debevoise & Plimpton LLP) and Scott Davidson (King & Spalding LLP).
- For investment banks by volume, Houlihan Lokey Inc. remained in
the top spot, with $204 billion in
liabilities. Lazard Ltd. followed in second, with $166.1 billion in liabilities. PJT Partners Inc.
was third, with $124.1 billion in
liabilities. Stifel Financial Corp. ranked fourth, with
$113.7 billion in liabilities.
Jefferies LLC rounded up the top five with $101.9 billion in liabilities.
- Leon Szlezinger (Jefferies LLC)
remained in the top spot for investment bankers by volume in the
third quarter of 2016. Steven Zelin
(PJT Partners Inc.) ranked second, while Neil Luria (Solic Capital Advisors LLC) ranked
third. Edward Casas (Solic Capital
Advisors LLC) ranked fourth, followed by Matthew Mazzucchi (Houlihan Lokey Inc.).
The full report is available online, or learn more about
The Deal's Bankruptcy League Tables by
visiting http://www.thedeal.com/league-tables/bankruptcy/.
About The Deal's Bankruptcy League Tables
The Deal's Bankruptcy League Tables are the industry's
only league tables focused solely on active bankruptcy cases. The
Bankruptcy League Tables by volume involve only
active U.S. bankruptcy cases of debtors with liabilities
of $10 million or more. The rankings are based on the
aggregation of those liability values. The table reflects the
number of active cases fitting that criteria and may not
characterize the total number of active cases. Firms and
professionals only get one credit for each active case, not each
active assignment. The Bankruptcy League Tables by number
involve U.S. and Canadian bankruptcy cases irrespective
of debtor asset size. Professionals receive credit for multiple
assignments on one case.
About The Deal
The Deal (www.thedeal.com)
provides actionable, intraday coverage of mergers, acquisitions and
all other changes in corporate control to institutional investors,
private equity, hedge funds and the firms that serve them. The Deal
is a business unit of TheStreet, Inc. (NASDAQ:
TST, www.t.st), a leading financial news and information
provider. Other business units include TheStreet
(www.thestreet.com), which is celebrating its
20th year of producing unbiased business news and
market analysis; BoardEx (www.boardex.com), a relationship mapping
service of corporate directors and officers; and RateWatch
(www.ratewatch.com), which supplies rate and fee data from banks
and credit unions across the U.S.
Contact: Jon Kostakopoulos, TheStreet, Inc.,
212-321-5561, Jon.Kostakopoulos at thestreet.com
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SOURCE TheStreet, Inc.