NEW YORK, May 22, 2017 /PRNewswire/ -- Restructuring
attorneys and advisers predict that the energy and retail sectors
will be the most active for out-of-court restructurings this year,
according to The Deal, a business unit of TheStreet,
Inc. (NASDAQ: TST).
Early in the first quarter of 2017, many restructuring attorneys
and advisers were certain that the healthcare industry was heading
for a wave of out-of-court restructurings and bankruptcy filings
because of President Trump's vow to repeal and replace
Obamacare.
After Trump's first proposed legislation stalled and a second
try at passing a bill squeaked through with minimal support,
advisers are no longer certain that Trump's assault on The
Affordable Care Act will be a threat to the healthcare sector this
year, as they first thought. Advisers are now asserting that
companies in the energy and retail sectors will be more active this
year seeking out-of-court restructurings than the healthcare
industry.
"A long list retailers led a parade of out-of-court
restructurings in the first quarter with many of them, such as
Macy's, Sears Holding Corp. and J.C. Penney Co., announcing dozens
of store closings." said Kirk
O'Neil, out-of-court restructuring reporter at The Deal.
"The retail sector will continue to be the most active industry
seeking out-of-court restructurings in the second quarter, followed
by some oil and gas companies that are trying to avoid Chapter 11
filings."
The Deal's exclusive ranking covers the
top global advisers involved in out-of-court cases
filed between January 1 and March 31, 2017.
Some highlights from the report:
- Lazard Ltd. was the top financial adviser to distressed
companies in the first quarter, with 28 deals. Houlihan Lokey Inc.
was second, with 19 deals. Rothschild & Co was third, with 13
deals. Evercore Partners Inc. ranked fourth with eight deals.
Rounding up the top five was Moelis & Co., with seven
deals.
- Houlihan Lokey Inc. was the top financial adviser to creditors,
with seven deals. Moelis & Co. LLC was second, with six. PJT
Partners Inc. ranked third, with five deals. Lazard Ltd. and
Rothschild & Co tied for fourth, with four deals. Ducera
Partners LLC ranked fifth, with three deals.
- Among law firms, Kirkland & Ellis LLP was the top counsel
to distressed companies, with 10 deals. Latham & Watkins LLP
ranked second, with six deals. Cleary
Gottlieb Steen & Hamilton LLP and Davis Polk & Wardell LLP tied for third,
with five deals each.
- Milbank, Tweed, Hadley & McCloy LLP ranked first for the
top counsel to creditors, with 18 deals. Paul, Weiss, Rifkind,
Wharton & Garrison LLP ranked second, with 14 deals. Latham
& Watkins LLP ranked third, with nine deals. Proskauer Rose LLP
ranked fourth, with five deals. Cleary
Gottlieb Steen & Hamilton LLP and Gibson, Dunn &
Crutcher LLP tied for fifth, with four deals each.
- AlixPartners LLP and Alvarez & Marsal LLC tied for the top
restructuring advisers to distressed companies, with nine deals
each. FTI Consulting Inc. was ranked second, with six. Zolfo Cooper
LLC was third, with three deals. And PricewaterhouseCoopers was
fourth, with two deals.
The full article is available online, or learn more
about The Deal's Out-of-Court League Tables by
visiting http://www.thedeal.com/out-of-court/.
About The Deal's Out-of-Court Restructuring League
Tables
The Deal's Out-of-Court Restructuring league
tables are based on distressed companies experiencing financial
restructuring ongoing or completed during the period under review.
Minimum requirements for inclusion include: announcement,
completion or reference date; at least one (1) instrument of debt
amount stated (bond, note, loan, credit facility, etc.); credit
facility security (secured or unsecured); and name of the
distressed company. Roles in the league tables will be: legal
advisory, financial advisory and other advisory (including Public
Relations or Restructuring Adviser). There are neither geographic
nor company value size restrictions for the distressed company.
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), the
leading relationship mapping service of corporate directors and
officers; and RateWatch (www.rate-watch.com) which supplies rate
and fee data from banks and credit unions across the U.S.
Contact: Jon Kostakopoulos,
212-321-5561, Jon.kostakopoulos at thestreet.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/retail-energy-sectors-lead-2017-restructurings-topping-healthcare-300461104.html
SOURCE TheStreet, Inc.