NEW YORK, Aug. 15, 2017 /PRNewswire/ -- Uncertainty with
the Affordable Care Act and rising costs will prompt more
out-of-court restructurings in the healthcare industry, while the
retail and energy sectors will have a steady flow of restructurings
through the end of the year, according to restructuring attorneys
and advisers, according to The Deal, a business unit
of TheStreet, Inc. (NASDAQ: TST).
"Healthcare industry out-of-court restructurings seemed to
return to stability in the second quarter of 2017 based on
assumptions by restructuring advisers that the Affordable Care Act
was on firm ground," said Kirk O'Neil, out-of-court
restructuring reporter at The Deal. "But uncertainty in the
healthcare industry has returned for the second half of 2017, as
President Trump continues his campaign to undermine the ACA after
the U.S. Senate rejected legislation to repeal the act."
The report also mentions the healthcare, retail and energy
sectors will be the most active for out-of-court restructurings
through the end of 2017.
The Deal's exclusive ranking covers the
top global advisers involved in out-of-court cases
filed between January 1 and June 30, 2017.
Some highlights from the report:
- Lazard Ltd. was the top financial adviser to distressed
companies in the first half, with 34 deals. Houlihan Lokey Inc. was
second, with 24 deals. Rothschild & Co was third, with 19
deals. Evercore Partners Inc. and Moelis & Co. tied for fourth
with nine deals each.
- Houlihan Lokey Inc. was the top financial adviser to creditors,
with 12 deals. Moelis & Co. LLC was second, with
eight. PJT Partners Inc. ranked third, with six deals. Rothschild
& Co came in fourth, with five deals. Lazard Ltd. ranked
fifth, with four deals.
- Among law firms, Kirkland & Ellis LLP was the top
counsel to distressed companies, with 14 deals. Latham &
Watkins LLP ranked second, with seven deals. Davis Polk
& Wardell LLP ranked third with six deals. Cleary Gottlieb Steen & Hamilton
LLP and Weil, Gottlieb & Manges LLP tied for fourth with
five deals each. Sullivan & Cromwell LLP and Vinson &
Elkins LLP tied for fifth with four deals each.
- Paul, Weiss, Rifkind, Wharton & Garrison LLP ranked first
for the top counsel to creditors, with 21 deals. Milbank, Tweed,
Hadley & McCloy LLP ranked second, with 19
deals. Latham & Watkins LLP ranked third, with 13
deals. Orrick, Herrington & Sutcliffe LLP ranked
fourth, with six deals. Proskauer Rose
LLP and Gibson, Dunn & Crutcher LLP tied for
fifth, with five deals each.
- Alvarez & Marsal LLC was the top restructuring adviser
to distressed companies, with 15 deals. AlixPartners LLP was
ranked second, with 13. FTI Consulting Inc. was third with
seven deals. EisnerAmper LLP was fourth, with five deals.
Conway MacKenzie Inc. and Zolfo Cooper LLC tied for fifth with
three deals each.
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), an unbiased
source of business news and market analysis for investors; BoardEx
( www.boardex.com), a 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
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