DISTRESSED DEBT & BANKRUPTCY DISTRESSED DEBT & BANKRUPTCY

RESTRUCTURING REVIEW
Restructuring Advisors Restructuring Advisors
First Quarter 2012
# of Deals per Advisor
Deals Sh (%)
Market Change in
4.7
8
14.0
1
Value (US$m)

Restructuring 2012
Rank Financial Advisor
1 -6
Bank of America Merrill Lynch 5
Rothschild 3 3
Lazard
19.0
15.1 2 11.6 1
4
Houlihan Lokey
Blackstone Group LP 1
Financial Advisor
2
2012
Rank
1 8 2
Restructuring Value per Advisor (US$m)
2011
Rank
Restructuring
# of Deals per Advisor
6 9.3 41.3
Value US$m
Market
10 3 2*
# of
Deals
# of
# of Deals
284,265.1
# of Deals
Change in
Value (US$m)
2
6
6
2 5

Houlihan Lokey

-8 2*
6
-11 1
1 2
12,727.4
2,772.2
1,196.4
Blackstone Group LP
3*
5
Moelis & Co
12 467 0
-2 5 4
2011
Rank
10

12
-1
Lazard
Rothschild
3*
Global Distressed Debt & Bankruptcy Restructuring Rankings
Sh (%)
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
19.7
First Quarter 2012
Worldwide Completed Restructuring (DR1)
4 9
Global Deals Intelligence
Worldwide Completed Value by Industry ($bil)
7,292.5
5,798.9
1 858 7
Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$38.3 billion during the first quarter of 2012, a 38.5% decline from the same period last year. In terms of volume, the number of completed deals decreased by
29.8% to 86 transactions. The largest completed transaction of the quarter was the US$10.4 billion Washington Mutual restructuring, and the largest announced transaction was Greece's US$272.6 billion debt exchange transaction.
US deal activity totalled US$20.8 billion during the first quarter of 2012, a 7.2% decrease compared to the same period last year. There were 47 restructuring transactions announced in the first quarter of 2012, a 53.9% increase compared to
the previous year. The Financials and Media & Entertainment industries accounted for over 70% of the US debt restructuring market.
EMEA distressed debt restructuring deal volume totalled US$14.9 billion in the first three months of 2012, marking a 57.3% decrease in activity compared to the first quarter of 2011. Financials was the leading sector with approximately 53%
of total completed EMEA distressed debt restructuring deal volume.
Asia Pacific (including Japan) deal volumes during the first quarter of 2012 reached US$1.1 billion, down 76.4% from the same period last year. Financials was the most active sector, capturing 38% of the market, followed by Materials and
Retail, with 31% and 21% market share respectively.
Jan 1 - March 30
15,830.3
7,538.5
WW Announced Restructuring (DR1a) Jan 1 - March 30
49% 9%
6%
5%
*tie
Top Ten Completed Restructuring Deals (US$m)
1
10
KPMG
PricewaterhouseCoopers
7 19
UBS 8
Alvarez & Marsal 9
8
-
Bank of America Merrill Lynch 5 -
6 30 1 1.2
- - -2 5 6 1.2
9,388.1 0
Blackstone Group LP 5 12,467.0
4 13* 2
1 2
AlixPartners LLC -
7*
FTI Consulting Inc
-
- - 0
7*
2
4
0
-2
- 0 - -
1
Evercore Partners
- 10* KPMG 21*
-
1
Global Partners Consulting Inc 11 -
1.2 Peter J. Solomon Co Ltd
0.8
12 -
323.4
1
Nomura
0.7
13* 0 1
1
1
250.0 -
1.2 31*
3
0.6
1 1.2
10*
Alvarez & Marsal 402.0
-
13* -
-
13*
-
- -
-
GCA Savvian Group Corp
0.6
0.5 15
0.1
1.2 1 - -
Wingate Direct Investments Pty
-
Masters Trust Inc
0.1
-
10* Global Hunter Securities LLC 16 -
1
0.3
61.4 1.2 -
ORIX M&A Solutions Corp 21
676.4
- 1
-
-
-
214.9
1 1.2
214.9
1 1.2
1
-
-
- 1.2
1.2
0.0
0.0
43.0
-
10*
10*
- Nomura
0
Wingate Direct Investments Pty
-
Brookland Partners LLP
-
Industry Total
FinTech Global Inc 20 -
Perella Weinberg Partners LP
469.4
1,584.6
-
-

7,168.0
-
-1
-
38,315.4
Mizuho Financial Group
1
1
6
7*
DC Advisory Partners 21*
13*
10*
Global Hunter Securities LLC
BDO International
-
1
1
-
10*
-
1
-
13* -1
110.3 -

1,800.0
117.3
-
-
2
10*
2,200.0
551.9
325,953.6
DC Advisory Partners
Industry Total
Gordian Group, LP 10*
10*
-138
2
0
2.3
2
4.4
3.2
2.6
4.9
1.2
-
-
1.2 1
2.3
-
0.0
2.5
26.0
7.7
.0
-
-
1.2
- -
-
1
0.0
1.2
0.2
-
10*
ORIX M&A Solutions Corp
-
-
-
-
ABeam M&A Consulting Ltd 17 -
2.3
3.5
1
1
1 1.2
1
Moelis & Co
Mizuho Financial Group
19
BDO International 22* -
18
22* 31*
-
-
-
.1
1
-
.0
-
-123 86
Worldwide Announced Bankruptcy Sales
144
.0
875.0
196.7
110.3
942.1
214.9
.1
214.9
1,858.7
-
1,685.9
1,216.0
1,000.0
0
2
4
6
8
10
12
14
16
18
20
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12%
12%
Financials Telecommunications
Materials Media and Entertainment
Retail Real Estate
Healthcare Industrials
Energy and Power Consumer Products and Services
High Technology Consumer Staples
$10,350
$5,029
$2,644
$1,859
$1,686
$1,216
$1,112
$1,076
$1,062
$1,000
Washington Mutual,Seattle,WA
Eiffarie SAS
Nokia Siemens Networks Oy
AfriSam(South Africa)(Pty)Ltd
Quabit Inmobiliaria SA
Vitro SAB de CV
CEVA Investments Ltd
Cemex SAB de CV
National Bank of Greece SA
DBSD North America Inc
https://www.thomsonone.com
e
rsc
t
s

o
n
s
EMEA Completed Value by Industry
Value (US$m)
Industry Total 20,840.8 -48
Restructuring Value per Advisor (US$m)
Market 2012 Change in
.0 DC Advisory Partners 7* - 1 -
1 0
-
1 DC Advisory Partners
- - 944.2
1 -
10* -
Perella Weinberg Partners LP -
110.3 - -
FTI Consulting Inc 7*
Global Hunter Securities LLC 7*
9 -
3.3 - .0
-
-
1
-
-
402.0 3.3 -
1
-
Alvarez & Marsal 7*
Gordian Group, LP 7* 1 117.3
Peter J. Solomon Co Ltd 8 - 1
7 5 1 Rothschild 452.8
1.2 250.0
6.7 -1
6.7

-
-
4.2
2.2 3.3 -2 - -
Alvarez & Marsal
2
-
4 3.3
5 -
4.8
942.1 4.5
1 -
7,013.2
2
5*
4 2 -2
1
646.0
4
3 10* 2

Blackstone Group LP

1*
Rothschild
- -
5*
Lazard 1 3
1* -2 2,131.8
5
6 5* 5 20.0 1
-1 5
2 5
3 556.0
Change in
1*
Restructuring
# of Deals
Moelis & Co
2012
Rank
2011
Rank
US Completed Value by Industry
Financial Advisor
2011
Rank
# of Change in # of
Deals
Market

Value (US$m)
7,909.1
7*
1 0 10*
12,467.0 2
Moelis & Co 6

AlixPartners LLC
18.9
7 23.3
Houlihan Lokey
Financial Advisor
3,940.2
Deals Sh (%)
30
Global Hunter Securities LLC 3.3
# of
5,085.2 10 33.3 3
-
Restructuring
1
10
# of Deals per Advisor

Restructuring Change in
# of Deals per Advisor
-55 17,625.0
2011
EMEA Announced Restructuring (DR4a) Jan 1 - March 30
Value (US$m)
Industry Total
Restructuring
47
2012 2011
6,750.0
# of Deals per Advisor
-6
US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings
Lazard
7
3
110.3
875.0
1,000.0
0.5
0.0
First Quarter 2012
Blackstone Group LP
Houlihan Lokey

UBS
2
2012
Rank
Market
1
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
2
Value US$m
# of
Sh (%) # of Deals
Jan 1 - March 30
Restructuring Value per Advisor (US$m) # of Deals per Advisor
US Completed Restructuring (DR2)
24.4
14,614.3 70.1
Market
EMEA Completed Restructuring (DR4) Jan 1 - March 30
US Announced Restructuring (DR2a) Jan 1 - March 30
56%
16%
11%
9%
4%
Financials Media and Entertainment
Retail Telecommunications
Industrials Consumer Products and Services
Healthcare Real Estate
Energy and Power High Technology
Materials
31 Industry Total 14,856.1
6.5
Deals
Market
3 2
KPMG 5*
3.2 1
Brookland Partners LLP
4*
1
3* 2
- 1
2,453.3
12.5
-
37.9
-
2
2012
Rank
Change in
Financial Advisor
1
-1
2
6.5
12.5
5,623.7
1,858.7

# of
Rothschild
# of Deals
PricewaterhouseCoopers 5
Financial Advisor
Houlihan Lokey 16.5
Restructuring
1,858.7
Lazard
3*
Change in
Sh (%) Value (US$m)
2011
Rank # of Deals
2,374.9
1
Restructuring
12,081.4 6
-
276,356.0
- 5 -
2012
Rank
2011
Rank
Rothschild
Bank of America Merrill Lynch
1
# of
Deals
1 7 Lazard 12*
2 -6
469.4 3* 2 DC Advisory Partners
4 1 12.9 1 AlixPartners LLC 3*
3.2 -
4 2
Evercore Partners 5*
2,200.0 1 0 - 12*
1
.0 1 - - -
2 1,800.0
BDO International 6* - - .0 3.2 0.0 1

676.4 5* 12* 1 - -
DC Advisory Partners 6* 14* 1 0.0 0 - .0 3.2 BDO International 5*
-
-
-
-
-
-
-

Value (US$m)
Value (US$m)
-56
2012
Rank
2011
Rank Deals Sh (%)
Market
# of Deals
# of Deals per Advisor
Restructuring Market
28.6 323.4
Sh (%)
- 4.0 1
# of Change in
-
Moelis & Co
Global Partners Consulting Inc 1 -
1 Nomura
-
12*
1
- 551.9 -
Houlihan Lokey -
1* Mizuho Financial Group
1* .0
214.9
418.0
214.9
0
.1
-
.0 -1
FTI Consulting Inc
-
ORIX M&A Solutions Corp

- 1* - 1
7
-
214.9 19.0
19.0 Wingate Direct Investments Pty 2* -
2*
214.9 1 4.0
ABeam M&A Consulting Ltd
Wingate Direct Investments Pty
- -
-
- 5.4
Masters Trust Inc
300,446.3 63
-
-47
# of Deals per Advisor
Change in
4.0
4 196.7 - 3 - 12.0
-
-
1*
1
.1
1
Nomura 1*
1 -
1
1 26.0
7.7
17.4
6
61.4
-
-
0.7
4.0
4.0
3.8
2.3 -
-
43.0
GCA Savvian Group Corp
Mizuho Financial Group
FinTech Global Inc 8
4.0
4.0 -
-
-
5
9
- -
-
-
2012
Rank
-
1* 2* 1
1
1
# of
Deals # of Deals Financial Advisor
Industry Total
2011
Rank Financial Advisor
Restructuring Value per Advisor (US$m)
Value US$m
1
1* -
1 4.0
ORIX M&A Solutions Corp
Asia Pac & Japan Completed Value by Industry Jan 1 - March 30
Restructuring
-1

1
Market
Asia Pacific & Japan Completed Restructuring
0.0
25 1,131.1 Industry Total
Jan 1 - March 30
1,685.9 11.4
Value US$m Sh (%)
2 34 5
AP / Japan Announced Restructuring
6,945.4 Industry Total
38%
31%
21%
9%
Financials Materials
Retail Industrials
Real Estate Consumer Staples
Consumer Products and Services Healthcare
53%
18%
13%
11%
4%
Financials Telecommunications Materials
Real Estate Healthcare Industrials
https://www.thomsonone.com
-
-
-
-
-
-
Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors
Distressed Debt & Bankruptcy Restructuring Rankings
First Quarter 2012
E-mail: anthony.pico@thomsonreuters.com
Deals with undisclosed dollar values are rank eligible but with no corresponding Restructuring Value. Non-US-dollar-denominated transactions are converted to the US dollar equivalent at the
time of announcement of terms.
Asia-Pacific
E-mail: jason.pacannuayan@thomsonreuters.com
Regional restructuring league tables include deals where the debtor/target or debtor/target ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
If you would like to participate in the submission
process, receive quarterly press releases, or have
questions about league table criteria please contact:
Announced and completed rankings include all transactions announced or completed between January 1, 2011 and March 30, 2012 and of which Thomson Reuters was made aware. All
2012 data is as of 9:00am EDT on April 10, 2012.
EMEA
E-mail: serkan.tecimer@thomsonreuters.com
Jason Pacannuayan (+632 858 7262)
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional
transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
League tables include debt exchange offers, debt tender offers, bankruptcy/distressed sales, loan modifications, and transactions where debt is retired using proceeds from an equity offering.
In order to be considered rank eligible, the debtor company must be either bankrupt or distressed.
Serkan Tecimer (+44 20 7542 3566)
Criteria Summary
Anthony Pico (+1 646 223-8413)
Americas
Financial advisors receive full credit for each deal on which they provide advisory services to the debtor company, creditor or creditor group receiving a majority equity interest in the debtor
company as a result of the transaction, or ad-hoc creditor committee.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to
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