Transcription of NORTH AMERICA 1H 2017 RESTRUCTURING ADVISORY …
1 If you would like to inform us of an ADVISORY mandate, please email us at of Legal Analysis, AMERICA1H 2017 RESTRUCTURING ADVISORY MANDATE REPORTTABLE OF CONTENTS2 Page 3 General IntroductionPage5 June2017 MandatesPage 9 1H 2017 MandatesPage 16 Mandates by Type of RepresentationPage 22 Mandates by SectorPage 30 Firm SnapshotsPage 36 Annex A: NORTH AMERICA ADVISORY Mandates List June 2017 Page 56 DisclaimerGENERAL INTRODUCTION TheDebtwireRestructuringAdvisoryMandateR eporttracksandranksadvisorsbythetotalnum berofrepresentationsannouncedin1H2017,co veringbothin-courtandout-of-courtsituati ons. Thisreporttracksandranksadvisorsbasedonr epresentationsin(1)June2017and(2) sproprietaryreportingaswellaspublicdocum ents,includingcourtfilings. TheRestructuringAdvisoryMandateReportbre aksdownmandatesbythefollowingcategories: LeadCounsel;Local/SpecialCounsel;Financi alAdvisors/InvestmentBankers;Restructuri ngAdvisors;andClaimsAgents.
2 Thereportalsotracksretentionsofmultipler eorganizationpartiesininterest,including :Companies/Debtors;OfficialCommittees;Le nders/Bondholders(includingadhocgroups); LoanAgents/IndentureTrustees; INTRODUCTION With1H2017nowbehindus, ,wehaveanalyzedthemandatedatabasedon:the totalnumberoftimesafirmwasretained,thety peofpartyrepresented(ie,thecompanyorUCC) andthesectorinwhichtherepresentationoccu rred. Thisreportprovidesrunningleaguetablesran kingthe1H2017leadingfirmsfor:(1)LeadCoun sel;(2)Local/SpecialCounsel;(3)Financial Advisors/InvestmentBankers;(4)Restructur ingAdvisors;and(5)ClaimsAgents. Inaddition,wehaveseparatelybrokenoutthef ollowingtypesofrepresentations,basedonth epartyrepresented:(1)thecompany,(2)commi ttees(unsecuredcreditorsandequity),and(3 )bonds/loans,whichincludesloanagentsandi ndenturetrustees,adhocgroups,andsignific antindividuallendersorbondholders. ,wepointaspotlightontheenergysector,rank ingfirmsbasedonenergysectorrepresentatio ns,duetothesheeramountofChapter11filings thatengulfedthesectorin1H2017.
3 Last,butnotleast,wehaveintroducedafirmsn apshotsectiontothisreport,whichbreaksdow ntherepresentationsoftheleadingfirmsinth ecounsel, :Thecombinedadvisorrankingstreatrepresen tationsofallparties-in-interestequally,w hethertherepresentationisforthecompanyit selforanotherrelatedparty(ie,UCC,anadhoc group,etc).Whiletherankingsdatainthisrep ortprovidestherespectivecategoryleaders, 2017 MandatesMANDATES: JUNE 20176 June 2017 MandatesSectorLead CounselLocal/Special CounselFinancial Advisor / Investment BankerRestructuring AdvisorClaims AgentGrand TotalNumber of CompaniesIndustrial Products & Services209302344 Retail1011601288 Energy143622279 Financial Services152310216 Medical63700167 Transportation61300105 Utilities34111102 Consumer4201182 Automotive1320171 Leisure4011173 Paper & Forest Products2020041 Technology2020042 Alternative (37in-court,21out-of-court).*Tofurtherbr eakdownJune sresults,themandatesreflect:131lawfirmhi res(92leadcounsel,39local/specialcounsel );39FA/IBappointments;sixrestructuringad visorretentionsandnineclaimsagentengagem ents.
4 * We have categorized companies as prime or middle market. Debtwireprime companies have at least USD 150m of funded debt commitments. Revolvers must total at least USD 150m to count towards the funded debt commitment. Debtwiremiddle market companies have less than USD 150m of funded APPOINTED ADVISORS: JUNE ,Gotshal&Mangesledthewaywiththreeleadcou nselrepresentations, CounselCounselEngagementsPrime / Middle MarketCompanyOfficial CommitteesBond / LoanPaulWeiss 33/0102 Weil Gotshal33/0300 ArentFox20/2011 Baker, Donelson, Bearman, Caldwell & Berkowitz20/2101 Brown Rudnick22/0020 Davis Polk & Wardwell22/0002 Dorsey & Whitney22/0002 Duane Morris20/2002 King & Spalding21/1110 Lowenstein Sandler20/2020 Morgan, Lewis & Bockius22/0002 Morrison Foerster22/0011 Porter Hedges21/1101 White & Case22/0002 Local/Special CounselCounselEngagementsPrime / Middle MarketCompanyOfficial CommitteesBond / LoanYoung Conaway Stargatt& Taylor31/2003 Richards, Layton & Finger22/0101 (ie,foraspecificpurposesuchasconflictsor taxes).
5 YoungConawayStargatt&Taylorjumpedtotheto pofthelocal/specialcounselrankingswithth reemandates, ,Layton& APPOINTED ADVISORS: JUNE 20178 FINANCIAL ADVISORS/INVESTMENT , ,followedbyPJTP artnerswiththreenewhiresofitsown(allinvo lvingDebtwireprimecompanies). Advisors / Investment BankersFA/IBEngagementsPrime / Middle MarketCompanyOfficial CommitteesBond / LoanHoulihanLokey53/2203 PJT Partners33/0201 Berkeley Research Group (BRG)22/0020 Guggenheim22/0200 Moelis& Co21/1200 PerellaWeinberg Partners / Tudor, Pickering Holt & Co22/0200 Stifel/ Miller Buckfire22/0020 TeneoCapital20/2110 Claims AgentsClaimsAgentEngagementsPrime / Middle MarketPrime Clerk33/0 Epiq31/2 KCC11/0 Garden City Group10/1 DonlinRecano10/1 RESTRUCTURING AdvisorsRAEngagementsPrime / Middle MarketMcKinsey22/0 Wyse Advisors10/1 RAS Management Advisors10/1 Huron Consulting Group11/0 AlixPartners11 ,thefirsttimeAlixPartnersandAlvarez& (KCC),GardenCityGroup,andDonlinRecano& 2017 MandatesFREQUENTLY APPOINTED ADVISORS: 1H 201710 Therewerecloseto1, ,comprisingcloseto65% ,whilerestructuringadvisorsandclaimsagen tsfilledouttheremainingmandates,withappr oximately5%oftotalhireseach.
6 *LEADCOUNSEL:In1H2017,therewere521totall eadcounselrepresentations, ,sixmorethanMorgan,Lewis&Bockius 15leadcounselhires, ,PaulWeiss,WeilGotshalandWhite& :In1H2017,therewere256totallocal/special counselrepresentations, ,whileRichards,Layton&Fingerwastheonlyot herfirmtocrossthe10-hirethreshold, :In1H2017,therewere275totalfinancialadvi sor/investmentbankerrepresentations, , ,Moelis&CoandPJTP artnersalltiedforsecondwith11mandates, :In1H2017,therewere59totalrestructuringa dvisorrepresentations, A& :In1H2017,therewere70totalclaimsagentrep resentations, , ,onemorethanDonlinRecano.* APPOINTED ADVISORS:1H 2017 LEAD COUNSEL111H 2017 MandatesLead CounselEngagementsPrime / Middle MarketCompanyOfficial CommitteeBond / LoanKirkland & Ellis2116/51317 Morgan, Lewis & Bockius157/83111 Akin Gump Strauss Hauer & Feld1212/0237 Paul, Weiss, Rifkind, Wharton & Garrison1211/12010 Weil, Gotshal & Manges1210/21002 White & Case1212/01011 Greenberg Traurig90/9117 Lowenstein Sandler90/9270 Milbank, Tweed, Hadley & McCloy98/1108 Pachulski Stang Ziehl & Jones94/5342 Brown Rudnick85/3062 Cooley81/7071 Davis Polk & Wardwell87/1206 DLA Piper82/6503 Jones Day77/0304 Latham & Watkins63/3204 Morrison Foerster64/2222 Norton Rose Fulbright63/3105 Stroock& Stroock& Lavan66/0006 FREQUENTLY APPOINTED ADVISORS.
7 1H 2017 LOCAL/SPECIAL COUNSEL121H 2017 MandatesLocal / Special CounselEngagementsPrime / Middle MarketCompanyOfficial CommitteeBond / LoanYoung Conaway Stargatt& Taylor136/7508 Richards, Layton & Finger116/5614 Morris, Nichols, Arsht& Tunnell72/5412 Reed Smith63/3204 KlehrHarrison Harvey Branzburg53/2122 Morris James52/3014 Whiteford, Taylor & Preston52/3032 Ashby & Geddes40/4004 Buchanan Ingersoll & Rooney42/2202 Fox Rothschild43/1013 Haynes and Boone43/1301 Norton Rose Fulbright43/1112 Potter Anderson & Corroon40/4202 Saul Ewing41/3130 Womble Carlyle Sandridge & Rice41/3202 Bayard31/2012 Blank Rome32/1102 Drinker Biddle & Reath30/3012 PachulskiStangZiehl& Jones31/2021 FREQUENTLY APPOINTED ADVISORS:1H 2017 FINANCIAL ADVISORS/INVESTMENT BANKERS131H 2017 MandatesFinancialAdvisor / Investment BankerEngagementsPrime / Middle MarketCompanyOfficial CommitteesBond / LoanHoulihanLokey2516/912013 FTI Consulting117/4083 Moelis& Co119/2704 PJT Partners1111/0605 Alvarez & Marsal97/2540 Guggenheim96/3603 Jefferies98/1810 Lazard97/2801 Evercore88/0800 Stifel / Miller Buckfire87/1431 Berkeley Research Group (BRG)75/2430 Ducera Partners76/1304 Perella Weinberg Partners / Tudor, Pickering Holt & Co76/1502 Province71/6070 BlackhillPartners42/2301 CohnReznick41/3040 GLC Advisors & Co43/1004 FREQUENTLY APPOINTED ADVISORS.
8 1H 2017 RESTRUCTURING ADVISORS141H 2017 MandatesRestructuring AdvisorEngagementsPrime / Middle MarketAlixPartners1311/2 Alvarez & Marsal95/4 Conway MacKenzie41/3 Berkeley Research Group (BRG)20/2 FTI Consulting22/0 GoldinAssociates21/1 Huron Consulting Group21/1 McKinsey22/0 Opportune21/1 FREQUENTLY APPOINTED ADVISORS:1H 2017 CLAIMS AGENTS151H 2017 MandatesClaimsAgentEngagementsPrime / Middle MarketPrime Clerk2317/6 KurtzmanCarson Consultants118/3 EpiqBankruptcy Solutions117/4 Donlin, Recano & Co101/9 Rust Consulting/Omni Bankruptcy62/4 Garden City Group50/5 JND Corporate Restructuring21/1 BMC Group20/2 Mandates by Type of RepresentationMANDATES: TYPE OF REPRESENTATION Inordertoprovideamorerobustpicture,thisr eportprovides1H2017firmrankingsbasedonth epartyrepresented,including:Company-side mandates;Committeerepresentations,includ ingbothUCCandequitycommittees;andFinanci alcreditorhires,includingloanagents,inde nturestrustees,adhocgroups,andsignifican tbondholdersandlenders.
9 WehaveprovidedseparateleaguetablesforLea dCounsel,Local/SpecialCounselandFinancia lAdvisor/I-Banker,basedonwhethertherepre sentationwas(1)onthecompanyside,(2)forac ommitteeor(3) (ie,leadcounsel),notthepartyrepresented( ie,committee). Whilefinancialcreditorrepresentationsdom inatedtheLeadCounselcategory(over50%ofto talhires),company-sidemandatessimilarlyd ominatedtheFA/I-Bankerspace. Companyandfinancialcreditorhiressharedth eleadintheLocal/SpecialCounselcategory,e achwithapproximately40%oftotalmandates. Committeerepresentationscomprisedabout15 %ofthetotalcounselmandatesandapproximate ly19% BY TYPE18 Total Representations: 1H 2017 SectorLead CounselLocal/Special CounselFinancial Advisor / Investment BankerRestructuring AdvisorClaims AgentGrand TotalCompany1241011605970514 Lenders / Bondholders222725400348 Agent / Trustee8232600120 Unsecured Creditors Committee58354500138 Other3516100061 Total52125627559701,181 Prime/Middle Market Representations.
10 1H 2017 SectorLead CounselLocal/Special CounselFinancial Advisor / Investment BankerRestructuring AdvisorClaims AgentGrand TotalCompany53/7153/4881/7930/2936/34253 /261 Lenders / Bondholders117/10530/4245/90/00/0192/156 Agent / Trustee61/2121/114/20/00/086/34 Unsecured Creditors Committee17/418/2717/280/00/042/96 Other28/713/310/00/00/051/10 Total276/245125/131157/11830/2936/34624/ 557 MANDATES BY TYPE LEAD COUNSEL REPRESENTATIONS19 CommitteesLead CounselEngagementsPrime / Middle MarketCooley71/6 Lowenstein Sandler70/7 Brown Rudnick64/2 PachulskiStangZiehl& Jones42/2 Akin Gump33/0 Fox Rothschild30/3 ArentFox21/1 Cole Schotz20/2 Drinker Biddle & Reath20/2 Kelley Drye& Warren21/1 Kilpatrick Townsend & Stockton21/1 Morrison Foerster22/0 Seward & Kissel20/2 Sheppard Mullin Richter & Hampton21/1 Bond / LoanLead CounselEngagementsPrime / Middle MarketMorgan, Lewis & Bockius117/4 White & Case1111/0 PaulWeiss109/1 MilbankTweed87/1 Akin Gump77/0 Greenberg Traurig70/7 Kirkland & Ellis75/2 Davis Polk & Wardwell66/0 Stroock66/0 Choate, Hall & Stewart52/3 Goldberg Kohn52/3 Holland & Knight52/3 Norton Rose Fulbright52/3 Otterbourg52/3 CompanyLead CounselEngagementsPrime / Middle MarketKirkland & Ellis1310/3 Weil, Gotshal& Manges108/2 DLA Piper52/3 Simpson Thacher& Bartlett44/0 Andrews KurthKenyon32/1 Jones Day33/0 Morgan, Lewis & Bockius30/3 PachulskiStangZiehl& Jones31/2 Skadden, Arps, Slate, Meagher & Flom32/1 MANDATES BY TYPE LOCAL/SPECIAL COUNSEL REPRESENTATIONS20 Bond / LoanLocal/Special CounselEngagementsPrime / Middle MarketYoung Conaway Stargatt& Taylor84/4 Ashby & Geddes40/4 Morris James42/2 Reed Smith41/3 Richards, Layton & Finger41/3 Fox Rothschild32/1 CommitteesLocal/Special CounselEngagementsPrime / Middle MarketSaul Ewing31/2 Whiteford.
