评论 (54)

莫st Helpful
  • 实习生IB- Cov
4mo

#1 Whichever firm you can get an offer from

#2 Doesn't matter

  • 实习生IB- Cov
4mo

b

  • 实习生IB- Cov
4mo

  • 实习生PE - LBOs
4mo

大声笑它不会。rx大自然大部分出庭大声笑

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  • 实习生IB- gen
4mo

以下是一些性能统计信息,而不是仅仅没有逻辑的猜想排名。这是债务人顾问的前十名第11章restructurings of 2020 - the largestYTDof the decade for restructurings, so far (omitted Thai Air and Digicel for non-Ch 11)

1. $ MOELIS -HERTZ($ 240亿美元)

2. $Evercore - Frontier Communications ($22bn)

3. $PJT - LATAM Airlines ($18bn)

4. $ PJT -Intelsat($ 170亿美元)

5. $Guggenheim-Ascena零售(130亿美元)

6. $Rothschild- Chesapeake Energy Corp ($12bn)

8. $ Evercore -McDermott(10亿美元)

9. $Lazard-Valaris(80亿美元)

11. $ Houlihan Lokey -Seadrill(70亿美元)

12. $Seabury - Norweigan Air ($7bn)

Generally, I think its reasonable to say all of the firms here do good work, and the repeat names (PJT 2x, EVR 2x) are repeat names for a reason

  • 分析师1IB- Restr
4mo

Broadly agree with your comment.

尼特·皮克(Nit-Picky),但霍利汉(Houlihanlink。EVR必须完成2017年ERA重组协议。

  • 实习生IB- gen
4mo

好接收 - 实际上是两项不同的交易。一个是Seadrill Partners一家英国公司,另一家是Seadrill Limited一家美国公司。Seadrill Limited拥有35%的Seadrill Partners资产,有点令人困惑。他们俩最终都提交了,但在不同的过程和时间表中。

Seadrill Limited was Houlihan, Seadrill Partners was Evercore.

  • 2
  • 分析师1PE-其他
4mo

accurate- Houlihan led the 2017 seadrill restructuring as well

  • 实习生IB- Restr
4mo

Per RestructuringInterviews:

一级:PJT,Evercore,Houlihan Lokey(HL),Lazard,Moelis
第2层:Rothschild,Centerview,PWP,Jefferies, Ducera, Gugg
第3层:Miller Buckfire,绿色的山

  • 10
  • 4
4mo
mBm21, what's your opinion? Comment below:

对美国的真实

只是为了补充说,在欧洲,它看起来更像是这样:

一级:PJT,HL, RTH

第2层:Moelis,PWP,EVR,LAZ

Rest

  • 实习生IB- gen
4mo

不同意这一点-Moelis London拥有顶级RX在过去的几年中,老年人并履行了一些非常大的任务。团队也不是特别大。

在欧洲也是Lazard成为T1的案例。

  • 1
  • 2
  • 实习生IB- Cov
4mo

B

  • 实习生IB- gen
4mo

莫re generally and inlooselyspecific order within tiers

第1级(按字母顺序排列,所以没人得到胸骨):

Evercore,HL, Lazard, Moelis, PJT

2级:

Ducera、Centerview Guggenheim, Jefferies, Greenhill, PWP, Piper Sandler

第3层:

Miller Buckfire, Rothschild, Raymond James,Baird

第4层:

GLC Advisors, PJ Solomon

Tier 1 is self explanatory, the best restructuring banks that you'll see at least one of on every sizable mandate.

Tier 2 is mostly self explanatory with some notes that:

  1. 杜塞拉(Ducera)仅在第2层中,因为他们的时间还不够长,无法以与第1层中的银行相同的方式巩固自己,但是凭借目前的立足点,他们肯定会正轨。
  1. Jefferiesmight lean towards UCC mandates (that I don't understand the stigma around, they're still valuable restructuring experience and allows Jefferies to punch well above their weight) but has a strong pipeline of mid to smaller sized debtor mandates.
  1. PWP是其以前的自我的外壳,整个重组团队都离开了杜塞拉,绝不恢复。
  1. Piper Sandler Rx (fka TRS Advisors) has a strong enough team (ex-Roths) that it deserves Tier 2 in my opinion but hasn't been around long enough and gotten on enough deals to warrant it being above any other firms in the tier.

在第3层中:

  1. Miller Buckfire is hanging in there, getting a few legit mandates here and there but most of the team has been poached elsewhere, many to Centerview.
  1. Rothschild is in the same situation as Miller Buckfire but fell from favor more recently - the final nail(s) in the coffin was losing the employees that went to form TRS and losing Neil Augustine to Greenhill. Haven't seen them in anything in a while but have heard they're still strong in Europe.
  1. 雷蒙德·詹姆斯(Raymond James)是一家体面的RX银行,用于小型重组(主要是债务人方面),但从未见过它们在任何相似之处。
  1. 贝尔德(Baird)从著名的公司中偷猎了一些高级,但尚未在任何事情上看到它们。他们有潜力,只是看看他们如何执行。
  • 传入分析师IB- gen
4mo

Would push back on PWP a bit. Agree the group is still not close to recovered from Kramer revolt, but they've brought in some talent. Look at deals the last few years, feed off strength of healthcare relationships at the firm as well as TPH energy connections. Found a nice niche in those 2 areas, and in 19 had iHeart. Not a bad resume.

  • 3
  • 分析师1IB- Cov
4mo

极为基础。想知道为什么Piper TRS应该得到2级,因为我听说人们说Jeff比Piper强,而Piper是T3商店。与他们进行即将进行的采访,所以只想了解更多

  • 1
  • 1
  • 实习生IB- Cov
4mo

  • 实习生IB- Cov
4mo

想知道为什么GLC放置在第4层中?他们似乎从我所看到的东西中出现了很不错的出口(橡树, L Catterton,Cerberus,顶级RX商店等)。员工似乎主要是Ugrad/Grad的顶级(Uchicago,沃顿酒店,乔治敦,斯特恩)。

4mo
RunR8M8, what's your opinion? Comment below:

Just checked Debtwire and saw that GLC had seven publicly announced mandates in 2020 and 2021 (compared to for example Jefferies which had 29 publicly-announced mandates in 2020-2021)GLC did pick up 4 YTD and one (Endo International) is legit

4mo
motley_acrual, what's your opinion? Comment below:

就尊重而言,我认为您是亲密的,但是您对Jefferies的说法使我认为您真的不知道自己在说什么。UCC分配很烂,因为您对交易的结构如何实际上或没有输入RXbanking). In most UCC assignments, your group has holdup value and you're looking to be as big a pain as possible so that someone will settle with you. By that time, the Company will have negotiated a potential plan with a主要利益相关者(可能会拧紧您的小组的计划),因此您只是想尽可能多地回避。即使您正在工作huge capital structure, you don't want to be working as UCC or Equity (usually).

  • 实习生IB- Cov
3mo

Do you know what debtor deals Evercore has advised on recently? Asking because their website focuses on M&A and doesn't have an option to filter, and I don't have access to the league tables.

4mo
MDeez Nuts, what's your opinion? Comment below:

有人对Baird的RX实践有任何了解吗?它是如此新,我无法找到太多。

  • 1
  • 实习生IB- Cov
3mo

B

4mo
债务, what's your opinion? Comment below:

前米勒·B(Miller B)和兰加德(Lazard)高级人士;目前,这充其量是刚起步的。

嘲笑它

4mo
ENlGMA, what's your opinion? Comment below:

From Debtwire for FA's on number of US in-court deals with prepetition debt over $250m for 2021 (all roles):

1.HL

2. FTI(并不真正计算)

3.在拉扎德和罗斯柴尔德之间

5.穆利斯

6. Evercore

7. PJT Partners

如果您按债务规模排名HL, Rothschild, Lazard, Evercore, Moelis, PJT (excluding FTI here).

In any case, every time this thread comes up it's always the same names with people arguing who is "Tier 1" and "Tier 2" despite the fact that the industry is so small it's always the same 8-10 firms at the top competing against one another.

4mo
ENlGMA, what's your opinion? Comment below:

I just provided what took a couple mins to scrape. I wholeheartedly agree that it's not a holistic measure of rankings given that a lot of stuff being done especially in today's environment is going to be out of court, but it still is a good general view on rankings and a lot of people here are interested mostly in the in-court side of things anyways. Also as I said the names at the top don't really change a ton, you've got the guys doing a lot of fees / high quantum cap structures and then everyone else.

4mo
MDeez Nuts, what's your opinion? Comment below:

Thank you for this, does anyone have an outlook for the creditor side?

  • 实习生IB- gen
4mo

如果我不记得,此列表都是债务人债权人 - 认为这就是HL在上面

  • 传入分析师PE - LBOs
4mo

I interned inRXlast summer and think the bottom line is that if you are interested inRXyou will go and recruit for all of the top 8 groups or whatever. Then if you land only 1 offer (quite likely given the odds), you will take that group. If you are fortunate enough to land 2+ offers outside of the other exploding (relatively unlikely / don't know many this has happened to) then you obviously have to make a decision. As this thread alludes sometimes it will be clear PJT vs. Jeff etc. Otherwise just go where you like the culture / vibe and don't split hairs between EVR vsHLvs laz这很愚蠢。

  • 5
  • 实习生IB- gen
4mo

Let's ask the Restructuring__ Insta page LOL

4mo
PrinceofPersia, what's your opinion? Comment below:

Is trs/piper a t2 or t3 shop? Seems like some think it's around the likes of gugg but some think worst

  • 分析师1IB- Cov
3mo

在terested as well

3mo
LEVFIN123-456, what's your opinion? Comment below:

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  • 实习生IB- Cov
3mo

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  • 实习生IB- Cov
3mo

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