Restructuring deal activity in Europe fell by a third over the last three months, in a trend that contrasted with a spike in US distressed transactions over the same period.
Some $33bn (£25.8bn) of deals were completed in Europe in 2017, 29 per cent lower than the same period last year. More than half of the deals (51 per cent) were in the energy and power sector in the data prepared by Thomson Reuters.
Across the pond, restructuring activity leapt by 181 per cent to $32bn and the preponderance of energy deals was even more marked: 81 per cent of deals were in the sector.
Houlihan Lokey was the leading adviser in Europe, managing $14.7bn of deals in the quarter, followed by Lazard which advised on $13.8bn of transactions. Lazard was in second place in the US with $14.1bn of deals, topped by PJT Partners with $14.6bn.
The number of deals globally completed jumped from 68 to 85 transactions, the largest of which was the $9.9bn restructuring of Spanish conglomerate Abengoa. Houston-based oil giant Linn Energy was the quarter's second largest, worth $8.3bn.
The value of completed deals in the Asia-Pacific region increased double during the first three months of 2017 to $2.2bn, though the number of these deals was broadly the same.