Rothschild leads the way in weak restructuring market

THE VALUE of distressed debt and bankruptcy restructuring in Europe, the Middle East and Africa (EMEA) fell by more than 40 per cent last year, according to new research.

The total value of completed deals in the EMEA region hit $101.4bn (£65.5m), down 40.4 per cent on 2010, Thomson Reuters data shows.

Rothschild topped the rankings for completed restructuring, climbing one place in the table after working on deals with a value of $33.02bn.

Investment bank Houlihan Lokey came in second place with a value of $27.399bn, followed by Goldman Sachs, PwC and Moelis. The rest of the top ten was made up by European investment bank Leonardo, as well as Blackstone, Lazard, Morgan Stanley and Evercore Partners.

The sector with the most restructuring by value was real estate, which made up 29 per cent of deals in the EMEA region.

Houlihan Lokey moved up one place to the top of the global rankings for completed restructuring, with a value of $55.985bn.

Leon Saunders Calvert, head of global deals at Thomson Reuters, said: “Following the credit crisis and subsequent fallout of 2007, debt restructuring became a more prominent source of mandates for the advisory community.

“Despite a significant drop in activity in the last year, it is likely that we will see increased volumes of deals in this space over the next twelve months.”