NORTH AMERICA 1H 2017 RESTRUCTURING … · GENERAL INTRODUCTION The Debtwire Restructuring Advisory Mandate Report tracks and ranks advisors by the total number of representations

If you would like to inform us of an advisory mandate, please email us at [email protected].

Joshua FriedmanLegal [email protected]

Rong [email protected]

Jack M. Tracy IIHead of Legal Analysis, [email protected]

Tim HynesHead of [email protected]

NORTH AMERICA1H 2017 RESTRUCTURING ADVISORY MANDATE REPORT

mailto:[email protected]

TABLE OF CONTENTS

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Page 3 General Introduction

Page 5 June 2017 Mandates

Page 9 1H 2017 Mandates

Page 16 Mandates by Type of Representation

Page 22 Mandates by Sector

Page 30 Firm Snapshots

Page 36 Annex A: North America Advisory Mandates List—June 2017

Page 56 Disclaimer

GENERAL INTRODUCTION

The Debtwire Restructuring Advisory Mandate Report tracks and ranks advisors by the total number ofrepresentations announced in 1H 2017, covering both in-court and out-of-court situations.

This report tracks and ranks advisors based on representations in (1) June 2017 and (2) cumulativelyfor all of the first half of 2017. The advisory mandates highlighted in this report have been sourcedthrough Debtwire’s proprietary reporting as well as public documents, including court filings.

The Restructuring Advisory Mandate Report breaks down mandates by the following categories:

Lead Counsel;

Local/Special Counsel;

Financial Advisors/Investment Bankers;

Restructuring Advisors; and

Claims Agents.

The report also tracks retentions of multiple reorganization parties in interest, including:

Companies/Debtors;

Official Committees;

Lenders/Bondholders (including ad hoc groups);

Loan Agents/Indenture Trustees; and

PE Sponsors.

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GENERAL INTRODUCTION

With 1H 2017 now behind us, we have taken the opportunity to provide some global takeawaysfrom a half year of mandates. In that vein, we have analyzed the mandate data based on:

the total number of times a firm was retained,

the type of party represented (ie, the company or UCC) and

the sector in which the representation occurred.

This report provides running league tables ranking the 1H 2017 leading firms for: (1) Lead Counsel;(2) Local/Special Counsel; (3) Financial Advisors/Investment Bankers; (4) Restructuring Advisors;and (5) Claims Agents.

In addition, we have separately broken out the following types of representations, based on theparty represented: (1) the company, (2) committees (unsecured creditors and equity), and (3)bonds/loans, which includes loan agents and indenture trustees, ad hoc groups, and significantindividual lenders or bondholders.

We also provide general mandate information regarding the sector of the restructuringcompanies. More importantly, we point a spotlight on the energy sector, ranking firms based onenergy sector representations, due to the sheer amount of Chapter 11 filings that engulfed thesector in 1H 2017.

Last, but not least, we have introduced a firm snapshot section to this report, which breaks downthe representations of the leading firms in the counsel, FA/IB and RA spaces.

NOTE: The combined advisor rankings treat representations of all parties-in-interest equally, whether the representation is for the company itself or another related party (ie,UCC, an ad hoc group, etc). While the rankings data in this report provides the respective category leaders, the accompanying Excel file includes all of the 1H2017 retention data.

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June 2017 Mandates

MANDATES: JUNE 2017

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June 2017 Mandates

Sector Lead CounselLocal/Special

Counsel

Financial Advisor / Investment

Banker

Restructuring Advisor

Claims Agent Grand TotalNumber of Companies

Industrial Products & Services 20 9 3 0 2 34 4

Retail 10 11 6 0 1 28 8

Energy 14 3 6 2 2 27 9

Financial Services 15 2 3 1 0 21 6

Medical 6 3 7 0 0 16 7

Transportation 6 1 3 0 0 10 5

Utilities 3 4 1 1 1 10 2

Consumer 4 2 0 1 1 8 2

Automotive 1 3 2 0 1 7 1

Leisure 4 0 1 1 1 7 3

Paper & Forest Products 2 0 2 0 0 4 1

Technology 2 0 2 0 0 4 2

Alternative Energy 1 0 1 0 0 2 2

Metals 1 1 0 0 0 2 1

Mining 2 0 0 0 0 2 2

Construction 0 0 1 0 0 1 1

Media 1 0 0 0 0 1 1

Services 0 0 1 0 0 1 1

Total 92 39 39 6 9 185 58

JUNE 2017 MANDATES. This edition identifies a total of 185 advisory mandates related to 58 North American companies exploringrestructuring alternatives or currently engaged in Chapter 11 proceedings during June 2017 (37 in-court, 21 out-of-court).*

To further break down June’s results, the mandates reflect: 131 law firm hires (92 lead counsel, 39 local/special counsel); 39 FA/IBappointments; six restructuring advisor retentions and nine claims agent engagements.

* We have categorized companies as prime or middle market. Debtwire prime companies have at least USD 150m of funded debt commitments. Revolvers must total at least USD 150m to count towards the funded debt commitment. Debtwire middle market companies have less than USD 150m of funded debt.

FREQUENTLY APPOINTED ADVISORS: JUNE 2017

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LEAD COUNSEL. The lead counsel category tracks the mainrestructuring/bankruptcy counsel retained by a party.

Paul Weiss and Weil, Gotshal & Manges led the way withthree lead counsel representations, all involving Debtwire primecompanies. A total of 12 other law firms followed behind withtwo mandates each.

Lead Counsel

Counsel EngagementsPrime / Middle Market

CompanyOfficial

CommitteesBond / Loan

Paul Weiss 3 3/0 1 0 2

Weil Gotshal 3 3/0 3 0 0

Arent Fox 2 0/2 0 1 1

Baker, Donelson, Bearman, Caldwell & Berkowitz

2 0/2 1 0 1

Brown Rudnick 2 2/0 0 2 0

Davis Polk & Wardwell

2 2/0 0 0 2

Dorsey & Whitney 2 2/0 0 0 2

Duane Morris 2 0/2 0 0 2

King & Spalding 2 1/1 1 1 0

Lowenstein Sandler 2 0/2 0 2 0

Morgan, Lewis & Bockius

2 2/0 0 0 2

Morrison Foerster 2 2/0 0 1 1

Porter Hedges 2 1/1 1 0 1

White & Case 2 2/0 0 0 2

Local/Special Counsel

Counsel EngagementsPrime / Middle Market

CompanyOfficial

CommitteesBond / Loan

Young Conaway Stargatt & Taylor

3 1/2 0 0 3

Richards, Layton & Finger

2 2/0 1 0 1

LOCAL/SPECIAL COUNSEL. This category tracks law firmsretained as local counsel or special counsel (ie, for a specificpurpose such as conflicts or taxes).

Young Conaway Stargatt & Taylor jumped to the top of the local/special counsel rankings with three mandates, all involving financialcreditors. Richards, Layton & Finger is the only other firm in thiscategory with more than one new representation in June.

FREQUENTLY APPOINTED ADVISORS: JUNE 2017

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FINANCIAL ADVISORS/INVESTMENT BANKERS.This category puts both FA and IB representations underone category, in order to show the combined mandates ofthe firms operating in the financial restructuring advisoryspace.

Houlihan Lokey dominated the FA/IB table with five newmandates, followed by PJT Partners with three new hiresof its own (all involving Debtwire prime companies).

Six other firms tied for third with two representations each.

Financial Advisors / Investment Bankers

FA/IB EngagementsPrime / Middle

MarketCompany

Official Committees

Bond / Loan

Houlihan Lokey 5 3/2 2 0 3

PJT Partners 3 3/0 2 0 1

Berkeley Research Group (BRG)

2 2/0 0 2 0

Guggenheim 2 2/0 2 0 0

Moelis & Co 2 1/1 2 0 0

Perella Weinberg Partners / Tudor, Pickering Holt & Co

2 2/0 2 0 0

Stifel / Miller Buckfire 2 2/0 0 2 0

Teneo Capital 2 0/2 1 1 0

Claims Agents

Claims Agent EngagementsPrime / Middle

Market

Prime Clerk 3 3/0

Epiq 3 1/2

KCC 1 1/0

Garden City Group

1 0/1

Donlin Recano 1 0/1

Restructuring Advisors

RA EngagementsPrime / Middle Market

McKinsey 2 2/0

Wyse Advisors 1 0/1

RAS Management Advisors

1 0/1

Huron Consulting Group

1 1/0

AlixPartners 1 1/0

RESTRUCTURING ADVISORS.The restructuring advisor category segregates representationsinvolving operational components from representationsthat are purely FA/IB mandates.

McKinsey led the restructuring advisor league table withtwo mandates in June, the first time AlixPartners andAlvarez & Marsal were not a monthly leader.

Four other firms tied with one new hire each.

CLAIMS AGENTS.This category tracks administrative and claims agents thathave been retained by debtors and other parties-in-interestin Chapter 11 cases.

Epiq Bankruptcy Solutions shared the top spot with PrimeClerk in June 2017 with three new hires.

Kurtzman Carson Consultants (KCC), Garden City Group,and Donlin Recano & Co each obtained one new mandate.

1H 2017 Mandates

FREQUENTLY APPOINTED ADVISORS: 1H 2017

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There were close to 1,200 mandates in the restructuring space during the first half of 2017. Legal counsel dominated the mandatepool, comprising close to 65% of total hires. Financial advisors and investment bankers made up close to 25% of representations,while restructuring advisors and claims agents filled out the remaining mandates, with approximately 5% of total hires each.*

LEAD COUNSEL: In 1H 2017, there were 521 total lead counsel representations, comprised of 274 Debtwire prime representationsand 245 middle market mandates. Kirkland & Ellis dominated the lead counsel space with 21 representations, six more thanMorgan, Lewis & Bockius’ 15 lead counsel hires, the majority of which were of financial creditors. Akin Gump, Paul Weiss, WeilGotshal and White & Case were the only other firms to be hired as lead counsel 10 times or more so far this year.

LOCAL/SPECIAL COUNSEL: In 1H 2017, there were 256 total local/special counsel representations, including 125 Debtwire primeand 131 middle market mandates. Young Conaway led with 13 engagements, while Richards, Layton & Finger was the only otherfirm to cross the 10-hire threshold, with 11 mandates.

FINANCIAL ADVISORS/INVESTMENT BANKERS: In 1H 2017, there were 275 total financial advisor/investment bankerrepresentations, consisting of 157 Debtwire prime and 118 middle market mandates. Houlihan Lokey was the runaway leader with25 mandates, split almost evenly between company and creditor representations. FTI Consulting, Moelis & Co and PJT Partners alltied for second with 11 mandates, at least two more than the rest of the field.

RESTRUCTURING ADVISORS: In 1H 2017, there were 59 total restructuring advisor representations, including 30 Debtwire primeand 29 middle market mandates. AlixPartners dominated the restructuring advisor list with 13 mandates. Alvarez & Marsal andConway Mackenzie were the only two firms with more than two mandates—A&M had nine and Conway had four.

CLAIMS AGENTS: In 1H 2017, there were 70 total claims agent representations, including 36 Debtwire prime and 34 middle marketcompanies. Prime Clerk led the claims agent league table with 23 mandates, including 17 Debtwire prime representations. KurtzmanCarson Consultants and Epiq Banktupcy Solutions followed with 11 mandates each, one more than Donlin Recano.

* See 1H17 mandates information on pages 11-15.

FREQUENTLY APPOINTED ADVISORS:1H 2017—LEAD COUNSEL

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1H 2017 Mandates

Lead Counsel Engagements Prime / Middle Market Company Official Committee Bond / Loan

Kirkland & Ellis 21 16/5 13 1 7

Morgan, Lewis & Bockius 15 7/8 3 1 11

Akin Gump Strauss Hauer & Feld 12 12/0 2 3 7

Paul, Weiss, Rifkind, Wharton & Garrison 12 11/1 2 0 10

Weil, Gotshal & Manges 12 10/2 10 0 2

White & Case 12 12/0 1 0 11

Greenberg Traurig 9 0/9 1 1 7

Lowenstein Sandler 9 0/9 2 7 0

Milbank, Tweed, Hadley & McCloy 9 8/1 1 0 8

Pachulski Stang Ziehl & Jones 9 4/5 3 4 2

Brown Rudnick 8 5/3 0 6 2

Cooley 8 1/7 0 7 1

Davis Polk & Wardwell 8 7/1 2 0 6

DLA Piper 8 2/6 5 0 3

Jones Day 7 7/0 3 0 4

Latham & Watkins 6 3/3 2 0 4

Morrison Foerster 6 4/2 2 2 2

Norton Rose Fulbright 6 3/3 1 0 5

Stroock & Stroock & Lavan 6 6/0 0 0 6

FREQUENTLY APPOINTED ADVISORS:1H 2017—LOCAL/SPECIAL COUNSEL

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1H 2017 Mandates

Local / Special Counsel Engagements Prime / Middle Market Company Official Committee Bond / Loan

Young Conaway Stargatt & Taylor 13 6/7 5 0 8

Richards, Layton & Finger 11 6/5 6 1 4

Morris, Nichols, Arsht & Tunnell 7 2/5 4 1 2

Reed Smith 6 3/3 2 0 4

Klehr Harrison Harvey Branzburg 5 3/2 1 2 2

Morris James 5 2/3 0 1 4

Whiteford, Taylor & Preston 5 2/3 0 3 2

Ashby & Geddes 4 0/4 0 0 4

Buchanan Ingersoll & Rooney 4 2/2 2 0 2

Fox Rothschild 4 3/1 0 1 3

Haynes and Boone 4 3/1 3 0 1

Norton Rose Fulbright 4 3/1 1 1 2

Potter Anderson & Corroon 4 0/4 2 0 2

Saul Ewing 4 1/3 1 3 0

Womble Carlyle Sandridge & Rice 4 1/3 2 0 2

Bayard 3 1/2 0 1 2

Blank Rome 3 2/1 1 0 2

Drinker Biddle & Reath 3 0/3 0 1 2

Pachulski Stang Ziehl & Jones 3 1/2 0 2 1

FREQUENTLY APPOINTED ADVISORS:1H 2017—FINANCIAL ADVISORS/INVESTMENT BANKERS

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1H 2017 Mandates

Financial Advisor / Investment Banker Engagements Prime / Middle Market Company Official Committees Bond / Loan

Houlihan Lokey 25 16/9 12 0 13

FTI Consulting 11 7/4 0 8 3

Moelis & Co 11 9/2 7 0 4

PJT Partners 11 11/0 6 0 5

Alvarez & Marsal 9 7/2 5 4 0

Guggenheim 9 6/3 6 0 3

Jefferies 9 8/1 8 1 0

Lazard 9 7/2 8 0 1

Evercore 8 8/0 8 0 0

Stifel / Miller Buckfire 8 7/1 4 3 1

Berkeley Research Group (BRG) 7 5/2 4 3 0

Ducera Partners 7 6/1 3 0 4

Perella Weinberg Partners / Tudor, Pickering Holt & Co

7 6/1 5 0 2

Province 7 1/6 0 7 0

Blackhill Partners 4 2/2 3 0 1

CohnReznick 4 1/3 0 4 0

GLC Advisors & Co 4 3/1 0 0 4

FREQUENTLY APPOINTED ADVISORS:1H 2017—RESTRUCTURING ADVISORS

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1H 2017 Mandates

Restructuring Advisor Engagements Prime / Middle Market

AlixPartners 13 11/2

Alvarez & Marsal 9 5/4

Conway MacKenzie 4 1/3

Berkeley Research Group (BRG) 2 0/2

FTI Consulting 2 2/0

Goldin Associates 2 1/1

Huron Consulting Group 2 1/1

McKinsey 2 2/0

Opportune 2 1/1

FREQUENTLY APPOINTED ADVISORS:1H 2017—CLAIMS AGENTS

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1H 2017 Mandates

Claims Agent Engagements Prime / Middle Market

Prime Clerk 23 17/6

Kurtzman Carson Consultants 11 8/3

Epiq Bankruptcy Solutions 11 7/4

Donlin, Recano & Co 10 1/9

Rust Consulting/Omni Bankruptcy 6 2/4

Garden City Group 5 0/5

JND Corporate Restructuring 2 1/1

BMC Group 2 0/2

Mandates by Type of Representation

MANDATES: TYPE OF REPRESENTATION

In order to provide a more robust picture, this report provides 1H 2017 firm rankings based on theparty represented, including:

Company-side mandates;

Committee representations, including both UCC and equity committees; and

Financial creditor hires, including loan agents, indentures trustees, ad hoc groups, and significantbondholders and lenders.

We have provided separate league tables for Lead Counsel, Local/Special Counsel and FinancialAdvisor/I-Banker, based on whether the representation was (1) on the company side, (2) for acommittee or (3) for a financial creditor. The 1H17 rankings are presented under the role theadvisor played (ie, lead counsel), not the party represented (ie, committee).

While financial creditor representations dominated the Lead Counsel category (over 50% of totalhires), company-side mandates similarly dominated the FA/I-Banker space.

Company and financial creditor hires shared the lead in the Local/Special Counsel category, eachwith approximately 40% of total mandates.

Committee representations comprised about 15% of the total counsel mandates andapproximately 19% of the total FA/I-Banker hires.

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MANDATES BY TYPE

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Total Representations: 1H 2017

Sector Lead Counsel Local/Special CounselFinancial Advisor / Investment Banker

Restructuring Advisor Claims Agent Grand Total

Company 124 101 160 59 70 514

Lenders / Bondholders 222 72 54 0 0 348

Agent / Trustee 82 32 6 0 0 120

Unsecured Creditors Committee

58 35 45 0 0 138

Other 35 16 10 0 0 61

Total 521 256 275 59 70 1,181

Prime/Middle Market Representations: 1H 2017

Sector Lead Counsel Local/Special CounselFinancial Advisor / Investment Banker


Company 53/71 53/48 81/79 30/29 36/34 253/261

Lenders / Bondholders 117/105 30/42 45/9 0/0 0/0 192/156

Agent / Trustee 61/21 21/11 4/2 0/0 0/0 86/34

Unsecured Creditors Committee

17/41 8/27 17/28 0/0 0/0 42/96

Other 28/7 13/3 10/0 0/0 0/0 51/10

Total 276/245 125/131 157/118 30/29 36/34 624/557

MANDATES BY TYPE—LEAD COUNSEL REPRESENTATIONS

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Committees

Lead Counsel EngagementsPrime / Middle Market

Cooley 7 1/6

Lowenstein Sandler 7 0/7

Brown Rudnick 6 4/2

Pachulski Stang Ziehl & Jones

4 2/2

Akin Gump 3 3/0

Fox Rothschild 3 0/3

Arent Fox 2 1/1

Cole Schotz 2 0/2

Drinker Biddle & Reath 2 0/2

Kelley Drye & Warren 2 1/1

Kilpatrick Townsend & Stockton

2 1/1

Morrison Foerster 2 2/0

Seward & Kissel 2 0/2

Sheppard Mullin Richter & Hampton

2 1/1

Bond / Loan


Morgan, Lewis & Bockius 11 7/4

White & Case 11 11/0

Paul Weiss 10 9/1

Milbank Tweed 8 7/1

Akin Gump 7 7/0

Greenberg Traurig 7 0/7

Kirkland & Ellis 7 5/2

Davis Polk & Wardwell 6 6/0

Stroock 6 6/0

Choate, Hall & Stewart 5 2/3

Goldberg Kohn 5 2/3

Holland & Knight 5 2/3

Norton Rose Fulbright 5 2/3

Otterbourg 5 2/3

Company



Weil, Gotshal & Manges

10 8/2

DLA Piper 5 2/3

Simpson Thacher & Bartlett

4 4/0

Andrews KurthKenyon

3 2/1

Jones Day 3 3/0


3 0/3

Pachulski Stang Ziehl& Jones

3 1/2

Skadden, Arps, Slate, Meagher & Flom

3 2/1

MANDATES BY TYPE—LOCAL/SPECIAL COUNSEL REPRESENTATIONS

20

Bond / Loan

Local/Special Counsel EngagementsPrime / Middle Market


8 4/4

Ashby & Geddes 4 0/4

Morris James 4 2/2

Reed Smith 4 1/3

Richards, Layton & Finger 4 1/3


Committees


Saul Ewing 3 1/2

Whiteford, Taylor & Preston

3 1/2

Freeborn & Peters 2 0/2

Klehr Harrison Harvey Branzburg

2 1/1

Pachulski Stang Ziehl & Jones

2 0/2

Shaw Fishman Glantz & Towbin

2 0/2

Company



6 5/1


5 2/3

Morris, Nichols, Arsht& Tunnell

4 1/3

Haynes and Boone 3 2/1

MANDATES BY TYPE—FA/I-BANKER

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Committees

FA / I-Banker EngagementsPrime / Middle

Market


Province 7 1/6


CohnReznick 4 1/3

Berkeley Research Group

3 3/0

Emerald Capital Advisors

3 0/3

Gavin/Solmonese 3 1/2

Stifel / Miller Buckfire

3 3/0

Intrepid Financial Partners

2 2/0

Protiviti 2 1/1

Bond / Loan


Market

Houlihan Lokey 13 12/1

PJT Partners 5 5/0

Moelis & Co 4 4/0

GLC Advisors & Co 4 3/1

Ducera Partners 4 4/0

Opportune 3 2/1

Guggenheim 3 3/0


Perella Weinberg Partners

2 2/0

CDG Group 2 2/0

Company


Market


Evercore 8 8/0

Jefferies 8 7/1

Lazard 8 6/2

Moelis & Co 7 5/2

Guggenheim 6 3/3

PJT Partners 6 6/0


Perella Weinberg Partners

5 4/1

Berkeley Research Group

4 2/2


4 3/1

Mandates by Sector

MANDATES BY SECTOR – RETAIL / ENERGY

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With retail and energy dominating the 2017 restructuring arena, a year-to-date review would be incomplete without a focuson those sectors. So far in 2017, the retail sector is the faraway leader, responsible for 249 mandates, while energyrestructurings are the second-largest hiring engine with 174 mandates to date.

LEAD COUNSEL: In 1H 2017, we recorded 100 total lead counsel representations in the retail sector and 70 total energy sectormandates. Kirkland & Elllis and Morgan, Lewis & Bockius dominated the retail lead counsel arena with nine representationseach, while Vinson & Elkins tops the energy sector with four hires.

In retail, Cooley followed with seven UCC mandates, trailed by Choate, Hall & Stewart with five loan agent hires. In the energysector, White & Case came in second place with three mandates, followed closely by eight firms with two mandates each.

LOCAL/SPECIAL COUNSEL: We captured 59 total local/special counsel representations in the retail sector so far this year(including 22 Debtwire prime and 37 middle market mandates), compared with 32 total local/special counsel energy sectorrepresentations (comprised of 25 Debtwire prime and seven middle market mandates).

There is no leader in the retail lead counsel league table, with 10 firms at a tie for first with two mandates apiece. Norton RoseFulbright tops the energy leaderboard with three mandates, followed by Chipman Brown Cicero & Cole and Richard, Layton &Finger with two mandates each.

FINANCIAL ADVISORS/INVESTMENT BANKERS: In 1H 2017, we recorded 63 total retail FA/IB representations and 46 energymandates. As with the overall 1H 2017 mandate count, Province led with six UCC mandates of middle market retailers. BerkleyResearch Group, FTI Consulting, Guggenheim and Lazard took second place in retail with four mandates.

In the energy sector, Houlihan Lokey and Alvarez & Marsal top the leaderboard with four mandates, one more than BlackhillPartners, Jefferies, Opportune and Stifel / Miller Buckfire.

RESTRUCTURING ADVISORS: Finally, there were 14 total restructuring advisor representations in the energy sector year to date,including nine Debtwire prime and five middle market mandates, and 11 total RA hires in the retail sector, including fourDebtwire prime and seven middle market mandates.

There is a two-horse race at the top of the energy RA board, with Alvarez & Marsal and AlixPartners obtaining three mandateseach. Opportune trails in third place with two hires. AlixPartners represented three retailers, and was the only firm to obtainmore than two retail RA mandates as well.

MANDATES BY SECTOR

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Total Representations: 1H17

Sector Lead CounselLocal/Special

CounselFinancial Advisor / Investment Banker


Retail 100 59 63 11 16 249

Energy 70 32 46 14 12 174

Industrial Products and Services 63 30 20 4 8 125

Medical 51 31 30 6 7 125

Transportation 35 16 15 3 4 73

Alternative Energy 26 19 7 5 2 59

Utilities 22 17 13 2 4 58

Financial Services 30 5 13 3 1 52

Technology 21 13 13 1 3 51

Consumer 24 7 10 3 4 48

Media 13 2 11 0 1 27

Leisure 12 3 4 2 2 23

Mining 12 7 2 0 1 22

Services 10 3 6 1 1 21

Telecom 10 1 5 3 1 20

Agriculture 10 2 1 0 1 14

Paper and Forest Products 4 0 6 0 0 10

Construction 2 1 4 1 1 9

Metals 4 4 1 0 0 9

Automotive 2 3 2 0 1 8

Biotechnology 0 0 2 0 0 2

Education 0 1 0 0 0 1

Real Estate 0 0 1 0 0 1

Total 521 256 275 59 70 1,181

MANDATES BY SECTOR – RETAIL

25

0

10

20

30

40

50

60

70

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17


Prime 0 1 19 2 6 1 4 4 1 19 22 11 10 12 22 20 14 24

Middle Market 10 11 5 23 15 25 13 0 14 2 15 12 19 41 44 14 25 4

Total Total 10 12 24 25 21 26 17 4 15 21 37 23 29 53 66 34 39 28

Prime Middle Market Total Total

MANDATES BY SECTOR – ENERGY

26

0

20

40

60

80

100

120

140



Prime 31 55 49 47 105 82 65 27 21 48 38 22 27 17 23 12 24 18

Middle Market 4 28 26 39 22 15 27 17 8 15 7 9 16 6 8 11 3 9

Total Total 35 83 75 86 127 97 92 44 29 63 45 31 43 23 31 23 27 27

Prime Middle Market Total Total

MANDATES BY SECTOR – RETAIL / ENERGY:LEGAL COUNSEL

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Energy

Lead Counsel EngagementsPrime / Middle

Market

Vinson & Elkins 4 3/1

White & Case 3 3/0

Akin Gump Strauss Hauer & Feld 2 2/0

Bracewell 2 2/0

Brown Rudnick 2 2/0

Haynes And Boone 2 2/0

Hughes Hubbard & Reed 2 2/0

Jones Day 2 2/0

Latham & Watkins 2 1/1

Paul, Weiss, Rifkind, Wharton & Garrison

2 2/0

Special/Local Counsel EngagementsPrime / Middle

Market

Norton Rose Fulbright 3 3/0

Chipman Brown Cicero & Cole 2 2/0

Richards, Layton & Finger 2 2/0

Retail

Lead Counsel EngagementsPrime / Middle

Market


Morgan, Lewis & Bockius 9 3/6

Cooley 7 1/6

Choate, Hall & Stewart 5 2/3

Greenberg Traurig 4 0/4

Weil, Gotshal & Manges 4 3/1

Otterbourg 3 1/2

Pachulski Stang Ziehl & Jones 3 2/1

Special/Local Counsel EngagementsPrime / Middle

Market

ASK 2 0/2

Faegre Baker Daniels 2 0/2


Klehr Harrison Harvey Branzburg 2 2/0

Kutak Rock 2 1/1

Munger, Tolles & Olson 2 2/0

Reed Smith 2 1/1

Riemer & Braunstein 2 0/2

Saul Ewing 2 0/2

Young Conaway Stargatt & Taylor 2 1/1

MANDATES BY SECTOR – RETAIL / ENERGY:FINANCIAL ADVISORS AND INVESTMENT BANKERS

28

Retail

FA / IB Engagements Prime / Middle Market

Province 6 1/5

Berkeley Research Group 4 2/2


Guggenheim 4 2/2

Lazard 4 4/0


Ducera Partners 2 2/0

Jefferies 2 1/1

Malfitano Advisors 2 0/2

Peter J. Solomon Company 2 0/2

Rothschild 2 2/0

Energy

FA / IB Engagements Prime / Middle Market



Blackhill Partners 3 1/2

Jefferies 3 3/0

Opportune 3 2/1

Stifel / Miller Buckfire3 3/0

Evercore 2 2/0


Guggenheim 2 2/0

Intrepid Financial Partners 2 2/0

Petrie Partners 2 2/0

Seaport Global Securities 2 1/1

MANDATES BY SECTOR – RETAIL / ENERGY:OPERATIONAL ADVISORS

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Energy


AlixPartners 3 3/0


Opportune 2 1/1

Ernst & Young 1 1/0

Gavin/Solmonese 1 0/1

Goldin Associates 1 1/0

Huron Consulting Group 1 1/0

Rehmann Turnaround and Receivership

1 0/1

Zolfo Cooper 1 1/0

Retail


AlixPartners 3 2/1


Berkeley Research Group 1 0/1

Clear Thinking Group 1 0/1

Conway MacKenzie 1 0/1

CR3 Partners 1 1/0

GlassRatner 1 0/1

Meru 1 0/1

Traverse 1 0/1

Firm Snapshots

FIRM SNAPSHOTS

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We are including “Firm Snapshots” in this report to provide some additional color on the leading advisoryfirms from 1H 2017.

The Firm Snapshot series takes a look at the leading firms in the Lead Counsel; Local/Special Counsel;Restructuring Advisor and Financial Advisor/Investment Banker spaces during 1H 2017.

Lead Counsel: Kirkland & Ellis and Morgan, Lewis & Bockius

Local/Special Counsel: Richards, Layton & Finger and Young Conaway Stargatt & Taylor

Financial Advisor/Investment Banker: Houlihan Lokey; PJT Partners; FTI Consulting; and Moelis & Co.

Restructuring Advisor: Alvarez & Marsal and AlixPartners

The report breaks down representations based on: (1) the party represented (ie, company, committees,financial creditors); (2) whether the mandate involved a Debtwire prime or middle market company; and (3)the sector of the restructuring company.

On the counsel side, Kirkland and Morgan Lewis were mirrors of each other. While Kirkland representedcompanies over 50% of the time and financial creditors over 30% of the time, Morgan represented debtors7% of the time and financial creditors 73% of the time. In terms of Local/Special Counsel, Richards Layton &Finger, was more company-focused than Young Conaway.

On the financial advisor/investment banker side, the respective focuses of Houlihan Lokey, PJT Partnersand Moelis & Co were heavily on company-side mandates, while FTI obtained a significant amount of UCCrepresentations.

AlixPartners had nearly 50% of its restructuring advisor mandates from the retail and energy sectors, whileAlvarez & Marsal’s business mostly came from energy sector.

NOTE: We combined all of the representations for A&M and FTI (regardless of type) in the firm snapshot series in order to provide a more fulsome representation of thefirms’work during 2017.

FIRM SNAPSHOTSLEAD COUNSEL

32

KIRKLAND & ELLIS MORGAN, LEWIS & BOCKIUS

Party Represented Prime/Middle Market

SectorSector


Prime76%

Middle Market

24%Prime47%

Middle Market

53%

Alternative Energy6%

Industrial Products & Services6%

Medical7%

Retail60%

Technology7%

Transportation7%

Utilities7%

Company7%

Agent / Trustee

33%

Lenders / Bondholders

40%

Equity Committee

7%

Sponsor / Owner

13%

Alternative Energy

4%Consumer

5%

Energy5%

Financial Services5%

Industrial Products &

Services5%

Media9%

Mining5%

Retail43%

Technology5% Telecom

9%

Transportation5%

Company52%


33%

Equity Commit

tee5%

Sponsor / Owner10%

FIRM SNAPSHOTSLOCAL/SPECIAL COUNSEL

33

RICHARDS LAYTON & FINGER YOUNG CONAWAY STARGATT & TAYLOR


SectorSector


Prime55%

Middle Market

45%

Company55%


36%

UCC9%

Alternative Energy

9%

Automotive9%

Construction9%

Energy19%


Services9%

Medical9%

Retail9%

Transportation9%

Utilities18%

Company43%


43%

Agent / Trustee14%

Prime50%

Middle Market

50%

Alternative Energy

14%Automotive

7%

Energy7%


Services22%

Medical7%

Retail14%

Utilities22%

Consumer7%

FIRM SNAPSHOTSFINANCIAL ADVISORS/INVESTMENT BANKERS

34

HOULIHAN LOKEY PJT PARTNERS

Party Represented Prime/Middle MarketParty Represented Prime/Middle Market

Company44%


52%

Board of Directors4%

Prime64%

Middle Market

36%

Prime100%

Company55%


45%

FTI CONSULTING


Prime69%

Middle Market

31%

Company15%


23%

UCC54%

Equity Committee8%

MOELIS & CO


Prime83%

Middle Market

17%

Company59%


33%

UCC8%

FIRM SNAPSHOTSRESTRUCTURING ADVISORS

35

ALVAREZ & MARSAL ALIXPARTNERS

Prime/Middle Market

SectorSector

Prime/Middle Market

Prime68%

Middle Market

32%

Automotive6%

Consumer6%

Energy37%

Financial Services5%


Services5%

Leisure5%

Medical5%

Real Estate5%

Retail5%

Services5% Technology

11%

Transportation5%

Prime85%

Middle Market

15%

Consumer7%

Energy23%

Financial Services

8%Medical

8%

Retail23%

Transportation15%

Utilities8%

Alternative Energy

8%

ANNEX A: NORTH AMERICAN ADVISORY MANDATES DETAIL

June 2017

36

CompanyPrime / Middle Market

Total Debt

(USD m)Country

In-court or Out-of-court Restructuring

Sector Advisor Type Appointed by Notes on AppointmentRetention

Date

21st Century Oncology

Prime 1,172 US In-Court Medical



Banker

Unsecured Creditors

Committee

21st Century Oncology Holdings filed for Chapter 11 bankruptcy protection in the Southern District of New York on 25 May 2017. The docket number is 17-22770.

8-Jun-17

Morrison Foerster Lead CounselUnsecured Creditors

Committee

21st Century Oncology Holdings filed for Chapter 11 bankruptcy protection in the Southern District of New York on 25 May 2017. The docket number is 17-22770.

9-Jun-17

A. M. Castle & Co. Prime 311 US In-CourtIndustrial

Products & Services

Pachulski Stang Ziehl& Jones

Lead Counsel CompanyA. M. Castle & Co. filed for Chapter 11 bankruptcy protection in the District of Delaware on 18 June 2017. The docket number is 17-11330.

18-Jun-17

Kurtzman Carson Consultants

Claims Agent CompanyA. M. Castle & Co. filed for Chapter 11 bankruptcy protection in the District of Delaware on 18 June 2017. The docket number is 17-11330.

18-Jun-17

Fenwick & WestLocal / Special

CounselCompany

A. M. Castle & Co. filed for Chapter 11 bankruptcy protection in the District of Delaware on 18 June 2017. The docket number is 17-11330.

18-Jun-17

Shipman & Goodwin Lead Counsel Agent / TrusteeA. M. Castle & Co. filed for Chapter 11 bankruptcy protection in the District of Delaware on 18 June 2017. The docket number is 17-11330.

18-Jun-17

Goldberg Kohn Lead CounselLenders /

Bondholders


19-Jun-17

Blank RomeLocal / Special

CounselLenders /

Bondholders


19-Jun-17


Local / Special Counsel



19-Jun-17

Ducera PartnersFinancial Advisor

/ Investment Banker



19-Jun-17

ADVISORY MANDATES: JUNE 2017

37


Total Debt

(USD m)Country



Date

A. M. Castle & Co. Prime 311 US In-CourtIndustrial

Products & Services

Dorsey & Whitney Lead Counsel Agent / TrusteeA. M. Castle & Co. filed for Chapter 11 bankruptcy protection in the District of Delaware on 18 June 2017. The docket number is 17-11330.

20-Jun-17


Lead CounselLenders /

Bondholders


20-Jun-17

King & Spalding Lead CounselEquity

Committee


20-Jun-17

The Rosner Law Group


Equity Committee


20-Jun-17

Goodwin Procter Lead CounselLenders /

Bondholders


20-Jun-17

Pepper HamiltonLocal / Special

CounselLenders /

Bondholders


20-Jun-17

Acadiana Management Group

Middle Market

56 US In-Court Medical

Gold, Weems, Bruser, Sues &

RundellLead Counsel Company

Acadiana Management Group filed for Chapter 11 bankruptcy protection in the Western District of Louisiana on 23 June 2017. The docket number is 17-50799.

23-Jun-17

Baker, Donelson, Bearman, Caldwell &

BerkowitzLead Counsel



26-Jun-17

McGlinchey StaffordLocal / Special

CounselLenders /

Bondholders


27-Jun-17

Frederic Dorwart, Lawyers


Bondholders


30-Jun-17


38


Total Debt

(USD m)Country

In-court or Out-of-court

RestructuringSector Advisor Type Appointed by Notes on Appointment

Retention Date

Adeptus Health Prime 228 US In-Court Medical

WinsteadLocal / Special

CounselEquity

Committee

Adeptus Health filed for Chapter 11 bankruptcy protection in the Northern District of Texas on 19 April 2017. The docket number is 17-31432.

28-Jun-17

Brown Rudnick Lead CounselEquity

Committee


28-Jun-17



Banker

Equity Committee


29-Jun-17

Aimia Prime 155 Canada Out-of-Court Services EvercoreFinancial Advisor

/ Investment Banker

Company

Aimia has been working with financial advisor Evercore to raise liquidity to offset the viability concerns weighing down the loyalty-program operator.

22-Jun-17

Alitalia - Societa AereaItaliana

Prime N/AUS / Other

CountryIn-Court

Transportation

FreshfieldsBruckhaus Deringer

Lead Counsel Company

Alitalia - Societa Aerea Italiana filed for Chapter 15 bankruptcy protection in the Southern District of New York on 12 June 2017. The docket number is 17-11618.

12-Jun-17

Amplify Energy Prime 1,566 US Out-of-Court Energy

JefferiesFinancial Advisor

/ Investment Banker

CompanyAmplify Energy Corp engaged with Jefferies to explore and evaluate potential strategic alternatives.

9-Jun-17

Huron Consulting Group


CompanyAmplify Energy Corp engaged with Huron Consulting Group to explore and evaluate potential strategic alternatives.

9-Jun-17

Appvion Prime 441 US Out-of-CourtPaper & Forest

Products

DLA Piper Lead Counsel CompanyAppvion has retained legal counsel DLA Piper for assistance tackling a roughly USD 440m maturity wall that comes due in 2018.

15-Jun-17

GuggenheimFinancial Advisor

/ Investment Banker

CompanyAppvion has retained legal counsel Guggenheim Partners for assistance tackling a roughly USD 440m maturity wall that comes due in 2018.

15-Jun-17

Houlihan LokeyFinancial Advisor

/ Investment Banker


Holders of the issuer’s USD 250m 9% second lien notes due 2020 have mobilized with financial advisor Houlihan Lokey and legal counsel Stroock.

15-Jun-17


39


Total Debt

(USD m)Country



Retention Date

Appvion Prime 441 US Out-of-CourtPaper & Forest

ProductsStroock & Stroock &

LavanLead Counsel


Holders of the issuer’s USD 250m 9% second lien notes due 2020 have mobilized with financial advisor Houlihan Lokey and legal counsel Stroock.

15-Jun-17

Armstrong Energy Prime 200 US Out-of-Court MiningPaul, Weiss, Rifkind, Wharton & Garrison


Bondholders

Armstrong Energy’s first lien bondholders are working with Paul Weiss as legal counsel for workout talks after the coal producer missed a coupon payment.

16-Jun-17

Beaulieu of AmericaMiddle Market

70 US Out-of-Court Construction Armory SecuritiesFinancial Advisor

/ Investment Banker

CompanyFamily-owned carpet maker and distributor Beaulieu has been working with Armory Group for help exploring strategic alternatives.

29-Jun-17

Breitburn Energy Partners

Prime 3,047 US In-Court EnergyPaul, Weiss, Rifkind, Wharton & Garrison


Bondholders

Breitburn Energy Partners filed for Chapter 11 bankruptcy protection in the Southern District of New York on 15 May 2016. The docket number is 16-11390.

30-Jun-17

Cashman Equipment Corp

Middle Market

143 US In-CourtFinancial Services

Murphy & King Lead Counsel CompanyCashman Equipment Corp filed for Chapter 11 bankruptcy protection in the District of Massachusetts on 9 June 2017. The docket number is 17-12205.

9-Jun-17

Hinckley Allen & Snyder


Bondholders

Cashman Equipment Corp filed for Chapter 11 bankruptcy protection in the District of Massachusetts on 9 June 2017. The docket number is 17-12205.

12-Jun-17

Hackett Feinberg Lead CounselLenders /

Bondholders


12-Jun-17

Blank Rome Lead CounselLenders /

Bondholders


12-Jun-17

McCarter & English Lead CounselLenders /

Bondholders


12-Jun-17

Locke Lord Lead CounselLenders /

Bondholders


12-Jun-17


40


Total Debt

(USD m)Country



Date

Cashman Equipment Corp

Middle Market


Nixon Peabody Lead CounselLenders /

Bondholders


13-Jun-17

Riemer & Braunstein Lead CounselLenders /

Bondholders


13-Jun-17

Ruberto, Isreal & Weiner


Bondholders


14-Jun-17

Duane Morris Lead CounselLenders /

Bondholders


20-Jun-17

Casner & Edwards Lead CounselUnsecured Creditors

Committee


29-Jun-17

Cecil BancorpMiddle Market

N/A US In-CourtFinancial Services

Nelson Mullins Riley & Scarborough

Lead Counsel CompanyCecil Bancorp filed for Chapter 11 bankruptcy protection in the District of Maryland on 30 June 2017. The docket number is 17-19024.

30-Jun-17

Teneo CapitalFinancial Advisor

/ Investment Banker

CompanyCecil Bancorp filed for Chapter 11 bankruptcy protection in the District of Maryland on 30 June 2017. The docket number is 17-19024.

30-Jun-17

Hovde GroupFinancial Advisor

/ Investment Banker

CompanyCecil Bancorp filed for Chapter 11 bankruptcy protection in the District of Maryland on 30 June 2017. The docket number is 17-19024.

30-Jun-17

Central GrocersMiddle Market

223 US In-Court Retail

McDonald HopkinsLocal / Special

CounselCompany

Central Grocers filed for Chapter 11 bankruptcy protection in the District of Delaware on 4 May 2017. The docket number is 17-10993.

9-Jun-17

Arnstein & LehrLocal / Special

Counsel

Unsecured Creditors

Committee

Central Grocers filed for Chapter 11 bankruptcy protection in the District of Delaware on 4 May 2017. The docket number is 17-10993.

26-Jun-17


41


Total Debt

(USD m)Country



Date

CGG Prime 2,726US / Other

CountryIn-Court Energy

Prime Clerk Claims Agent CompanyCGG Holding filed for Chapter 11 bankruptcy protection in the Southern District of New York on 14 June 2017. The docket number is 17-11637.

14-Jun-17

Paul, Weiss, Rifkind, Wharton & Garrison

Lead Counsel CompanyCGG Holding filed for Chapter 11 bankruptcy protection in the Southern District of New York on 14 June 2017. The docket number is 17-11637.

14-Jun-17

AlixPartnersRestructuring

AdvisorCompany

CGG Holding filed for Chapter 11 bankruptcy protection in the Southern District of New York on 14 June 2017. The docket number is 17-11637.

14-Jun-17

Ropes & Gray Lead Counsel Agent / TrusteeCGG Holding filed for Chapter 11 bankruptcy protection in the Southern District of New York on 14 June 2017. The docket number is 17-11637.

14-Jun-17

Hogan Lovells Lead Counsel Agent / TrusteeCGG Holding filed for Chapter 11 bankruptcy protection in the Southern District of New York on 14 June 2017. The docket number is 17-11637.

14-Jun-17

Darrois Villey Maillot Brochier


Bondholders


14-Jun-17

A.M. ConseilLocal / Special

CounselLenders /

Bondholders


14-Jun-17

BDGS AssociÃ©s Lead CounselEquity

Committee


14-Jun-17

Orrick, Herrington & Sutcliffe


Bondholders


14-Jun-17

Chellino Crane Middle Market

54 US In-CourtIndustrial

Products & Services

Duane Morris Lead CounselLenders /

Bondholders

Chellino Crane filed for Chapter 11 bankruptcy protection in the Northern District of Illinois on 5 May 2017. The docket number is 17-14200.

5-Jun-17


42


Total Debt

(USD m)Country



Retention Date

Chellino CraneMiddle Market


Products & Services

Bryan Cave Lead CounselLenders /

Bondholders


5-Jun-17

Wong Fleming Lead CounselLenders /

Bondholders


8-Jun-17

FocalPoint SecuritiesFinancial Advisor

/ Investment Banker

CompanyChellino Crane filed for Chapter 11 bankruptcy protection in the Northern District of Illinois on 5 May 2017. The docket number is 17-14200.

13-Jun-17

Schiff Harden Lead CounselLenders /

Bondholders


14-Jun-17

Vedder Price Lead CounselLenders /

Bondholders


14-Jun-17

Dressler & Peters Lead CounselLenders /

Bondholders


14-Jun-17

Askounis & Darcy Lead CounselLenders /

Bondholders


16-Jun-17

Concordia International

Prime 3,420 Canada Out-of-Court Medical


/ Investment Banker


The secured creditor group is working with White & Case as legal advisor and Houlihan Lokey as financial advisor.

12-Jun-17

Perella Weinberg Partners / Tudor,

Pickering Holt & Co


BankerCompany

Concordia International has engaged PerellaWeinberg Partners to provide financial advisory services.

21-Jun-17

Greenhill & CoFinancial Advisor

/ Investment Banker


The crossholder group representing a majority of Concordia’s roughly USD 1.66bn unsecured debt and part of its secured debt has appointed Greenhill as financial advisor.

27-Jun-17


43


Total Debt

(USD m)Country



Retention Date

Concordia International

Prime 3,420 Canada Out-of-Court Medical GoodmansLocal / Special

CounselCompany

The company retained Goodmans as legal counsel to assist the debt restructuring process.

27-Jun-17

Cornerstone ApparelMiddle Market

N/A US In-Court Retail

Dilworth Paxson Lead Counsel CompanyCornerstone Apparel filed for Chapter 11 bankruptcy protection in the Central District of California on 15 June 2017. The docket number is 17-17292.

30-Dec-16

Buzby & KutzlerLocal / Special

CounselCompany

Cornerstone Apparel filed for Chapter 11 bankruptcy protection in the Central District of California on 15 June 2017. The docket number is 17-17292.

30-Dec-16

CST IndustriesMiddle Market


Products & Services

Andrews KurthKenyon

Lead Counsel Agent / TrusteeCST Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 9 June 2017. The docket number is 17-11292.

2-Dec-16

Hughes Hubbard & Reed

Lead Counsel CompanyCST Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 9 June 2017. The docket number is 17-11292.

9-Jun-17

Potter Anderson & Corroon


CompanyCST Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 9 June 2017. The docket number is 17-11292.

9-Jun-17

Husch BlackwellLocal / Special

CounselCompany

CST Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 9 June 2017. The docket number is 17-11292.

9-Jun-17

Epiq Bankruptcy Solutions

Claims Agent CompanyCST Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 9 June 2017. The docket number is 17-11292.

9-Jun-17

Norton Rose Fulbright

Lead Counsel Agent / TrusteeCST Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 9 June 2017. The docket number is 17-11292.

12-Jun-17

Chadbourne & Parke Lead CounselLenders /

Bondholders


12-Jun-17


44


Total Debt

(USD m)Country



Retention Date

CST IndustriesMiddle Market


Products & Services

Shaw Fishman Glantz & Towbin


Unsecured Creditors

Committee


20-Jun-17

Lowenstein Sandler Lead CounselUnsecured Creditors

Committee


21-Jun-17

Teneo CapitalFinancial Advisor

/ Investment Banker

Unsecured Creditors

Committee


21-Jun-17

Eddie Bauer Prime 425 US Out-of-Court Retail

GuggenheimFinancial Advisor

/ Investment Banker

CompanyEddie Bauer has retained Guggenheim Partners and Financo to consider various alternatives including selling the company.

26-Jun-17

FinancoFinancial Advisor

/ Investment Banker

CompanyEddie Bauer has retained Guggenheim Partners and Financo to consider various alternatives including selling the company.

26-Jun-17

EMAS Chiyoda Subsea

Prime 864US / Other

CountryIn-Court Transportation

Jones Day Lead CounselLenders /

Bondholders

EMAS CHIYODA Subsea filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 27 February 2017. The docket number is 17-31146.

18-Jun-17

Gardere Wynne Sewell


Bondholders

EMAS CHIYODA Subsea filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 27 February 2017. The docket number is 17-31146.

28-Jun-17

First NBC BankMiddle Market


Phelps DunbarLocal / Special

CounselCompany

First NBC Bank filed for Chapter 11 bankruptcy protection in the Eastern District of Louisiana on 11 May 2017. The docket number is 17-11213.

1-Jun-17

Stewart Robbins & Brown


Unsecured Creditors

Committee

First NBC Bank filed for Chapter 11 bankruptcy protection in the Eastern District of Louisiana on 11 May 2017. The docket number is 17-11213.

5-Jun-17

GenOn Energy Prime 3,297 US In-Court UtilitiesRichards, Layton &

FingerLocal / Special

CounselLenders /

Bondholders

GenOn Energy filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 3 June 2017. The docket number is 17-33695.

14-Jun-17


45


Total Debt

(USD m)Country



Retention Date

GenOn Energy Prime 3,297 US In-Court Utilities

Quinn Emanuel Urquhart & Sullivan


Bondholders


14-Jun-17

Zack A. ClementLocal / Special

CounselCompany


14-Jun-17

King & SpaldingLocal / Special

CounselCompany


14-Jun-17

McKinseyRestructuring

AdvisorCompany


14-Jun-17


Claims Agent CompanyGenOn Energy filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 3 June 2017. The docket number is 17-33695.

14-Jun-17

Porter Hedges Lead CounselLenders /

Bondholders


20-Jun-17

Covington & Burling Lead Counsel Agent / TrusteeGenOn Energy filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 3 June 2017. The docket number is 17-33695.

27-Jun-17

Cole SchotzLocal / Special

CounselAgent / Trustee


27-Jun-17

Global A&T Electronics Prime 1,128US / Other

CountryOut-of-Court Technology Dechert Lead Counsel


A group holding Global A&T Electronics USD 625m due-2019 senior secured bonds, led by KLS Diversified Asset Management and Marble Ridge, has formed an ad hoc committee and engaged Dechert LLP as restructuring counsel.

9-Jun-17

Global Brokerage Prime 172 US Out-of-CourtFinancial Services

Perella Weinberg Partners / Tudor,

Pickering Holt & Co


BankerCompany

Global Brokerage Inc, owner of FXCM Group, has engaged Perella Weinberg to lead a distressed exchange addressing its convertible notes due 2018.

1-Jun-17


46


Total Debt

(USD m)Country



Retention Date

Granite City Food & Brewery

Middle Market

40 US Out-of-Court Leisure Lincoln InternationalFinancial Advisor

/ Investment Banker

CompanyGranite City Food & Brewery has retained Lincoln International to advise on financial and strategic alternatives while the company operates.

21-Jun-17

Gymboree Prime 1,088 US In-Court Retail

Prime Clerk Claims Agent Company

The Gymboree Corporation filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 11 June 2017. The docket number is 17-32986.

11-Jun-17

Munger, Tolles & Olson


Company


11-Jun-17

Kutak RockLocal / Special

CounselCompany


11-Jun-17

Siegfried GroupFinancial Advisor

/ Investment Banker

Company


11-Jun-17

McGuireWoodsLocal / Special

CounselLenders /

Bondholders


12-Jun-17

Hunton & WilliamsLocal / Special

CounselAgent / Trustee


12-Jun-17


Lead Counsel Agent / Trustee


12-Jun-17


Lead CounselSponsor /

Owner


12-Jun-17

Wolcott Rivers GatesLocal / Special

CounselSponsor /

Owner


12-Jun-17


47


Total Debt

(USD m)Country



Date

Gymboree Prime 1,088 US In-Court Retail

Choate, Hall & Stewart



13-Jun-17



Agent / Trustee


13-Jun-17

Hahn & Hessen Lead CounselUnsecured Creditors

Committee


22-Jun-17

ProtivitiFinancial Advisor

/ Investment Banker

Unsecured Creditors

Committee


22-Jun-17

Harvey Gulf Prime 1,100 US Out-of-Court Energy



Bondholders

Harvey Gulf TLA and revolver lenders tapped Davis Polk as legal counsel for assistance with balance sheet negotiations amid covenant and maturity pressures.

19-Jun-17

PJT PartnersFinancial Advisor

/ Investment Banker


Harvey Gulf TLA and revolver lenders tapped PJT as financial advisor for assistance with balance sheet negotiations amid covenant and maturity pressures.

19-Jun-17

Blackhill PartnersFinancial Advisor

/ Investment Banker

CompanyHarvey Gulf is working with Blackhill Partners as financial advisor and Vinson & Elkins as legal counsel.

19-Jun-17

Vinson & Elkins Lead Counsel CompanyHarvey Gulf is working with Blackhill Partners as financial advisor and Vinson & Elkins as legal counsel.

19-Jun-17

HCR ManorCare Prime 1,750 US Out-of-Court MedicalAnkura Consulting

Group


BankerAgent / Trustee

Agent JPMorgan, agent for the issuer’s USD 377m Libor+ 350bps (1.5% floor) term loan due April 2018, tapped Ankura Consulting to help it navigate the process.

20-Jun-17

Hertz Prime 3,900 US Out-of-CourtFinancial Services

McKinseyRestructuring

AdvisorCompany

Hertz has been working with business improvement consultants from McKinsey & Co as it combats secular pressures impacting its top and bottom lines.

16-Jun-17


48


Total Debt

(USD m)Country



Date

Ignite Restaurant Group

Middle Market

133 US In-Court Leisure

King & Spalding Lead Counsel Company

Ignite Restaurant Group filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 6 June 2017. The docket number is 17-33550.

6-Jun-17

McCathern Lead CounselLenders /

Bondholders


6-Jun-17

Garden City Group Claims Agent Company


6-Jun-17

International Bank of Azerbaijan

Prime 2,300US / Other

CountryIn-Court

Financial Services

Dorsey & Whitney Lead CounselLenders /

Bondholders

International Bank of Azerbaijan filed for Chapter 15 bankruptcy protection in the Southern District of New York on 11 May 2017. The docket number is 17-11311.

2-Jun-17

Morrison Foerster Lead CounselLenders /

Bondholders


9-Jun-17

Sherman & Sterling Lead CounselLenders /

Bondholders


12-Jun-17

Katy IndustriesMiddle Market

59 US In-Court ConsumerRosenthal, Monhait

& GoddessLead Counsel

Equity Committee

Katy Industries filed for Chapter 11 bankruptcy protection in the District of Delaware on 14 May 2017. The docket number is 17-11101.

15-Jun-17

LifeCare HoldingsMiddle Market

150 US Out-of-Court Medical Houlihan LokeyFinancial Advisor

/ Investment Banker

CompanyLifeCare Holdings, a long-term acute care hospital (LTACH) chain, tapped Houlihan Lokey to manage a debt raise to support an add-on acquisition.

20-Jun-17

Longview Power Prime 323 US Out-of-Court Utilities PJT PartnersFinancial Advisor

/ Investment Banker

Company

Longview is challenging Mon Power’s proposed USD 195m acquisition of old coal-fired plant Pleasants, owned by FirstEnergy’s Allegheny Energy Supply and PJT-advised Longview in this transaction.

9-Jun-17

MMX Sudeste Prime N/A US In-Court Mining Sequor Law Lead Counsel CompanyMMX Sudeste filed for Chapter 15 bankruptcy protection in the Southern District of Florida on 15 May 2017. The docket number is 17-16113.

29-Jun-17


49


Total Debt

(USD m)Country



Date

Montco OffshoreMiddle Market

15 US In-Court Energy

Conway MacKenzieFinancial Advisor

/ Investment Banker


Montco Offshore filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 17 March 2017. The docket number is 17-31646.

7-Jun-17


/ Investment Banker

CompanyMontco Offshore hired Houlihan to replace BlackhillPartners as investment banker.

9-Jun-17

Mood Media Prime 632US / Other

CountryIn-Court Media

Emmet, Marvin & Martin

Lead Counsel Agent / TrusteeMood Media filed for Chapter 15 bankruptcy protection in the Southern District of New York on 22 May 2017. The docket number is 17-11413.

13-Jun-17

National Events Holdings

Middle Market

N/A US In-Court Leisure

RAS Management Advisors


CompanyNational Events Holdings filed for Chapter 11 bankruptcy protection in the Southern District of New York on 5 June 2017. The docket number is 17-11556.

5-Jun-17

Herrick Feinstein Lead Counsel CompanyNational Events Holdings filed for Chapter 11 bankruptcy protection in the Southern District of New York on 5 June 2017. The docket number is 17-11556.

5-Jun-17

Cahill Gordon & Reindel

Lead CounselSponsor /

Owner

National Events Holdings filed for Chapter 11 bankruptcy protection in the Southern District of New York on 5 June 2017. The docket number is 17-11556.

5-Jun-17

Neiman Marcus Prime 4,706 US Out-of-Court Retail Moelis & CoFinancial Advisor

/ Investment Banker

CompanyNeiman Marcus has added Moelis to its cache of advisors, which already includes Lazard and counsel Kirkland & Ellis.

9-Jun-17

Ocean Rig Prime 3,691US / Other

CountryIn-Court Energy

Pillsbury Winthrop Shaw Pittman

Lead Counsel Agent / TrusteeOcean Rig UDW filed for Chapter 15 bankruptcy protection in the Southern District of New York on 27 March 2016. The docket number is 17-10736.

23-Jun-17

Original SoupmanMiddle Market

8 US In-Court Consumer

Polsinelli Lead Counsel CompanyOriginal Soupman filed for Chapter 11 bankruptcy protection in the District of Delaware on 13 June 2017. The docket number is 17-11313.

13-Jun-17

Wyse AdvisorsRestructuring

AdvisorCompany

Original Soupman filed for Chapter 11 bankruptcy protection in the District of Delaware on 13 June 2017. The docket number is 17-11313.

13-Jun-17


50


Total Debt

(USD m)Country



Retention Date

Original SoupmanMiddle Market

8 US In-Court Consumer


Claims Agent CompanyOriginal Soupman filed for Chapter 11 bankruptcy protection in the District of Delaware on 13 June 2017. The docket number is 17-11313.

13-Jun-17

Arent Fox Lead CounselLenders /

Bondholders


15-Jun-17

BayardLocal / Special

CounselLenders /

Bondholders


15-Jun-17

Olshan FromeWolosky


Bondholders


22-Jun-17





22-Jun-17

Payless ShoeSource Prime 665 US In-Court Retail

Curtis, Mallet-Prevost, Colt &

MosleLead Counsel

Sponsor / Owner

Payless Holdings filed for Chapter 11 bankruptcy protection in the Eastern District of Missouri on 4 April 2017. The docket number is 17-42267.

13-Jun-17

Doster, Ullom & Boyle


Sponsor / Owner

Payless Holdings filed for Chapter 11 bankruptcy protection in the Eastern District of Missouri on 4 April 2017. The docket number is 17-42267.

13-Jun-17

Quality Oil ToolsMiddle Market

N/A US In-CourtIndustrial

Products & Services

Porter Hedges Lead Counsel CompanyQuality Oil Tools filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 18 June 2017. The docket number is 17-33807.

18-Jun-17

Waller LansdenDortch & Davis


Bondholders

Quality Oil Tools filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 18 June 2017. The docket number is 17-33807.

20-Jun-17

Rand LogisticsMiddle Market

121 US Out-of-CourtTransportat

ionMoelis & Co


BankerCompany

Ship operator Rand Logistics is working with Moelis for help addressing a second lien term loan.

9-Jun-17


51


Total Debt

(USD m)Country



Date

Rooster EnergyMiddle Market

77 US In-Court Energy

Baker, Donelson, Bearman, Caldwell &

BerkowitzLead Counsel Company

Rooster Energy filed for Chapter 11 bankruptcy protection in the Western District of Louisiana on 2 June 2017. The docket number is 17-50705.

2-Jun-17

Donlin, Recano & Co Claims Agent CompanyRooster Energy filed for Chapter 11 bankruptcy protection in the Western District of Louisiana on 2 June 2017. The docket number is 17-50705.

2-Jun-17

Kelly Hart & HallmanLocal / Special

CounselLenders /

Bondholders


5-Jun-17

Jones Walker Lead CounselLenders /

Bondholders


5-Jun-17

Arent Fox Lead CounselUnsecured Creditors

Committee


28-Jun-17

Kantrow SpahtWeaver & Blitzer


Unsecured Creditors

Committee


30-Jun-17

rue21 Prime 832 US In-Court Retail Duane MorrisLocal / Special

CounselSponsor /

Owner

rue21 filed for Chapter 11 bankruptcy protection in the Western District of Pennsylvania on 15 May 2017. The docket number is 17-22045.

23-Jun-17

Sears Canada Prime 127 Canada In-Court Retail

BMOFinancial Advisor

/ Investment Banker

Company

Sears Canada and certain of its subsidiaries have applied to the Ontario Superior Court of Justice for protection under the Companies' Creditors Arrangement Act ("CCAA"), in order to continue to restructure its business.

13-Jun-17

Osler, Hoskin & Harcourt

Lead Counsel Company


13-Jun-17

Goodmans Lead Counsel Agent / Trustee


22-Jun-17


52


Total Debt

(USD m)Country



Retention Date

Sears Canada Prime 127 Canada In-Court Retail

Cassels Brock & Blackwell



22-Jun-17

Bennett Jones Lead CounselBoard of

Directors


22-Jun-17

SolarWorld Industries Sachsen

Prime N/AUS / Other

CountryIn-Court

Alternative Energy

Butzel Long Lead Counsel Company

SolarWorld Industries Sachsen filed for Chapter 15 bankruptcy protection in the Eastern District of Michigan on 9 June 2017. The docket number is 17-48723.

7-Jun-17

SunPower Prime 1,708 US Out-of-CourtAlternative

EnergyInvestec


BankerCompany

SunPower Corporation hired Investec to arrange USD 57m in project financing amidst liquidity strains.

16-Jun-17

SynchronossTechnologies

Prime 259 Canada Out-of-Court Technology



Bondholders

A group of Synchronoss Technologies term lenders has engaged Davis Polk as legal counsel following a series of red-flag disclosures by the company.

21-Jun-17

PJT PartnersFinancial Advisor

/ Investment Banker

CompanySynchronoss Technologies has tapped advisor PJT Partners for help juggling a multitude of potential triggers.

27-Jun-17


/ Investment Banker


A group of Synchronoss Technologies term lenders has engaged Houlihan Lockey as financial advisor following a series of red-flag disclosures by the company.

27-Jun-17

Takata Prime 753US / Other

CountryIn-Court Automotive

Prime Clerk Claims Agent CompanyTakata filed for Chapter 11 bankruptcy protection in the District of Delaware on 25 June 2017. The docket number is 17-11375.

25-Jun-17


Lead Counsel CompanyTakata filed for Chapter 11 bankruptcy protection in the District of Delaware on 25 June 2017. The docket number is 17-11375.

25-Jun-17

Nagashima Ohno & Tsunematsu


CompanyTakata filed for Chapter 11 bankruptcy protection in the District of Delaware on 25 June 2017. The docket number is 17-11375.

25-Jun-17


53


Total Debt

(USD m)Country



Date

Takata Prime 753 USUS / Other

CountryAutomotive

PwCFinancial Advisor

/ Investment Banker


25-Jun-17




25-Jun-17

Covington & BurlingLocal / Special

CounselCompany

Takata filed for Chapter 11 bankruptcy protection in the District of Delaware on 25 June 2017. The docket number is 17-11375.

25-Jun-17

LazardFinancial Advisor

/ Investment Banker


25-Jun-17

Teekay Offshore Prime 448US / Other

CountryOut-of-Court Energy White & Case Lead Counsel


A group of lenders, led by ABN Amro Capital USA LLC, have organized and is being advised by White & Case.

9-Jun-17

Tidewater Prime 2,418 US In-CourtTransportati

on

Brown Rudnick Lead CounselEquity

Committee

Tidewater filed for Chapter 11 bankruptcy protection in the District of Delaware on 17 May 2017. The docket number is 17-11132.

16-Jun-17

Saul EwingLocal / Special

CounselEquity

Committee


16-Jun-17


Lead CounselUnsecured Creditors

Committee


21-Jun-17



Banker

Equity Committee


23-Jun-17



Banker

Unsecured Creditors

Committee


29-Jun-17


54


Total Debt

(USD m)Country



Date

Toisa Limited Prime 1,001US / Other

CountryIn-Court

Transportation

White & Case Lead CounselLenders /

Bondholders

Toisa Limited filed for Chapter 11 bankruptcy protection in the Southern District of New York on 29 January 2017. The docket number is 17-10184.

2-Jun-17

U. S. Steel Canada Prime 1,742 Canada In-Court Metals


Lead Counsel CompanyU. S. Steel Canada filed for Chapter 15 bankruptcy protection in the Southern District of New York on 2 June 2017. The docket number is 17-11519.

2-Jun-17

McCarthy TetraultLocal / Special

CounselCompany

U. S. Steel Canada filed for Chapter 15 bankruptcy protection in the Southern District of New York on 2 June 2017. The docket number is 17-11519.

2-Jun-17

Unilife Middle Market

146 US In-Court Medical Lowenstein Sandler Lead CounselUnsecured Creditors

Committee

Unilife Corporation filed for Chapter 11 bankruptcy protection in the District of Delaware on 12 April 2017. The docket number is 17-10805.

6-Jun-17

White Oak EnergyMiddle Market

N/A US Out-of-Court Energy OpportuneFinancial Advisor

/ Investment Banker


White Oak Energy’s bank group, led by JPMorgan, engaged Opportune as a financial advisor.

12-Jun-17


55

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We have obtained the information provided in this report in good faith from publicly available data as well as Debtwire data and intelligence, which we consider to be reliable. This information is not intended to provide tax, legal or investment advice, including, but not limited to, investment advice as defined by the Investment Company Act of 1940. You should seek independent tax, legal and/or investment advice before acting on information obtained from this report. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report, and not for any delays in updating the information.

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Documents

NORTH AMERICA 1H 2017 RESTRUCTURING … · GENERAL INTRODUCTION The Debtwire Restructuring Advisory Mandate Report tracks and ranks advisors by the total number of representations