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Energy sector continues to dominate restructurings

Staff Writer |
The Deal, a business unit of TheStreet, announced the results of its rankings of the top investment banks, law firms and restructuring advisers involved in out-of-court restructurings.

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Data collected captures advisers to distressed companies with financial restructurings active between April 1 and June 30, 2016.

"Restructuring in the energy space has slowed down a bit from the breakneck pace that we saw in the first half of this year, as oil prices have stabilized a bit," said Jamie Mason, senior editor at The Deal.

"However, restructuring professionals agree that the energy sector will still dominate restructurings in the U.S. and that we may see more activity with midstream energy companies in the next six to eight months."

Lazard Ltd. was the top financial adviser to distressed companies in the second quarter, with 32 deals. Houlihan Lokey Inc. was second, with 18 deals.

Moelis & Co. and PJT Partners Inc. tied for third, with 16 deals each. Rothschild & Co. ranked fourth with 15 deals. Rounding up the top five was Evercore Partners Inc., with 12 deals.

Moelis & Co. LLC was the top financial adviser to creditors, with 18 deals. PJT Partners Inc. was second, with 10. Houlihan Lokey ranked third, with nine deals. Rothschild & Co. ranked fourth, with five deals. Ducera Partners LLC ranked fifth, with four deals.

Among law firms, Kirkland & Ellis LLP was the top counsel to distressed companies, with 16 deals. Latham & Watkins LLP and Weil, Gotshal & Manges LLP tied for second, with eight deals each. Cleary Gottlieb Steen & Hamilton LLP and Vinson & Elkins LLP tied for third, with seven deals each.

Latham & Watkins LLP ranked first for the top counsel to creditors, with 16 deals. Davis Polk & Wardwell LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP tied for second, with nine deals each.

Kirkland & Ellis LLP ranked third, with seven deals. Akin Gump Strauss Hauer & Feld LLP ranked fourth, with six deals.

FTI Consulting Inc. was the top restructuring advisers to distressed companies for the second quarter, with 12 deals. Alvarez & Marsal LLC was ranked second, with eight.

Deloitte and PricewaterhouseCoopers LLP tied for third, with five deals each. AlixPartners LLP and KPMG tied for fourth, with four deals each.

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