NEW YORK, Dec. 4, 2013 /PRNewswire/ -- The Deal, TheStreet's (NASDAQ:TST) institutional business, announced the results of their quarterly rankings of the top firms and professionals involved in active bankruptcy cases for the third quarter of 2013. Business bankruptcy filings declined 16% year-over-year through the third quarter, with a total of 30,022 filings in 2012 dropping to 25,327 this year, but the number of private equity-backed bankruptcy filings is on the rise, especially in the middle market.
"When you look at the most recent data from our bankruptcy league tables, the trend really emerges with sixty-six PE portfolio companies filing for bankruptcy protection in the year to date as of November 12, a 38% increase from last year," said Jamie Mason, Senior Editor for The Deal. "Restructuring professionals believe that there are a number of reasons behind the uptick in PE filings, including the companies' typical greater leverage, a lack of interest in their debt from hedge funds, more PE-owned companies and tired sponsors."
League Table highlights:
- Blackstone has taken the lead this quarter for investment banks in volume and number, pushing out Houlihan Lokey Inc. and Navigant Capital Advisors LLC, respectively, with $721.1 billion in volume and 29 cases versus $83.7 billion in volume and 20 cases. An assignment as financial adviser to unsecured creditors on the Lehman Brothers Holdings Inc. case pushed it over the top for the third quarter. The top five investment banks by volume were rounded out by Jefferies LLC with $45.8 billion in assets, Lazard with $36.9 billion in assets, and Moelis & Co. LLC with $36.6 billion in assets.
- Top investment bankers by volume were Timothy Coleman (Blackstone Group LP), Eric Siegert (Houlihan Lokey Inc.), Leon Szlezinger (Jefferies LLC), Mick Solimene (Macquarie Capital ( USA) Inc.), and Edward Casas (Navigant Capital Advisors LLC).
- The top two law firms by volume remained the same as Q1 and Q2 with Skadden, Arps, Slate, Meagher & Flom LLP with cases totaling $1,074.1 billion in assets and White & Case LLP with $1,055.8 billion in assets. Rounding out the top five were Duane Morris LLP with $1043.5 billion in assets, Weil, Gotshal & Manges LLP with $1031.7 billion in assets, and Saul Ewing LLP with $1,017.9 billion in assets.
- Amongst lawyers, Michael Schein ( Vedder Price PC), Thomas Lauria (White & Case LLP), Douglas Rosner (Goulston & Storrs PC), Richard Hahn (Debevoise & Plimpton LLP), and Douglas Lipke ( Vedder Price PC) all maintained their top 5 rankings from Q2.
- Heading the list of newcomers to The Deal Pipeline's bankruptcy league tables for the third quarter is Emerald Capital Advisors. The New York crisis management firm got on two deals—as the trustee and financial adviser to the Energy Conversion Devices Inc. liquidation trust and as the chief restructuring officer to Coda Holdings Inc. (now Adoc Holdings Inc.)—right after it began operations earlier this year, according to founder and senior managing director John P. Madden. The cases and two others of more than $10 million in assets shot Emerald to the No. 16 spot by volume ( $1.7 billion).