NEW YORK, Feb. 27, 2014 /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 fourth quarter of 2013. According to the data, 16 retailer bankruptcies were filed in the U.S. by companies with at least $50 million in liabilities in 2013, double the number the year before.
"Even though business bankruptcy filings were down in the fiscal year 2013, restructuring professionals still found plenty of work in the retail industry and will likely discover even more in fiscal 2014," said Jamie Mason, Senior Editor for The Deal. "As antiquated shopkeepers try to figure out how to deal with fierce competition from online merchants, problems like old business models and expensive leases will force an increasing number of companies to file."
League Table highlights:
- For the investment banks, Blackstone Group LP held its lead from Q3 2013 with $720.6 billion in assets and 26 cases, followed by Miller Buckfire & Co. LLC with $653.9 billion in assets, Houlihan Lokey Inc. with $58.2 billion in assets, Jefferies LLC with $45.9 billion in assets, and Lazard with $41.7 billion in assets.
- Top investment bankers were Timothy Coleman (Blackstone Group LP), Leon Szlezinger (Jefferies LLC), Mick Solimene (Macquarie Capital ( USA) Inc.), Edward Casas (Solic Capital Advisors LLC) and Neil Luria (Solic Capital Advisors LLC).
- Skadden, Arps, Slate, Meagher & Flom LLP finished its sweep of the top spot for 2013 with cases totaling $1,074.1 billion in assets. Rounding out the top five were Weil, Gotshal & Manges LLP with $1030.8 billion in assets, White & Case LLP with $1025.2 billion in assets, Vedder Price PC with $1,008.8 billion in assets, and Saul Ewing LLP with $1,002.7 billion in assets.
- Amongst lawyers, Michael Schein ( Vedder Price PC) and Thomas Lauria (White & Case LLP) held onto their top rankings from Q2 and Q3, followed by J. Gregory Milmoe (Skadden, Arps, Slate, Meagher & Flom LLP), Douglas Rosner (Goulston & Storrs PC) and Richard Hahn (Debevoise & Plimpton LLP).
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