2017's Second Quarter Goes Down In History: The First Time A U.S. Territory Files For Bankruptcy

NEW YORK, July 27, 2017 /PRNewswire/ -- The second quarter of 2017 made history as the first time a U.S. territory filed for bankruptcy, when Puerto Rico started to restructure its $70 billion in debt, according to  The Deal, a business unit of TheStreet, Inc. (NASDAQ: TST).

The Deal. (PRNewsFoto/The Deal Pipeline)

"The formal start of the restructuring of Puerto Rico's $70 billion in debt dominated the second quarter in the bankruptcy world," said Stephanie Gleason, senior writer at The Deal. "Additionally, we're seeing already that retail will continue to be a major driver of bankruptcy filings through the rest of the year."

The Deal's exclusive ranking covers the top U.S. firms involved in bankruptcy cases filed between January 1 and June 30, 2017.

Some highlights from the report:
  • Weil, Gotshal & Manges LLP claimed the top spot for bankruptcy law firms by volume, with $111 billion in liabilities. Paul, Weiss, Rifkind, Wharton & Garrison LLP followed, with $101.3 billion in liabilities. Milbank, Tweed, Hadley, & McCloy LLP ranked third, with just over $99 billion in liabilities. White & Case LLP ranked fourth with $95.6 billion in liabilities and Reed Smith LLP ranked fifth with $89.3 billion in liabilities.
  • For investment banks by volume, Houlihan Lokey Inc. remained in the top spot, with $94.9 billion in liabilities. Lazard Ltd. followed in second, with $28.6 billion in liabilities. Jeffries LLC was third, with $17.8 billion in liabilities. PJT Partners Inc. ranked fourth, with $10.9 billion in liabilities. UBS Investment Bank rounded up the top five with $10 billion in liabilities.
  • FTI Consulting Inc. claimed the top spot for crisis management firms by volume with $113.7 billion. Zolfo Cooper LLC followed with $81.4 billion. Goldin Associates LLC came in third with $75.8 billion. AlixPartners LLP came in fourth with $22.9 billion. BRG Capstone/Berkeley Research Group LLC finished in fifth with $16.9 billion.

The full article is  available online, or learn more about The Deal's Bankruptcy League Tables by visiting  http://www.thedeal.com/league-tables/bankruptcy/.

About The Deal's Bankruptcy League TablesThe Deal's Bankruptcy League Tables are comprised of advisory assignments on business petitions with liabilities of at least $25 million, filed in U.S. courts, between January 1 and June 30, 2017.

About The Deal The Deal ( www.thedeal.com) provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them. The Deal is a business unit of TheStreet, Inc. (NASDAQ: TST,  www.t.st), a leading financial news and information provider. Other business units include TheStreet ( www.thestreet.com), an unbiased source of business news and market analysis for investors; BoardEx ( www.boardex.com), a relationship mapping service of corporate directors and officers; and RateWatch ( www.rate-watch.com), which supplies rate and fee data from banks and credit unions across the U.S.

Contact: Jon Kostakopoulos, (212) 321-5561, Jon.Kostakopoulos at thestreet.com

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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