NEW YORK, Feb. 27, 2014 /PRNewswire/ -- The Deal, TheStreet's (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).
About The Deal's Bankruptcy League Tables
The Deal's Bankruptcy League Tables are the industry's only league tables focused solely on active bankruptcy cases. The Bankruptcy League Tables by volume involve only active U.S. bankruptcy cases of debtors with assets of $10 million or more. The rankings are based on the aggregation of those asset values. The table reflects the number of active cases fitting that criteria and may not characterize the total number of active cases. Firms and professionals only get one credit for each active case, not each active assignment. The Bankruptcy League Tables by number involve global bankruptcy cases irrespective of debtor asset size. Professionals receive credit for multiple assignments on one case.
About The Deal
The Deal, a business unit of TheStreet, has been serving corporate dealmakers, advisers and institutional investors the most sophisticated analysis of the deal economy since 1999. Our transaction information service, The Deal Pipeline, is powered by a newsroom of senior journalists who offer proprietary research and reporting across M&A, bankruptcies, auctions and financings. It includes a breaking news service, First Take; daily and weekly sector newsletters; The Daily Deal, a 2x daily report of the day's top stories; a research center with over a decade's worth of intelligence and a database of over 100,000 deals; and an iPad app. Our marketing & media services group produces the industry's leading forecasting event, The Deal Economy, held annually at the NYSE in addition to industry webcasts and integrated marketing programs. For more information, visit www.thedeal.com.
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