Big defaults mean big business for US restructuring shops

摘要

The spike in the high yield default rate is bad news for companies struggling under an unsustainable debt load, but good news for restructuring shops. Among the biggest independent investment banks, including HOULIHAN LOKEY, LAZARD, PJT PARTNERS, EVERCORE PARTNERS, and MOELIS, restructuring helped power returns even as revenue from M&A fell for some. Houlihan said its fiscal fourth quarter was its best since the financial crisis. It reported revenue from financial restructuring of US$72m for the quarter to the end of March, up 10% from the prior year.