Q1 Distressed debt & bankruptcy restructuring review: Thomson Reuters

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Completed distressed debt and bankruptcy restructuring activity totaled US$16.8 billion during the first quarter of 2015, a 62% decrease from the first quarter of 2014.

The number of completed deals also saw a significant decrease, with 40 deals during the first quarter of 2015 compared to the 88 during the same period last year. The two largest completed transactions during the first quarter were the US$4.8 billion debt restructuring of Martinsa-Fadesa and the US$3.5 billion restructuring of Grupo Eroski.

US completed deal activity totaled US$2.3 billion during the first quarter of 2015, a 72% decrease compared to the first quarter of 2014. There were only 10 restructuring transactions completed in the US during the first quarter, 16 fewer deals than the same period last year. The Industrials sector accounted for 33% of the US debt restructuring market, followed by Consumer Staples, with a 22% share.

EMEA completed distressed debt restructuring deal volume totaled US$12.1 billion during the first quarter of 2015, marking a 58% descrease in activity compared to the first quarter of 2014. Real Estate led all sectors in EMEA, with 40% of total completed EMEA distressed debt restructuring deal volume.

Asia Pacific (including Japan) completed deal volumes during the first quarter of 2015 reached US$646 million from 10 deals, down almost 90% from the same period last year. Industrials was the most active sector, capturing 66% of the market, followed by High Technology and Energy & Power, accounting for 18% and 16% of the market, respectively. The top five restructurings by value were all completed by South Korean debtors.

Worldwide Announced Restructuring (DR1a) Q1 2015: Thomson Reuters

Source: Thomson Reuters

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