European Restructuring Insights

27 May 2020

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European Restructuring Insights | This inaugural edition examines the UK restructuring landscape from January 2016 through to April 2020. 
 
 
Key findings:
 
  • Scheme of Arrangements led in both number of situations and debt restructured, accounting for ~40% of the UK restructuring market, followed by Administrations (26%), and CVAs (22%).
  • The Retail sector dominated with over 30% of restructuring situations, followed by Food & Beverage and Oil & Gas with approximately 10% each.
  • In the UK, companies were more likely to have a Pre-Arranged Plan in pace with creditors, compared to the US where bankruptcy filers often enter with no plan or sale in place.
  • Sale Processes were the next most frequent strategy, partially reflecting the rise and establishment of Accelerated M&A.
  • On the advisory front, Houlihan Lokey and Rothschild led the rankings with the most mandates, followed closely by KPMG. Allen & Overy had the most mandates on the legal side, trailed by Clifford Chance and Linklaters, Kirkland & Ellis and Latham & Watkins.
  • On the bank side, HSBC was involved in the debt of the most UK restructurings, followed by fellow UK-based banks Barclays, and RBS.
  • Looking to funds, York Capital, Avenue Capital and Silver Point Capital are some of the more active debt investors, while Apollo, KKR and The Carlyle Group appear the most among PE Firms.