NEW YORK, May 11, 2017 /PRNewswire/ -- 2017's first quarter was grim for retailers, as bankruptcy filings continued to escalate, with no sign of decreasing in the foreseeable future, proving the "Amazon Effect" is not a fluke. Energy industry filings are expected to continue in the second quarter, although at a slower pace this year, and the healthcare industry may be the next sector to face a flurry of bankruptcy filings, according to The Deal, a business unit of TheStreet, Inc. (NASDAQ: TST).
"Bankruptcy and restructuring attorneys and advisers were busy in the first quarter as the amount of Chapter 11 filings increased in each month with the retail industry leading the charge on petitions," said Kirk O'Neil, bankruptcy reporter at The Deal. "The rising trend of retail Chapter 11 filings is expected to continue through the year as oil and gas industry filings begin to level off."
The Deal's exclusive ranking covers the top U.S. firms involved in bankruptcy cases filed between January 1 and March 31, 2017.
Some highlights from the report:
- Latham & Watkins LLP claimed the top spot for bankruptcy law firms by volume, with $19.9 billion in liabilities. Skadden, Arps, Slate, Meagher & Flom LLP followed, with $16.5 billion in liabilities. Weil, Gotshal & Manges LLP ranked third, with just over $15 billion in liabilities. Duane Morris LLP ranked fourth with $13.1 billion in liabilities and Reed Smith LLP ranked fifth with $12.2 billion in liabilities.
- For investment banks by volume, Houlihan Lokey Inc. remained in the top spot, with $12.7 billion in liabilities. PJT Partners Inc. followed in second, with $9.9 billion in liabilities. Centerview Partners LLC was third, with $6.4 billion in liabilities. Evercore Partners Inc. ranked fourth, with $3.6 billion in liabilities. Perella Weinberg Partners LP rounded up the top five with $3.2 billion in liabilities.
- FTI Consulting Inc. claimed the top spot for crisis management firms by volume with $18.2 billion. AlixPartners LLP followed with $17.6 billion. Zolfo Cooper LLC came in third with $7.5 billion. Opportune LLP came in fourth with $4.4 billion. Alvarez & Marsal LLC finished in fifth with $2.3 billion.
About The Deal's Bankruptcy League Tables
The 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 Jan. 1 and March 31, 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), which is celebrating its 20th year of producing unbiased business news and market analysis; BoardEx (www.boardex.com), the leading 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
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SOURCE TheStreet, Inc.