NEW YORK, July 29, 2016 /PRNewswire/ -- The Deal, a business unit of TheStreet Inc. (NASDAQ: TST), announced the results of its quarterly rankings of the top firms and professionals involved in active bankruptcy cases for the second quarter of 2016. Collected data captures only active bankruptcy work for ongoing U.S. and Canadian cases.
"Bankruptcy attorneys will continue to see a steady flow of Chapter 11 petition filings from the oil and gas industry as energy prices slowly recover from a downturn that began in mid-2014," said Kirk O'Neil, bankruptcy reporter at The Deal. "Many of these companies with secured debt will likely turn to their prepetition secured lenders to provide debtor-in-possession financing, since third-party DIP lenders are not interested in priming the prepetition lenders."
Some highlights from the report:
Akin Gump Strauss Hauer & Feld LLP remained in the top spot for bankruptcy law firms by volume, with $1,050.1 billion in liabilities. Latham & Watkins LLP followed, with $1,033.4 billion in liabilities. Vedder Price PC ranked third, with $996.1 billion in liabilities. Duane Morris LLP followed in fourth with $973.4 billion in liabilities and Dentons ranked fifth with $960.1 billion in liabilities.
Among lawyers by volume, Peter Gilhuly (Latham & Watkins LLP) ranked first, followed by Douglas Rosner (Goulston & Storrs PC), Daniel Golden (Akin Gump Strauss Hauer & Feld LLP), Richard Hahn (Debevoise & Plimpton LLP) and Scott Davidson (King & Spalding LLP).
For investment banks by volume, Houlihan Lokey Inc. moved into the top spot, with $190.2 billion in liabilities. Lazard Ltd. followed in second, with $172.1 billion in liabilities. PJT Partners Inc. was third, with $114.8 billion in liabilities. Stifel Financial Corp. ranked fourth, with $113.3 billion in liabilities. Jefferies rounded up the top five with $104 billion in liabilities.
Leon Szlezinger (Jefferies LLC) moved to the top spot for investment bankers by volume in the second quarter of 2016. Steven Zelin (PJT Partners Inc.) ranked second, while Neil Luria (Solic Capital Advisors LLC) ranked third. Edward Casas (Solic Capital Advisors LLC) ranked fourth, followed by Matthew Mazzucchi (Houlihan Lokey Inc.).
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 liabilities of $10 million or more. The rankings are based on the aggregation of those liability 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 U.S. and Canadian bankruptcy cases irrespective of debtor asset size. Professionals receive credit for multiple assignments on one case.
About The Deal
The Deal is a media and technology company providing over 100,000 users with actionable ideas from its two services - The Deal & BoardEx. Law firms, investment banks, private equity firms and hedge funds use The Deal service to find their next deal and BoardEx to connect the dots between their organizations and clients. The Deal is a business unit of TheStreet, Inc. (NASDAQ: TST) and has offices in New York, London, Washington, D.C., Petaluma, CA and Chennai, India. For more information, visit www.thedeal.com.
Contact: Ashley Klepach, 212.321.5048, ashley.klepach at thestreet.com