NEW YORK, Oct. 2, 2017 /PRNewswire/ -- Bankruptcy decreased in the third quarter as troubled retail companies avoided filing before the holidays, with the exception of Toys "R" Us, which filed for bankruptcy on September 18 with more than $7 billion in liabilities., according to The Deal, a business unit of TheStreet, Inc. (NASDAQ: TST).
In the third quarter, Weil, Gotshal & Manges was the top ranked law firm for bankruptcy filings by volume. Houlihan Lokey continued to dominate among investment banks, and FTI Consulting claimed the top spot for crisis management firms by volume.
"The pace of retail Chapter 11 filings slowed during the third quarter, with the notable exception of Toys "R" Us, which entered bankruptcy with more than $7 billion in liabilities," said Stephanie Gleason, senior writer at The Deal. "The retailers that can will likely continue to try to stave off filing for bankruptcy through the holiday shopping season."
The Deal's exclusive League Table ranking covers the top U.S. firms involved in bankruptcy cases filed between January 1 and September 15, 2017.
Some highlights from the report:
- Weil, Gotshal & Manges LLP claimed the top spot for bankruptcy law firms by volume, with $103.6 billion in liabilities. Orrick, Herrington & Sutcliffe LLP followed, with $103.4 billion in liabilities. Milbank, Tweed, Hadley, & McCloy LLP ranked third, with just over $99 billion in liabilities.
- For investment banks by volume, Houlihan Lokey Inc. remained in the top spot, with $106.5 billion in liabilities. Lazard Ltd. followed in second, with $39.3 billion in liabilities. Moelis & Co. LLC was third, with $15.8 billion in liabilities.
- FTI Consulting Inc. claimed the top spot for crisis management firms by volume with just over $105 billion. Zolfo Cooper LLC followed with $81.4 billion. Goldin Associates LLC came in third with $75.8 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 January 1 and September 15, 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), an unbiased source of business news and market analysis for investors; BoardEx ( www.boardex.com), a 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.