The business of restructuring troubled companies is thriving during the Covid-19 pandemic, driving revenues higher at several publicly traded investment banks and other financial advisers as their clients default on debt and seek concessions from creditors.
Investment banks including PJT Partners Inc. and Houlihan Lokey Inc. notched quarterly revenue records in the first nine months of 2020, their earnings show. In some instances, the boom in restructuring and bankruptcy work partially offset revenue losses in other areas, such as mergers and acquisitions.
We expect that by the time our full-year results are recorded, it will be clear that restructuringprovides a valuable hedge against periods of economic weakness and reduced M&A activi…
Read the full article at: https://www.wsj.com/articles/coronavirus-downturn-drives-booming-business-for-restructuring-pros-11604572202