- "I sometimes joke that it's almost impossible to go bankrupt in America today because somebody will lend you more money," says Greenhill & Co. (NYSE:GHL) CEO Scott Bok. "I think that will change," once the Fed begins raising interest rates. "I think the restructuring business could get extremely active again."
- Greenhill and boutique rivals like Moelis & Co.(NYSE:MC) and Evercore (NYSE:EVR) need more restructuring work to supplement their M&A advisory businesses. Both stocks are lower by 20% year-to-date.
- For its part, Evercore has been hiring to prepare for an increase in companies going bankrupt, and bankruptcy big-wheel Houlihan Lokey (NYSE:HLI) raised a bundle in an IPO last month.
- Source: Bloomberg