4Q2012 Restructuring Advisory Review

July 27, 2017 | Author: Ashish Krishna | Category: Mergers And Acquisitions, Investing, Investment Banking, Banks, Bankruptcy
Share Embed Donate


Short Description

Download 4Q2012 Restructuring Advisory Review...

Description

DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Full Year 2012

Full Year 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$422.6 billion over the course of 2012, a 102.5% increase compared to the US$208.6 billion accrued during 2011. In total, 430 deals totaling $470.8 billion were announced in 2012 – 344 fewer deals compared to the same period in 2011. Activity was led by Greece's US$263.1 billion debt exchange transaction, the largest Restructuring deal on record. US deal activity totalled US$61.6 billion throughout 2012, a 19.2% decrease compared to 2011 totals. There were 129 announced US Restructuring transactions during 2012, 107 fewer than the previous year. The Media & Entertainment industry accounted for 34% of the US debt restructuring market. Throughout 2012, EMEA distressed debt restructuring deal volume totalled US$342 billion, with the Government sector dominating the marketplace with 81% of the volume due to the Greece restructuring. Excluding deals involving sovereign debt, activity was down by 29.5% from 2012. Asia Pacific (including Japan) deal volumes during 2012 reached US$10.2 billion, down 25% from the total value reached in 2011. Telecom was the most active sector, capturing 48% of the market, followed by Industrials and Materials, with 30% and 7% market shares, respectively.

Worldwide Completed Restructuring (DR1)

Jan 1 - Dec 31

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 3 330,237.4 78.1 2 5 323,073.9 76.5 3 4 54,242.9 12.8 4 1 46,867.5 11.1 5 2 33,789.6 8.0 6 7 9,136.6 2.2 7 8,013.5 1.9 8 18 6,412.5 1.5 9 6,193.3 1.5 10 11 5,747.1 1.4 11 22 5,262.8 1.3 12 21 5,130.6 1.2 13 14 5,024.3 1.2 14 19 4,892.2 1.2 15 4717.0 1.1 16 44 4,100.0 1.0 17 8 4,072.2 1.0 18 13 3,857.3 0.9 19 9 3,699.1 0.9 20 15 3,188.0 0.8 21 46 3,162.8 0.8 22 2,419.5 0.6 23* 2,377.8 0.6 23* 2,377.8 0.6 23* 26 2,377.8 0.6 422,596.6

Financial Advisor Lazard Blackstone Group LP Moelis & Co Houlihan Lokey Rothschild Alvarez & Marsal Gleacher & Co Inc Canaccord Genuity Brookland Partners LLP KPMG Evercore Partners Morgan Stanley Jefferies & Co Inc FTI Consulting Inc Mediobanca Zolfo Cooper LLC PricewaterhouseCoopers UBS Leonardo & Co AlixPartners LLC Greenhill & Co, LLC BNP Paribas SA RBC Capital Markets KordaMentha Pty Ltd McGrathNicol Services Pty Ltd Industry Total *tie

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 39 78.1 9 ▲ 24 76.5 11 ▲ 28 12.8 11 ▲ 40 11.1 6 ▲ 32 8.0 -2 ▼ 5 2.2 -1 ▼ 2 1.9 2 1.5 -3 ▼ 1 1.5 8 1.4 4 ▲ 3 1.3 1 ▲ 2 1.2 0 3 1.2 -3 ▼ 3 1.2 0 3 1.1 1 1.0 0 3 1.0 -2 ▼ 3 0.9 -1 ▼ 4 0.9 0 3 0.8 -1 ▼ 1 0.8 0 1 0.6 1 0.6 1 0.6 1 0.6 0 131 -138 ▼

WW Announced Restructuring (DR1a) 2012 Rank 1 2 3 4 5 6 7 8 9* 9* 9* 12* 12* 12* 12* 16* 16* 16* 16* 20* 20* 20*

Financial Advisor Rothschild Lazard Moelis & Co Houlihan Lokey Blackstone Group LP IREA Corporate Finance KPMG FTI Consulting Inc Mediobanca Alvarez & Marsal Jefferies & Co Inc Perella Weinberg Partners LP Leonardo & Co Canaccord Genuity Evercore Partners ORIX M&A Solutions Corp GLC Advisors & Co AlixPartners LLC Goldman Sachs & Co Barclays Frontier Management Inc Morgan Stanley Industry Total

# of Deals

Worldwide Announced Bankruptcy Sales

Jan 1 - Dec 31

# of Deals per Advisor 2011 # of Change in Rank Deals # of Deals 2 39 -8 ▼ 1 36 -16 ▼ 5 31 8 ▲ 3 29 -14 ▼ 6 25 3 ▲ 4 17 -7 ▼ 12* 9 3 ▲ 21* 7 4 ▲ 45* 6 5 ▲ 10 6 -2 ▼ 31* 6 4 ▲ 5 16* 5 0 11 5 -2 ▼ 21* 5 2 ▲ 45* 4 3 ▲ 12* 4 -2 ▼ 19* 4 0 7 4 -9 ▼ 3 21* 3 0 31* 3 1 ▲ 430 -344 ▼

Value (US$m) Restructuring Value (US$m) 49,155.2 331,828.4 60,356.6 35,490.2 306,410.0 47.7 8,065.5 31,368.4 5,117.0 18,971.4 14,100.3 8,938.2 4,027.3 6,412.5 4732.0 0.1 3278.4 9548.2 7907.6 2484.1 175.5 7238.1 470,793.6

Jan 1 - Dec 31 2012

Worldwide Completed Value by Industry ($bil)

6%

4%

3%

8%

63%

10%

Government and Agencies

Financials

Media and Entertainment

Materials

Industrials

Energy and Power

Telecommunications

Real Estate

High Technology

Retail

Consumer Staples

Consumer Products and Services

Top Ten Completed Restructuring Deals (US$bil)

140

Greece

120

Tribune Co

$13,000

AO "BTA Bank"

$11,200

60

Washington Mutual,Seattle,WA

$10,350

40

Cemex SAB de CV

$7,355

German Residential Asset Note

$6,193

eircom Ltd

$4,553

Dynegy Inc

$4,121

Kerzner International Resorts

$4,100

NewPage Corp

$3,509

100 80

20 0

$263,123

Materials

Consumer Staples

Healthcare

Retail

Financials

Energy and Power

Real Estate

Telecommunications

Media and Entertainment

High Technology

Industrials

https://www.thomsonone.com 1

Full Year 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

US/EMEA/Asia/Japan Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2)

Financial Advisor Blackstone Group LP Lazard Moelis & Co Houlihan Lokey FTI Consulting Inc Rothschild UBS GLC Advisors & Co Barclays Alvarez & Marsal AlixPartners LLC Perella Weinberg Partners LP Jefferies & Co Inc Evercore Partners Industry Total

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 3 42,906.9 69.6 2 1 29,367.2 47.7 3 4 28,736.2 46.6 4 2 13,194.1 21.4 5 25 4,892.2 7.9 6 6 3,874.8 6.3 7 11 1,485.6 2.4 8 9 1,078.4 1.8 9 1,064.1 1.7 10 5 942.1 1.5 11 8 653.0 1.1 12 590.0 1.0 13 7 471.5 0.8 14 15* 300.0 0.5 61,628.4

EMEA Completed Restructuring (DR4)

Financial Advisor Lazard Blackstone Group LP Rothschild Houlihan Lokey Moelis & Co Alvarez & Marsal Gleacher & Co Inc Brookland Partners LLP Morgan Stanley Evercore Partners Mediobanca Canaccord Genuity Jefferies & Co Inc KPMG Industry Total

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 4 293,308.2 85.8 2 8 277,022.1 81.0 3 1 30,279.7 8.9 4 2 29,185.4 8.5 5 6 18,091.8 5.3 6* 8,013.5 2.3 6* 8,013.5 2.3 8 6,193.3 1.8 9 9 5,130.6 1.5 10 10* 4,962.8 1.5 11 4,717.0 1.4 12* 21 4,552.8 1.3 12* 4,552.8 1.3 14 23 4,431.4 1.3 341,959.8

Asia Pacific & Japan Completed Restructuring

Financial Advisor Moelis & Co Houlihan Lokey Alvarez & Marsal Morgan Stanley Canaccord Genuity Jefferies & Co Inc Gleacher & Co Inc PricewaterhouseCoopers RBC Capital Markets KordaMentha Pty Ltd Lazard McGrathNicol Services Pty Ltd Mizuho Financial Group Global Partners Consulting Inc Avista Capital Partners Industry Total

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 1 7,124.2 69.6 2 5* 5,065.7 49.5 3 4,733.8 46.2 4* 4,552.8 44.5 4* 4,552.8 44.5 4* 4,552.8 44.5 4* 4,552.8 44.5 8 18 2,386.3 23.3 9* 2,377.8 23.2 9* 2,377.8 23.2 9* 2 2,377.8 23.2 9* 10 2,377.8 23.2 13 594.9 5.8 14 323.4 3.2 15 319.3 3.1 10,238.3

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 18 21.4 11 ▲ 18 21.4 -1 ▼ 15 17.9 2 ▲ 22 26.2 -2 ▼ 3 3.6 2 ▲ 7 8.3 -4 ▼ 2 2.4 0 3 3.6 0 2 2.4 2 2.4 -4 ▼ 1 1.2 -2 ▼ 1 1.2 2 2.4 -3 ▼ 1 1.2 0 84 -48 ▼

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 21 15.6 15 ▲ 6 4.4 1 ▲ 24 17.8 5 ▲ 15 11.1 8 ▲ 10 7.4 9 ▲ 2 1.5 2 1.5 1 0.7 2 1.5 0 2 1.5 1 ▲ 3 2.2 1 0.7 -3 ▼ 1 0.7 5 3.7 4 ▲ 135 -47 ▼

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 4.1 -1 ▼ 3 4.1 2 ▲ 2 2.7 1 1.4 1 1.4 1 1.4 1 1.4 2 2.7 1 ▲ 1 1.4 1 1.4 1 1.4 -2 ▼ 1 1.4 0 2 2.7 1 1.4 1 1.4 73 -21 ▼

US Announced Restructuring (DR2a) 2012 Rank 1 2* 2* 4 5 6* 6* 8* 8* 10* 10* 12* 12*

Financial Advisor Blackstone Group LP Moelis & Co Houlihan Lokey Lazard Rothschild FTI Consulting Inc Jefferies & Co Inc Perella Weinberg Partners LP GLC Advisors & Co Evercore Partners Barclays Alvarez & Marsal AlixPartners LLC Industry Total

# of Deals per Advisor 2011 # of Change in Rank Deals # of Deals 4 20 6 ▲ 3 17 0 2 17 -7 ▼ 1 16 -15 ▼ 5 12 -1 ▼ 17* 5 4 ▲ 5 4 8* 4 0 17* 3 2 ▲ 3 6 2 -5 ▼ 11* 2 -1 ▼ 129 -107 ▼

EMEA Announced Restructuring (DR4a) 2012 Rank 1 2 3 4 5 6* 6* 6* 9 10 11* 11* 11*

Financial Advisor Rothschild Lazard IREA Corporate Finance Moelis & Co Houlihan Lokey Mediobanca KPMG Blackstone Group LP Leonardo & Co Canaccord Genuity Alvarez & Marsal Morgan Stanley Goldman Sachs & Co Industry Total

Jan 1 - Dec 31

Jan 1 - Dec 31

# of Deals per Advisor 2011 # of Change in Rank Deals # of Deals 6* 25 -5 ▼ 22* 21 8 ▲ 3 17 -7 ▼ 4 12 11 ▲ 1 10 -5 ▼ 22* 6 5 ▲ 22* 6 2 ▲ 6 0 13* 5 0 13* 4 0 3 3 1 ▲ 22* 3 -5 ▼ 182 -173 ▼

AP/Japan Announced Restructuring

Value (US$m) Restructuring Value (US$m) 40,660.4 290,214.4 47.7 22,955.0 23,601.1 5,117.0 5,449.8 274,595.1 4,027.3 4,552.8 10,563.5 7,238.1 7,117.6 361,237.7

Jan 1 - Dec 31

# of Deals per Advisor 2012 2011 # of Change in Rank Rank Deals # of Deals 1* 16* 4 3 ▲ 1* 16* 4 3 ▲ 1* 2* 4 -1 ▼ 1* 16* 4 3 ▲ 5 4* 3 0 6* 16* 2 1 ▲ 6* 2 6* 16* 2 1 ▲ 106 -25 ▼

Financial Advisor KPMG ORIX M&A Solutions Corp Moelis & Co Houlihan Lokey Frontier Management Inc Nomura Sumitomo Mitsui Finl Grp Inc Alvarez & Marsal Industry Total

Value (US$m) Restructuring Value (US$m) 35,411.5 34,593.9 11,738.2 36,429.8 5,050.9 26,918.4 9,547.5 8,279.5 3,278.4 1,232.0 2,484.1 2,902.0 7,013.2 79,723.1

Value (US$m) Restructuring Value (US$m) 3,634.1 .1 6,616.9 6,936.2 175.5 2,730.9 .0 10,058.7 28,165.3

US Completed Value by Industry 1% 1% 1% 1% 5% 4%

6%

34%

10%

14%

23%

Media and Entertainment Energy and Power Industrials Telecommunications High Technology Healthcare

Financials Materials Retail Consumer Products and Services Consumer Staples

EMEA Completed Value by Industry

3%

9%

81%

Government and Agencies

Financials

Materials

Industrials

Media and Entertainment

Telecommunications

Asia Pac & Japan Completed Value by Industry

7%

6%

48%

30%

Telecommunications

Industrials

Materials

High Technology

Financials

Retail

Consumer Products and Services

Real Estate

https://www.thomsonone.com 2

Full Year 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Distressed Debt & Bankruptcy Restructuring Rankings WW Completed Restructuring (excl. Sovereign Debt)

Financial Advisor Lazard Blackstone Group LP Moelis & Co Houlihan Lokey Rothschild Alvarez & Marsal Gleacher & Co Inc Canaccord Genuity Brookland Partners LLP KPMG Evercore Partners Morgan Stanley Jefferies & Co Inc FTI Consulting Inc Mediobanca Zolfo Cooper LLC PricewaterhouseCoopers UBS Leonardo & Co AlixPartners LLC Greenhill & Co, LLC BNP Paribas SA RBC Capital Markets KordaMentha Pty Ltd McGrathNicol Services Pty Ltd Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 3 67,114.2 42.1 2 5 59,950.7 37.6 3 4 54,242.9 34.1 4 1 46,867.5 29.4 5 2 33,789.6 21.2 6 7 9,136.6 5.7 7 8,013.5 5.0 8 18 6,412.5 4.0 9 6,193.3 3.9 10 11 5,747.1 3.6 11 22 5,262.8 3.3 12 21 5,130.6 3.2 13 14 5,024.3 3.2 14 19 4,892.2 3.1 15 4,717.0 3.0 16 44 4,100.0 2.6 17 8 4,072.2 2.6 18 13 3,857.3 2.4 19 9 3,699.1 2.3 20 15 3,188.0 2.0 21 46 3,162.8 2.0 22 2,419.5 1.5 23* 2,377.8 1.5 23* 2,377.8 1.5 23* 26 2,377.8 1.5 159,323.4

If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 38 12.8 8 ▲ 23 7.7 10 ▲ 28 9.4 11 ▲ 40 13.5 6 ▲ 32 10.8 -2 ▼ 5 1.7 -1 ▼ 2 0.7 2 0.7 -3 ▼ 1 0.3 8 2.7 4 ▲ 3 1.0 1 ▲ 2 0.7 0 3 1.0 -3 ▼ 3 1.0 0 3 1.0 1 0.3 0 3 1.0 -2 ▼ 3 1.0 -1 ▼ 4 1.4 0 3 1.0 -1 ▼ 1 0.3 0 1 0.3 1 0.3 1 0.3 1 0.3 0 297 -147 ▼

EMEA Completed Restructuring (excl. Sovereign Debt) Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 1 30,279.7 38.4 2 4 30,185.0 38.3 3 2 29,185.4 37.0 4 6 18,091.8 23.0 5 8 13,898.9 17.6 6* 8,013.5 10.2 6* 8,013.5 10.2 8 6,193.3 7.9 9 9 5,130.6 6.5 10 10* 4,962.8 6.3 11 4,717.0 6.0 12* 21 4,552.8 5.8 12* 4,552.8 5.8 14 23 4,431.4 5.6 15 7 3,699.1 4.7 16 3,162.8 4.0 17 15 2,535.0 3.2 18 2,419.5 3.1 19* 2,371.7 3.0 19* 2,371.7 3.0 21 1,990.5 2.5 22 1,858.7 2.4 23 5 1,685.9 2.1 24 13 916.9 1.2 25 875.5 1.1 78,836.7

Financial Advisor Rothschild Lazard Houlihan Lokey Moelis & Co Blackstone Group LP Alvarez & Marsal Gleacher & Co Inc Brookland Partners LLP Morgan Stanley Evercore Partners Mediobanca Canaccord Genuity Jefferies & Co Inc KPMG Leonardo & Co Greenhill & Co, LLC AlixPartners LLC BNP Paribas SA Altium Capital Limited UBS JP Morgan Bank of America Merrill Lynch PricewaterhouseCoopers Deloitte Ernst & Young LLP Industry Total *tie

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 24 17.9 5 ▲ 20 14.9 14 ▲ 15 11.2 8 ▲ 10 7.5 9 ▲ 5 3.7 0 2 1.5 2 1.5 1 0.8 2 1.5 0 2 1.5 1 ▲ 3 2.2 1 0.8 -3 ▼ 1 0.8 5 3.7 4 ▲ 4 3.0 0 1 0.8 2 1.5 1 ▲ 1 0.8 1 0.8 1 0.8 1 0.8 1 0.8 1 0.8 -3 ▼ 1 0.8 -1 ▼ 1 0.8 134 -60 ▼

Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2011 and December 31, 2012 and of which Thomson Reuters was made aware. All

2012 data is as of Noon EST on January 7th, 2013.

- League tables include debt exchange offers, debt tender offers, bankruptcy/distressed sales, loan modifications, and transactions where debt is retired using proceeds from an equity offering. Americas Robert Levine (+1 646 223 5682) E-mail: [email protected] EMEA Redina Doda (+44 20 7542 3558) E-mail: [email protected] Asia-Pacific Kelvin Bian (+852 3761 1852) E-mail: [email protected]

In order to be considered rank eligible, the debtor company must be either bankrupt or distressed.

- Deals with undisclosed dollar values are rank eligible but with no corresponding Restructuring Value. Non-US-dollar-denominated transactions are converted to the US dollar equivalent at the

time of announcement of terms.

- Financial advisors receive full credit for each deal on which they provide advisory services to the debtor company, creditor or creditor group receiving a majority equity interest in the debtor

company as a result of the transaction, or ad-hoc creditor committee.

- League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional

transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

- Regional restructuring league tables include deals where the debtor/target or debtor/target ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2013 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

3

Thomson Reuters Solutions for the Deal Making Community

FOR INVESTMENT BANKERS

SOLUTION FOR

ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions.

• Managing Client Relationships • Deal Origination • New Issues Pre-Marketing / Roadshows

FOR JUNIOR BANKERS

SOLUTION FOR

Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office®. You can also access our key content sets easily to support your analysis.

• Financial Modeling • Customized League Tables • Simple Deals screening • Valuation analysis and comparable deal screening • Full integration into Microsoft Office® for on-brand pitch book creation

FOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCH

SOLUTION FOR

SDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.

• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) • Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) • Pitch Creation (Firm Credentials, Representative Acquirors) • M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) • Negotiation (T&C Benchmarking)

FOR STRATEGY AND PLANNING TEAMS

SOLUTION FOR

Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

• Conducting market analysis and identifying trends • Benchmarking your performance and monitoring competitors • Targeting clients by wallet size and banking relationship • Allocating resources more effectively by evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: http://financial.thomsonreuters.com/ondemand Email: [email protected]

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to online.thomsonreuters.com/dealsintelligence

Microsoft, Office, Word, Excel and PowerPoint are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copyright 2012 Thomson Reuters. All rights reserved. 48003848 0312.

4

View more...

Comments

Copyright ©2017 KUPDF Inc.
SUPPORT KUPDF