Enter the undertakers

31 October 2005 By Alex Fak

The significance of the $500m deal is that the US investment bank is a restructuring specialist. The Japanese appear to be positioning themselves for an era of increased corporate morbidity, which may be just around the corner.

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Orix Corporation, Japan's largest nonbank finance company, will buy a controlling stake in LosAngeles based Houlihan Lokey Howard & Zukin, an investment bank with strong specialty in restructuring advice. Houlihan will be merged with Orix's US operations and Orix Corporation will own 70% of the combined business.

In 2004, according to BankruptcyData.com, the volume of bankruptcy filings by public companies dropped to 92 cases with the combined assets of $48bn, down from $98bn in 172 defaults in 2003, $394bn in 220 bankruptcies in 2002 and $256bn in 263 cases in 2001.

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