Restructuring

Lazard has the world's leading restructuring advisory practice. Over the past decade, we have advised on more than 500 restructurings worldwide, with an aggregate value of over $1 trillion.

We have guided clients through many of the largest, most complex restructurings. Clients retain us for our experience, our skills, our creative and independent approach, our relationships, and our proven ability to bring restructurings to an optimal outcome.   

 

To help clients identify and evaluate their best options, we provide:

 

  • A Fresh, Unbiased Perspective - Comprehensive and independent analysis, free of conflicts inherent in integrated financial institutions
  • Senior-Level Focus and Experience - One of the largest, most experienced global teams of restructuring experts, with creative insight into potential strategies
  • A Wide Network of Relationships - Longstanding and trusted relationships with banks, bondholders, investors, and other key parties

 

Unlike most other firms, our professionals combine an extensive knowledge of restructuring strategies with M&A expertise, credit analysis skills, capital markets knowledge, industry expertise and negotiation experience in distressed situations.

Restructuring Expertise
Out-of-Court Restructuring and Recapitalization

Lazard specializes in advising on out-of-court restructurings and recapitalizations. We have engineered many landmark transactions with favorable outcomes for our clients.

 

We negotiate with creditors on behalf of our clients, especially in cases of financial stress or distress. Our leadership in the restructuring field has created strong relationships and credibility with banks, hedge funds, and financial sponsors.

 

We advise on and structure a wide variety of transactions, including: 

 

  • Tender and exchange offers
  • Rescue financing or recapitalizations
  • "Amend and extend" amendments to credit agreements

 

We also structure "Pre-packaged" or "pre-arranged" bankruptcies. These transactions require extensive negotiations before going to court. We help clients negotiate interim forbearances from creditors and help secure new investments from current stakeholders or new investors as part of the broader restructuring plan.

Chapter 11 Advisory

While Chapter 11 proceedings are generally a last-choice strategy, we have substantial experience in this area.  Our knowledge can benefit clients entering Chapter 11 , as well as those who wish to consider Chapter 11 relative to other strategies, such as a sale of some or all of the company or securing new capital.

 

We are skilled at:

 

  • Procuring DIP financing and other financing
  • Business plan analysis and support
  • Valuing companies and securities
  • Negotiating with creditors and stakeholders
  • Developing and structuring capital structures post-Chapter 11
  • Raising capital to support exit from Chapter 11
  • Expert testimony
  • Boardroom advice to support decision-making
  • Development and negotiation of management incentive plans
Divestitures and Asset Sales

When a company has decided to sell a company or selected assets, we team with Lazard's M&A experts for optimal results. But sales in a distressed situation often have special requirements that involve our restructuring expertise.

 

We help clients weigh the pros and cons of sale strategies, including:

 

  • Sale of the company or assets as an alternative to bankruptcy
  • Section 363 sale in a bankruptcy
  • Sale implemented through a Plan of Reorganization
  • "Loan-to-own" purchase of securities
Capital Raising and Structuring

Working closely with Lazard's Capital Markets Advisory group, our Restructuring group advises clients in stressed or distressed situations on capital structure and capital raising.

 

Our dedicated capital structure advisory team advises clients on:

 

  • Capital structure optimization
  • Debt/equity capital raising
  • Structuring non-public preferred or common equity investments
  • Investor relations and financial community messaging
  • Rating agency perspective
  • Liability management
  • Corporate governance and corporate structure
  • Dividends and share repurchases
  • Credit/bank negotiations
  • Pension advisory

 

For clients raising capital in the public markets, Lazard advises and negotiates on their behalf  in selecting lead underwriters. We also have extensive expertise in the negotiation and placement of private securities.

Expert Testimony

When creditors challenge a Plan of Reorganization in court, expert testimony can be a critical factor in the resolution of a Chapter 11 proceeding. We believe Lazard clients have an advantage in this regard.

 

Our senior restructuring professionals are among the most respected experts in Chapter 11 cases, and we have a strong pattern of performance testifying on behalf of our clients' Plans of Reorganization. The outcome can have a dramatic financial impact on the enterprise going forward.

 

We are experienced at providing expert testimony regarding:

 

  • Enterprise valuation
  • Best interests
  • Feasibility
  • M&A plans
  • Financing
  • DIP Financing

Transactions

Lazard Transactions Lazard Transactions Lazard Transactions Lazard Transactions Partouche [Groupe Partouche] Restructuring of Groupe Partouche and Financière Partouche 31 Mar 2014 $470 Million
Lazard Transactions Lazard Transactions Lazard Transactions Lazard Transactions A.T.U Auto-Teile-Unger Handels GmbH... A.T.U successfully completes its recapitalization 24 Jan 2014 $915 Million
Lazard Transactions Lazard Transactions Lazard Transactions Lazard Transactions Dubai Group Dubai Group reaches agreement with its lenders regarding the restructuring of it... 24 Jan 2014 $10,000 Million
Lazard Transactions Lazard Transactions Lazard Transactions Lazard Transactions Lenders of Mednav S.p.A. Mednav Group successfully completes recapitalization and restructuring of its $5... 23 Dec 2013 $500 Million
Lazard Transactions Lazard Transactions Lazard Transactions Lazard Transactions Bridgepoint Capital Limited Infopro Digital acquires ISH Holding (Holding of Groupe Moniteur), a Bridgepoint... 19 Dec 2013 N/A

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