Top Ranked Restructuring Group

Lazard's middle market restructuring group draws on the deep experience of the entire firm; over the past decade, Lazard has advised on over 500 restructurings worldwide with total restructured liabilities exceeding $1 trillion. We team with industry and capital markets experts to provide a broad range of advice in restructurings and special situations. 


Andrew J. Torgove profile photo
Andrew J. Torgove

Managing Director, Restructuring Group Head

+1 212 418 3211

New York

Jason A. Cohen profile photo
Jason A. Cohen

Managing Director

+1 212 418 3228

New York

Dermott M. O'Flanagan profile photo
Dermott M. O'Flanagan


+1 212 418 3229

New York

Areas of Expertise

Situation Assessment

Our first step is evaluating financial condition, including liquidity position, capital structure, inter-creditor issues and potential for asset sales. We then review cash flow forecast and determine enterprise value, debt capacity and appropriate capital structure.  

Alternative Assessment

Building on a leading track record in complex restructuring assignments, we successfully craft creative alternatives. We work to evaluate out-of-court versus Chapter 11 solutions, as well as investors, creditors and rating agency reactions to potential solutions. 


When it comes time to move forward, we guide our clients on tactics and strategies for negotiating with stakeholders, including lenders, vendors and potentially new investors. Our services include negotiating DIP and/or exit financing, structuring plans of reorganization and executing distressed M&A transactions such as Section 363 sales.

Recent Transactions


Chapter 11 restructuring for Nuverra Environmental Solutions

02 Mar 2017

Chapter 11 restructuring for Modular Space Corporation

17 Feb 2017

Out-of-court restructuring & capital raise for Sidewinder Drilling

30 Sep 2016

Chapter 11 restructuring for Horsehead Holding Corporation

07 Jul 2015

Out-of-court restructuring & refinancing for Liberty Tire Recycling

03 Aug 2015

Section 363 bankruptcy sale for Standard Register