Restructuring & Liability Management

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 negotiate with creditors on behalf of our clients, especially in cases of financial stress or distress. Further, our senior restructuring professionals are among the most respected experts in Chapter 11 cases and frequently provide expert testimony on behalf of our clients. We have a strong pattern of performance testifying on behalf of our clients’ Plans of Reorganization.

Lazard offers its expertise to clients - both individually, or frequently as part of an ad hoc group - positioned as creditors to companies in both out-of-court and in-court situations.

The Restructuring & Capital Solutions group applies its experience directly advising companies and their board of directors to provide creditor clients with advice which can be the critical factor in preparing for negotiations. Similarly, Lazard offers in-court testimony or expert testimony on behalf of its creditor clients.

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

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.

When a client has decided to sell a company or selected assets, our Restructuring group teams with Lazard’s M&A experts for optimal results. We help clients weigh the pros and cons of sale strategies, including selling the company or assets as an alternative to bankruptcy, Section 363 sale in a bankruptcy, a sale implemented through a Plan of Reorganization, and “loan-to-own” purchase of securities.