Restructuring & Liability Management

Lazard advises companies and creditors on capital structure and liability management, from early-stage balance sheet work to complex restructurings in and out of court. Our approach is differentiated by deep experience on both sides, a multidisciplinary team, and independence.

We provide a holistic view of liability management. Our global team specializes in advising both companies and creditors on innovative out-of-court solutions and brings deep experience representing clients and providing expert testimony in court. Serving companies and creditors, though never on the same matter, offers nuanced understanding of how proposals are best designed and delivered, improving outcomes for our clients.

Our advice spans the full spectrum, from proactive liability management for companies with time and optionality to comprehensive restructuring where circumstances are more constrained.

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.

Key Capabilities

Liability Management

We advise companies and creditors on out-of-court restructurings and recapitalizations, including tender and exchange offers, rescue financings, and amend-and-extend transactions. We structure and execute these transactions for clients on either side of the table.

Debt Advisory

We advise clients on Chapter 11, negotiate with creditors in distressed situations, and provide expert testimony in support of Plans of Reorganization. We also help clients weigh Chapter 11 against alternatives such as a sale of the company or raising new capital.

Creditor Advisory

We advise creditors, individually or as part of ad hoc groups, in out-of-court and in-court situations, including negotiation preparation and expert testimony. Our experience advising companies and their boards directly helps creditor clients prepare for negotiations.

Capital Raising & Capital Structure Advisory

We advise stressed and distressed clients on capital structure and capital raising, including selecting underwriters for public offerings and placing private securities. We work closely with Lazard’s Capital Markets Advisory group on these assignments.

Accelerated Divestiture & Asset Sales

We work with Lazard’s M&A team to evaluate and execute sale strategies, including Section 363 sales, sales through a Plan of Reorganization, and loan-to-own purchases. We help clients weigh the pros and cons of selling versus pursuing bankruptcy.