Debtwired! Understanding today’s restructuring playbook, in and out of the courtroom, with Jayme Goldstein and Tyler Cowan
Dec 19, 2025
Join financial experts Jayme Goldstein, co-chair of Paul Hastings' restructuring group, and Tyler Cowan, global head of restructuring at Lazard, as they delve into the evolving landscape of restructuring. They discuss the rise of cooperation agreements as essential tools for creditors and the shift back to more in-court processes. Expect insights on private credit workouts, the impact of AI risks, and a look at sectors ripe for restructuring, including healthcare and renewables. The duo also analyzes the rapid collapse of First Brands and its implications for diligence in private markets.
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Group Move Built A Global Restructuring Platform
- Jayme described moving his whole restructuring group to Paul Hastings during COVID to build a global platform.
- The group grew from about 10 lawyers to roughly 120, showing how platform scale changed their work mix.
LMEs Replaced Chapter 11 As First Option
- Tyler traced the shift from Chapter 11 being the default to liability management exercises (LMEs) becoming the dominant out-of-court tool.
- He linked that change to covenant-lite loans and creative LME structures developed after the financial crisis.
File Early If Capital Structure Chokes Growth
- Do consider filing earlier rather than repeatedly extending via LMEs if the capital structure is fundamentally broken.
- Early deleveraging can preserve management, investment capacity, and enterprise value more reliably than serial LMEs.