Understanding today’s restructuring playbook, in and out of the courtroom, with Paul Hastings’ Jayme Goldstein and Lazard’s Tyler Cowan – Podcast
In this episode of Debtwired! Jayme Goldstein, co-chair of Paul Hastings’ financial restructuring group, and Tyler Cowan, Global Head of Restructuring and liability management at Lazard, join Debtwire co-managing editor, Madalina Iacob, to discuss how the restructuring landscape has evolved over the past decade and what’s shaping the next wave of restructurings.
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“I grew up as a debtor-only adviser… It was very much a zero-sum game mentality. Now it’s all about how do I get to a deal? How do I create a win-win for the company and creditors? The foundation for that is relationships,” said Cowan.
Expect more in-court processes in 2026 with lenders willing to “take the keys” as tighter documents limit further liability management transactions.
“2025 was a hallmark year,” Goldstein said. “Twenty-six will be just as active, if not more, across LMEs, Chapter 11s, and private credit workouts.”
The guests also highlighted the surprising wave of non-sponsor private company bankruptcies, including First Brands and Pine Gate Renewables.
“We’re seeing more private, non-sponsor Chapter 11 situations that just literally come out of nowhere,” said Cowan. “There are names that are not on our distress watchlist. We’ve never heard of them before. They may not even have private credit or syndicated facilities—it may all be bank debt. But there are some huge capital structures out there that are starting to feel the pain.”
“Out of court is always the first choice,” said Goldstein. “It’s more flexible, private, and cheaper. But LMEs aren’t for everyone—many businesses fundamentally need to delever.”
The podcast also explores the rise of cooperation agreements as a critical tool for creditors. As sponsors deploy aggressive tactics, creditors increasingly rely on cooperation agreements to maintain leverage.
“From the perspective of creditors, co-ops are absolutely a necessary and critical tool,” said Cowan. “They’re effective, and I don’t see the practice changing anytime soon, even with antitrust concerns.”
Goldstein highlighted their evolution: “Co-ops are becoming more formal, almost like bylaws. They govern relationships, confidentiality, and trading restrictions. We’re seeing longer durations—sometimes 18 months or even multi-year agreements like Travelport’s four-year co-op.”
Both experts expect 2026 to be as active or even busier than 2025. Chemicals, healthcare services, retail, renewables, legacy tech, and travel are among the sectors to watch, while AI disruption may create episodic stress in tech and call-center businesses, noted the guests.
Related links and prior episodes:
Deutsche Bank Private Bank’s CIO Deepak Puri on 2026 Market Outlook
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