FICC Focus Credit Crunch: Lazard’s Whittaker, Howard on EU Stress, Advisory
Feb 2, 2026
Tom Howard, Lazard MD who advises on financing and capital-structure strategy, and Sam Whittaker, Lazard restructuring lead experienced in liability management, discuss rising capital solutions and the blurred line with restructurings. They cover stressed European sectors like chemicals and telecoms. They talk vintage effects, private credit limits, documentation flexibility and when liability management replaces full restructurings.
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Restructuring Became A Two-Way Business
- Lazard's restructuring business evolved from debtor-only to balanced debtor-creditor advisory across sectors and geographies.
- Sam Whittaker says integrated regional and sector teams are critical to handle complex restructurings.
Capital Solutions Break Finance Silos
- Capital solutions break down siloed thinking of financing products and widen the toolkit beyond banks or bonds.
- Tom Howard says higher rates, legacy flexible docs, structural shifts and sponsor pressure drive demand for bespoke solutions.
Stress Is Sector-Specific In Europe
- European stress is sector-driven rather than a broad credit crisis with pockets of activity.
- Sam Whittaker identifies chemicals, building materials, telecom fiber and debt collectors as primary stress areas.