The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Saybrook punches above its weight in corporate restructuring

Distressed companies and their creditors look to advisory boutique to "bring calm to apparent cataclysms".

Saybrook is not a bulge-bracket bank, it's not even based on Wall Street, although it has an office in New York. Yet the financial advisory and capital management boutique based in Santa Monica has worked on five of the largest bankruptcies in history, including those of Pacific Gas & Electric, United Airlines and Kmart. The firm has just been appointed lead banker to the ad hoc creditors committee of Delta Airlines, which announced it was filing for bankruptcy protection in mid-September, at exactly the same time that Northwest Airlines made the same move.

"I thought Northwest would also file for bankruptcy, but I didn't think they'd pick the same day," says Jonathan Rosenthal, partner and head of Saybrook's restructuring business. "Actually I think they will be closely related transactions, although they will take two or three years to process. In the meantime, I guess this means I might miss a few football games."

Saybrook, which has about 60 employees, takes on assignments advising management boards, the debtors or the creditors, including bondholders. "When we get a big deal, it's usually for creditors," says Rosenthal. "Firms such as Lazard or Rothschild will usually have relationships with corporate boards, whereas we tend to have relationships with the vendors, bondholders and banks."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree