US restructuring firms bulk up as crude's dive boosts business

Houston

LAW firms and banks are adding staff to their restructuring practices from Houston to New York City to scoop up new business as oil prices sink near 11-year lows, pressuring energy companies to slash debt or file for bankruptcy.

At least two investment banks and one law firm have bulked up their energy and restructuring departments with new hires to handle the building workload. Another three law firms have re-jigged staff for the new work, and other restructuring advisers have partnered with banks who already have deep roots in the clubby oil and gas world, centred in Houston, the world's energy capital.