NEW YORK, March 27 (Reuters) – PJ Solomon has hired Tero Jänne to expand its restructuring capabilities into the energy sector, the boutique investment bank said in a statement on Friday, at a time of significant dislocation in the oil and gas industry.
Oil prices have sunk dramatically in the last three weeks due to the breakdown of the alliance of oil-producing nations known as OPEC+ and heightened concern about future crude demand as the global economy contracts amid the battle to contain the coronavirus pandemic.
The move has exacerbated pressure on U.S. shale producers, who were already being forced to cut costs and production by shareholders unhappy with returns during recent boom years, and associated energy companies. Many are bringing on advisers to assist in managing their finances and facilitating debt workouts.
Joining in its debt advisory and restructuring practice in New York, but working closely with the bank’s Houston-based energy team, Jänne will allow PJ Solomon to provide turnaround services to distressed oil and gas companies.
“Tero will play a major role in helping our clients, particularly those in the energy sector, navigate today’s difficult and complex market environment,” Marc Cooper, chief executive officer of PJ Solomon, said in the statement.
Jänne has more than 20 years of investment banking experience and has held roles in the restructuring groups of Rothschild & Co and Jefferies.
PJ Solomon is an independent affiliate of French investment bank Natixis. (Reporting by David French Editing by Paul Simao)
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