JPMorgan Builds Distressed Debt Niche to Rival Boutique Advisers

JPMorgan Chase & Co. has been building a new business advising debt-laden companies, sometimes at the expense of boutique firms, taking advantage of a shift to out-of-court restructuring and rising frustration from some lenders who have gotten burned in negotiations.

Over the past year, the Wall Street giant has gotten mandates to represent at least eight companies struggling with heavy debt loads, including Bausch Health and Sunnova Energy, according to people with knowledge of the deals. Several of these clients had been working with specialized competitors to JPMorgan like Moelis & Co. and Houlihan Lokey Inc., Bloomberg previously ...