Initial steps Whether you are acting for the debtor, creditor, potential purchaser or shareholder and regardless of which jurisdiction the restructuring takes place in (see Practice Note: Benefits of various jurisdictions), the first step is to obtain all relevant security documentation and conduct due diligence on the company or group of companies. On larger restructurings where there are multiple parties and advisers, it is common for one party to take responsibility for the deal contact list (often the senior lenders) and you should add your team’s contact details (phone, email etc) promptly so that early communications can take place. You will also see which firms are acting for each party, which can be useful, eg if bondholders have formed a committee and instructed lawyers, negotiations may be protracted. Given the aim is to restructure the company, it is important to understand the live-side business when assembling your internal team. For example, when dealing with a telecoms company, it is useful to have telecoms specialists on hand (especially when ascertaining whether existing key supplier contracts have onerous pricing