Lazard Restructuring Interview Questions 2027: PIK, Distressed & More
Restructuring is Lazard's signature franchise — its sovereign and corporate restructuring advisory is among the best in the world. For the 2027 intake, interviewers quietly use restructuring questions as a hidden screen: candidates who only prepared M&A basics get caught out. Here is what to expect and how to prepare.
Why Lazard Asks Restructuring Interview Questions
Lazard's restructuring practice advises governments and distressed corporates on some of the highest-profile situations globally. Interviewers want analysts who are genuinely interested in this work — not just M&A generalists. Restructuring interview questions at Lazard test whether you understand downside scenarios: what happens when a company can't pay its debts, how value gets redistributed, and how advisors create options for stakeholders.
The Lazard Restructuring Interview Questions to Know
These are the recurring themes in Lazard restructuring interview questions:
- What is restructuring advisory? — Advising distressed companies, creditors, or governments on recapitalisations, debt exchanges, and insolvency processes.
- PIK (payment-in-kind) debt — Debt where interest accrues to principal instead of being paid in cash; common in leveraged situations. Know why a distressed company prefers it.
- Distressed debt investing — Buying debt at a discount to par, aiming to profit from a restructuring or recovery. Know the difference between par and distressed investors.
- Chapter 11 vs Chapter 7 — Reorganisation vs liquidation. Know the basics even for London interviews, since many deals are cross-border.
- Waterfall / absolute priority — In a restructuring, who gets paid first: senior secured, then junior, then equity. Be able to walk through a simple example.
- Debt-for-equity swaps — Converting creditor claims into ownership. Know why creditors accept them.
How to Prepare for Lazard Restructuring Interview Questions
Read one or two real restructuring situations — Lazard's own press releases are a goldmine — and be ready to discuss the mechanics for sixty seconds. Learn the vocabulary cold: PIK, distressed, waterfall, cramdown, DIP financing. Then drill actual interview questions with model answers: our 2027 Lazard Online Assessment Video Interview Exact Questions and Answers pack includes the real technical questions Lazard asks, with answers that show the right level of depth. Restructuring is where prepared candidates pull ahead — don't leave it to chance.
FAQ
Do I need restructuring knowledge for a general M&A role at Lazard? Yes — interviewers routinely probe it because it is core to Lazard's identity. Basic fluency is expected.
What is PIK debt in simple terms? Debt where the borrower pays interest with more debt instead of cash. It preserves cash but increases leverage — typical in distressed situations.
Will restructuring questions appear in the video interview? They can, usually as one technical question. They appear more often in the final round with bankers.
How deep should my restructuring knowledge go? Analyst-level fluency: mechanics, vocabulary, and one real example you can discuss. You don't need practitioner depth.
Preparing for Lazard's technical interview? Our 2027 Lazard Online Assessment Video Interview Exact Questions and Answers has the exact questions and answers — $79 one-time, instant download.
