Debt Squeeze Points to Biggest Restructuring Wave Since Lehman

For bankers advising Europe’s lenders on debt negotiations with the Greek government or the bankruptcy of MF Global Holdings Ltd., it’s starting to feel like the aftermath of the financial crisis all over again.

After a dearth of assignments in the industry for much of 2011, turnaround advisers at Blackstone Group LP, Moelis & Co. and Lazard Ltd. say they have the heaviest workload since the credit freeze that followed the collapse of Lehman Brothers Holdings Inc. in 2008.