A Better Way to Restructure

At SGP Capital Advisors our sole mission is to preserve and enhance the equity value of companies in or nearing distress.

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How we can help

Unparalleled Expertise & Experience

Co-founders Steve Smith and Jay Goffman have nearly 80 years of combined restructuring experience. Together they have restructured over $1 trillion in debt for companies worldwide in virtually every industry.

By combining world-class legal and financial experience and expertise, SGP Capital Advisors provides unique insights and perspectives on complex restructurings providing owners with a comprehensive and personalized road map for navigating distress. No other firm combines the legal and financial insight of SGP.

SGP’s co-founders have a long and distinguished track record of devising creative cost-effective out-of-court solutions. They invented pre-packaged bankruptcies and created the first-of-their-kind coercive exchange offers of debt and preferred equity. See deal list.

Creative Solutions

Bankruptcies are rarely managed for the benefit of equity holders. In our nearly 80 years of collective experience we have demonstrated that out-of-court solutions or quick pre-packaged bankruptcies are usually the most cost-effective way to maximize value for equity.

We have a long track record of devising creative solutions to avoid lengthy and expensive bankruptcies. Out-of-court restructuring techniques (many of which we originated) include amend and extends, asset dropdowns, market-driven exchange offers (with coercive exit consents or coercive backup Prepack options), as well as creative and highly structured refinancings.

In situations requiring new capital, we can leverage our extensive network to provide access to various “off the run” financing sources to help fill any funding need. Additionally, we will be forming a sister fund in the near future that will also be a source of capital for refinancings.

Superior Alignment

As a first principle, we seek to align directly with our clients, the owners of stressed businesses.

Our clients’ best outcomes are also our best outcomes due to our incentive based fee structures. We charge a modest monthly retainer, a minimum success fee, and a long term incentive fee (LTI) that is tied to equity or equity linked derivative returns. The LTI, which may be up to 50% of total compensation, only pays out if the plan we help devise is ultimately successful for the owner.

Should the proposed plan involve a new money investment, in certain circumstances we will request the opportunity to co-invest in the transaction through one of our affiliates. Putting our capital at risk on the same terms as our clients creates the best alignment of interests.

Steve Smith | GSP Partner
Steve Smith
Smith Goffman Partners, New York (November 2023 – Present)

Co-Founder and Co-CEO

Aurora Capital Partners, Los Angeles (2011 – 2023)
  • Member, Investment Committee Aurora Equity Partners V
  • Member, Investment Committee Aurora Equity Partners VI
  • Member, Executive Committee Aurora Capital
  • Managing Partner, Aurora Resurgence I & II
UBS Investment Bank, New York/San Francisco (2001 – 2011)
  • Global Head of Restructuring
  • Global Head of Leveraged Finance
  • Americas Head of Financial Sponsors
  • Member, Americas Executive Committee
  • Member, Global Management Committee
Donaldson, Lufkin & Jenrette/Credit Suisse, San Francisco (1992 – 2001)

Managing Director, Restructuring/Leveraged Finance

Latham & Watkins, Los Angeles (1986 – 1992)

Associate, Corporate Finance/Restructuring

US Court of Appeals, Ninth Circuit, Los Angeles (1985 – 1986)

Law Clerk for Judge Cynthia Holcomb Hall

Private Company Board Experience
SIRVA, Chicago

Member, Board of Directors

LandCare, San Diego

Member, Board of Directors

TOPS, Chicago

Member, Board of Directors

Alltub, Amsterdam

Member, Board of Directors

PYREX, Paris

Member, Board of Directors

Cardiac Science, Waukesha

Member, Board of Directors

UCLA School of Law/Anderson School of Management
  1. JD, Chief Editor, UCLA Law Review
  2. MBA, Finance concentration
UC San Diego
  1. Bachelor of Arts, magna cum laude
  2. English and American Literature, minors in Economics and Philosophy
Memberships and Licenses
  1. Member: California Bar Association, National Association of Corporate Directors
  2. FINRA Series 7, 63 and 24 Qualifications
Jay Goffman | GSP Partner
Jay Goffman
Smith Goffman Partners, New York (November 2023 – Present)

Co-Founder and Co-CEO

Teneo, Inc., New York (November 2022 – 2023)

Client Chairman, Financial Advisory

Rothschild and Co., New York (2020 – 2022)

Vice Chairman

Skadden, Arps, Slate, Meagher & Flom LLP, New York (1996 – 2020)

Partner, Global Head of Corporate Restructuring
Executive Committee Member

O’Sullivan Graev & Karabell, New York (1991 – 1996)

Partner, Head of Corporate Restructuring Group

Weil, Gotshal & Manges LLP, New York (1987 – 1991)

Senior Associate

Bear Stearns & Co., New York (1987 – 1987)

Distressed Debt Analyst

Weil, Gotshal & Manges LLP, New York (1985 – 1987)


Burns Summit Rovins & Feldesman, New York (1983 – 1985)


J.D., University of North Carolina at Chapel Hill, 1983

(with honors; Member, University of North Carolina Law Review)

B.S., The State University of New York at Binghamton, 1980

(Chemical Psychobiology with an emphasis in Neurochemistry; Honors’ Thesis: “The Sudden Infant Death Syndrome As Related to Fetal and Infant Brain Neurochemistry”)

Memberships and Licenses
  • Member: American Bankruptcy Institute, American College of Bankruptcy, Turnaround Management Association, INSOL, International Insolvency Institute
  • FINRA Series 79TO Qualification
  • Turnaround Management Association Hall of Fame, 2023
  • M&A Advisor’s Hall of Fame, 2021
  • Lifetime Achievement Award from The M&A Advisor, 2020
  • Law Dragons Hall of Fame, 2018
  • University of North Carolina School of Law’s Distinguished Alumni Award, 2018
  • 8th Annual Turnaround Atlas Awards for Restructuring Leadership Achievement, 2016
  • The American Lawyer, Transatlantic Finance Dealmaker: Restructuring Award, 2016
  • The American Lawyer, Dealmakers of the Year (for the restructuring of Metro-Goldwyn- Mayer, the largest prepackaged bankruptcy ever completed in under 33 days), 2011
  • Financial Times, U.S. Innovative Lawyers, 2011
  • Decade’s Most Influential Lawyers, The National Law Journal, 2010
  • Law 360’s MVPs (numerous occasions)

Our Founders

Steve Smith | GSP Partner
Steve Smith
Co-Founder and Co-CEO
Smith Goffman Partners
Managing Partner, Aurora Resurgence
Global Head of Restructuring, UBS
Global Head of Leveraged Finance, UBS
Americas Executive Committee and Global Management Committee, UBS
Jay Goffman | GSP Partner
Jay Goffman
Co-Founder and Co-CEO
Smith Goffman Partners
Client Chairman, Teneo Financial Advisory
Vice Chairman, Rothschild & Co. Global Advisory Practice in North America
Global Head of Restructuring and member of Executive Committee, Skadden Arps

Our selected deal list