Investment banking advisory firm Peter J. Solomon (PJSC) appointed Derek Pitts managing director and head of the Restructuring and Recapitalization practice. Dan Gissinger joined the firm as director.

Pitts joined from Houlihan Lokey, where he served as a managing director. He has experience with domestic and cross-border financial restructurings and his transaction record includes companies such as Enron, Spectrum Brands, AMF Bowling, Stolt-Nielsen, Lionel Trains, Global Power Equipment, Salton, Barneys, American Seafoods, Deb Shops and Everywhere Global.

Pitts and Gissinger worked together at Houlihan Lokey for close to 10 years.

“PJSC has advised on some of the largest and most complex restructuring transactions over the past two decades,” said PJSC founder and chairman Peter J. Solomon and PJSC CEO Marc S. Cooper in a joint statement. “Over the years we’ve had the opportunity to observe Derek’s insights and the creative solutions he’s delivered on key restructuring mandates. We are excited to see our practice develop further under his leadership. As companies contend with a difficult operating environment, with Derek and Dan on board, along with the rest of our advisory team, we are able to provide clients crucial guidance with respect to their restructuring, recapitalization and other troubled-company situations.”