Executives at Bausch Health Cos Inc. (BHC.TO, BHC) are shaking up the company's team of advisers as part of the latest in a years-long effort to tackle some of its approximately US$20 billion dollars of debt and enable a crucial asset sale, Bloomberg is reporting Wednesday.

Bausch, which has been working to sell its profitable eye-care business Bausch + Lomb (BLCO.TO) and refinance debt, tapped bankers from Evercore Inc. to advise it on financial options, according to people with knowledge of the matter, and selected the law firm Proskauer Rose LLP to replace longtime counsel at White & Case LLP. Evercore would replace Bausch's previous investment bank, Houlihan Lokey, said some of the people, all of whom asked not to be named discussing private information.

Representatives for White & Case, Proskauer and Evercore did not respond to requests for comment. Representatives for Houlihan Lokey and for Laval, Quebec-based Bausch declined to comment.

In their dealings with the company, holders of much of Bausch's debt have been operating under a creditor pact that has complicated efforts to spin off or sell Bausch + Lomb, Bloomberg previously reported. Those plans were first publicized by Bausch in 2020, when the announcement sent shares soaring 18%.

Bloomberg noted the Bausch creditors formed that cooperation unit to protect their rights and interests during the type of debt negotiations that have otherwise seen lenders compete against each other for deals that elevate some over others in rank and payment priority.

It also noted Bausch + Lomb in December confirmed that a sale was "one of several options being explored to complete a full separation from Bausch Health Companies Inc.," making the statement in response to a request for information from the Canadian Investment Regulatory Organization.

Bloomberg noted The Financial Times reported the same month that the private equity firm Blackstone was losing interest in making a bid for the company. It had previously reported that potential bidders included Blackstone, Advent International and TPG Capital.

The trade publication Octus previously reported on Bausch hiring Proskauer Rose.

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