Millstein & Co. is partnering with Houston energy investment bank Tudor, Pickering, Holt & Co. (TPH) to advise oil and gas companies that are suffering from depressed commodity prices, according to people familiar with the matter.

The industry is trying to cope by selling assets, reducing debt and raising additional capital, creating opportunities for restructuring advisory firms, bankers and attorneys.

The informal partnership, which began earlier this year, has won assignments, said the people, who asked not to be identified because they were not authorized to speak to the media.

TPH has formed similar consulting alliances with other restructuring advisers, one of the people said Nov. 25.

Millstein and TPH declined to comment.

Millstein, a restructuring consultancy with offices in New York and Washington, was founded by Jim Millstein. Millstein is the former chief restructuring officer at the U.S. Treasury Department, who oversaw the government bailout of American International Group. The firm has advised the Puerto Rico government on the commonwealth's debt crisis.

Financial advisory firm Rothschild and oil and gas investment bank Petrie Partners have also joined forces to win new business in energy restructurings.

Magnum Hunter Resources Corp. (OTC: MHRC) hired financial advisory PJT Partners Inc. and law firm Kirkland & Ellis to advise on strategic alternatives for enhancing liquidity. Penn Virginia Corp. (NYSE: PVA), with operations in Texas, is working with Jefferies on a potential debt restructuring.