Lenders to private prison operator Geo Group Inc. are gearing up for debt talks, hiring lawyers and interviewing financial advisers to protect their interests in the discussions, Bloomberg News reported. A group of term loan holders tapped law firm Gibson Dunn & Crutcher while bondholders hired lawyers from Akin Gump Strauss Hauer & Feld. Both groups are interviewing financial advisory firms. The creditors are expecting Geo Group to negotiate a maturity extension on its 2024 term loan or an exchange of its unsecured 2026 bonds for longer-dated notes. The company is permitted under its credit agreements to borrow up to $450 million in additional secured debt, if it finds willing lenders. Scrutiny of private prisons has lately seen major banks including Bank of America Corp. and Barclays Plc pledge to stop lending to the operators. The industry is under increased political pressure after President Joe Biden issued an executive order earlier this year directing his administration to end all partnerships with private prison operators once current contracts expire. Credit graders to downgraded Geo Group’s ratings in March, citing social and governance risks that could hurt refinancing prospects. S&P Global Ratings cut the company two notches to B, or five steps below investment-grade, and Moody’s cut it to B2, also five notches into junk territory.