For many, business earnings are holding up and panic has not yet set in. But those that don’t start to prepare for trouble today will find that tomorrow is too late.
Tuesday, 24th June 2008
RESTRUCTURING
The ever-growing popularity of collateralised loan obligations is a sign of increasing complexity in the leveraged finance market.
The huge growth in complexity of LBO structures will make restructurings painful for all parties, but especially private equity.
Borrower-friendly terms give sponsors control. But if it comes to a restructuring, they stand to lose everything.
Cross-border restructuring presents a multitude of problems, and as more businesses globalise, the situation will get worse. Changes are afoot across Europe to reform the insolvency process.
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