Industry Summits
Crunch to sink fewer firms than earlier crises
LONDON (Reuters) - Fewer companies will fail in this credit crunch than in some previous recessions as the real economy is so far holding up better and banks are willing to help their borrowers, a restructuring expert said. Full Article
NYU's Altman sees 50-55 percent chance of GM default
NEW YORK (Reuters) - General Motors Corp , bruised by multi-billion dollar losses, has a 50 percent to 55 percent chance of defaulting on its debt over the next five years, default expert Edward Altman told the Reuters 2008 Restructuring Summit this week. Full Article
Europe bankruptcies to surpass 1990s: Blackstone
LONDON (Reuters) - The number of European companies going bust in the next few years will surpass anything seen in the early 1990s because firms bloated by debt have minimal room to put their finances in order, Simon Davies of Blackstone Group said on Friday. Full Article
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Lack of covenants seen delaying defaults
NEW YORK (Reuters) - Bankruptcy experts have been forecasting a surge in corporate loan defaults this year, but it is materializing more slowly than expected as years of easy lending offered a bevy of ways for companies to avoid typical loan requirements, experts in distressed companies said at the Reuters Restructuring Summit this week. Full Article
Cov-lite weighs on current restructuring cycle
LONDON (Reuters) - The current restructuring cycle will prove harder than in 2001-2002 because covenant-lite arrangements have robbed the market of the usual early warning signals, a senior executive at Blackstone said. Full Article
Bank crisis keeps bankruptcy pros up at night
NEW YORK (Reuters) - A wave of corporate bankruptcies will keep restructuring advisors and distressed investors busy in coming months, but even the best in the business are unnerved by the speed of the U.S. financial meltdown and its impact on ordinary citizens. Full Article
Restructuring back to balance sheet basics
LONDON (Reuters) - Future restructurings are likely to focus on addressing fundamental balance sheet and business issues in troubled companies rather than providing a quick fix, a senior Deloitte restructuring expert said. Full Article
Investors earmark billions for distressed deals
LONDON (Reuters) - Investment firms are beefing up their restructuring departments in expectation of a multi-billion-dollar wave of spending on distressed securities once the market bottoms out, a senior banker at Morgan Stanley said. Full Article
European M&A to boom as crunch bites
LONDON (Reuters) - Mergers and acquisitions to forestall potential financial problems are set to boom in Europe as companies struggle in the wake of the credit crisis, a leading restructuring expert said on Thursday. Full Article
S&P's Vazza sees "avalanche" of default
NEW YORK (Reuters) - An "avalanche" of U.S. high-yield bond defaults could hit after August next year, a scenario that is sparking more interest from distressed debt investors, Standard & Poor's Managing Director Diane Vazza told the Reuters 2008 Restructuring Summit on Wednesday. Full Article
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