VIRTUALLY EVERY WEEK brings news of another stunning corporate collapse. Debt default rates – at more than 12% – are at historical highs and credit downgrades are outrunning upgrades by six to one. Whole industry sectors are in deep trouble. And the volumes of bank loans and securities caught up in bankruptcy, restructuring or distress keep on rising.
Enron, Global Crossing, Kmart, NTL, Energis, Marconi: the corporate casualty list is long, the sums involved enormous and the causes diverse.
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