(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site)
The cast of contributors to the restructuring process has transformed over the last five years. In the next wave of restructuring, whenever it comes, practitioners will be dealing with a truly changed market place.
The range of participants is now huge, including hedge funds along with distressed and high yield investors. As a result the direct, bilateral relationship between corporates and their lending banks has – at least in the UK, the US and increasingly in western Europe – not just changed, but disappeared.
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