Lenders rewrite their terms of engagement
Most of the deals written in the past few years still have some way to go before they need to be refinanced, but if economic conditions continue to deteriorate many could hit the buffers well before term.
Just how the restructuring of a distressed corporate with large amounts of debt in the hands of institutional lenders will play out is the great unknown in this market. The restructuring process will be very different from previous cycles because of the fragmentation of debt providers.
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