Restructuring: How not to do it

Risky business: Is securities restructuring the answer to problem portfolios?

Restructurers roll boulders uphill

Synthetic restructuring a question of price

Restructuring: How not to do it

Those charged with figuring out how best to restructure securitized assets will not have been heartened by the fate of Four Seasons Healthcare – a restructuring deemed by many to be a classic example of how not to do it. The UK care home provider was acquired by the Qatari-backed Three Delta fund in 2006 in a highly leveraged deal arranged by Credit Suisse, which involved the company being burdened with debt levels equivalent to 14 times ebitda.