Credit default swap holders are playing an increasingly important role in the restructuring of distressed debt issuers in central and Eastern Europe. With more companies likely to run into trouble as the region’s economic woes continue, advisers are having to negotiate with both physical debt owners and CDS holders; and they are coming up with ever more complex solutions.
Latest off the block was Ukrainian energy company Naftogaz effectively exchanged its entire foreign bond and loan liabilities into a new $1.6
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