The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Can accountants act for bondholders?


Nobody doubts that European debt restructuring has been transformed in the last three years. Consensual restructurings have started to replace formal, court-based insolvency proceedings. And US bondholders, with their more aggressive style, have shaken up the traditional, bank-led European approach.

That in turn has re-shaped the market for advisory services to creditors. In Europe, the big four accountants' established relationships are with senior creditors – usually the local clearing banks or the US investment banks. With their well-staffed, multi-country teams equipped for big due diligence projects, the accountants are a natural choice for senior lenders, who will need large teams to look through a debtor's books and report on potential problems in a restructuring.

Blurring lines But now, the accountants reckon they can take instructions from other lenders. PwC's Business Recovery Services (BRS) team has led the charge. At the beginning of 2003, a PwC team led by BRS partner Kevin Ellis acted as financial adviser to the bondholders of Song Networks in the restructuring of its $550 million high yield notes.

That could mean direct competition for the niche investment banks who have traditionally advised the bondholders in European debt restructurings – the likes of Close Brothers, Lazard, or the European end of specialist US outfits such as Houlihan Lokey Howard & Zukin or Greenhill.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree