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Restructuring: Credit Suisse launches work-out group

Credit Suisse has announced the formation of a new group in its EMEA global markets solutions business (GMSB) designed to address what co-head of global investment banking Jim Amine describes as a “unique opportunity” presented by the current debt market dislocation.

 In an internal memo, Amine explained that the new debt advisory and restructuring group (DA&R) will enable the bank to provide an integrated solution to challenging market conditions.

The DA&R group has been formed to provide debt work-out solutions (from simple consents and amendments to full-scale restructurings) and to advise healthy companies facing acquisition and other financing requirements and capital structure management issues. It will be jointly led by Marisa Drew and Craig Klaasmeyer, co-heads of debt advisory, and the group in turn will again report to Marisa Drew and Thibaut de Gaudemar in their capacities as co-heads of GMSB in EMEA. Chairman of the group will be Bob Willoughby, head of underwriting and capital commitments for EMEA credit risk management.

In a sign of the importance that debt restructuring will assume, the new DA&R group will also be responsible for all leveraged finance and senior loan origination activities at the bank for the region. It is clearly positioning itself to be a force in the restructuring and work-out boom that will surely follow. "I am confident that the debt finance and restructuring group will best leverage our strengths and capture this important market opportunity," Amine states.

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