Being A Bondholder In A Distressed Situation: The Debt Equity Swap Route - A Vessel Fraught With Pitfalls?

Mondaq Business BriefingLuxembourg Articles in EnglishInsolvency/Bankruptcy and Re-structuring (2012)

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Being A Bondholder In A Distressed Situation: The Debt Equity Swap Route - A Vessel Fraught With Pitfalls?

According to Thomson Reuters' Distressed Debt & Bankruptcy Restructuring Q1 Round-up issued in April 2012, EMEA distressed debt restructuring deal volume amounted to €11.45bn in the first quarter of 2012, marking a 57.3% decrease in activity compared to the first quarter of 2011. Financials was the leading sector with approximately 53% of total completed EMEA distressed debt restructuring deal volume.

Nevertheless, European debtors are now forced to find a more substantive cure for their capital structures than the 'extend and pretend' stopgaps that have been so prevalent in the market in the past two years. The deleveraging is present everywhere and the sole question is how deep will it be.

Creditors, therefore, are now ready to accept to replace part or all of their debt in exchange for ...

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