Archive for the ‘restructuring’ Category

The Rise of the Bankruptcy Lawyer…Again

Tuesday, December 9th, 2008 at 01:45

Some years ago I wrote a pair of articles about insolvency/bankruptcy lawyers and the evolution of the bankruptcy markets under the impact of globalization. (They are: Normative Bricolage: Informal Rule-Making by Accountants and Lawyers in Mega-Insolvencies and The Vultures Fly East: The Creation and Globalization of the Distressed Debt Market.) And I thought the bankruptcy/restructuring […]

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The Return of the Vultures

Friday, February 8th, 2008 at 17:16

Throughout this credit crunch I have been awaiting the return of the vultures. In the 90s vulture funds were highly active in trading distressed debt and in the process disturbing established informal workout methods like the London Approach. These ways of restructuring relied on embedded relationships among professionals who knew how each other would respond […]

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Will We Ever See the London Approach Again?

Thursday, November 1st, 2007 at 21:56

In days gone by the Bank of England knew how to step in and help ailing banks. The London Approach came to the fore in the 1970s when the secondary bank market faced collapse. The Bank was able to work with other banks to organize rescues and bailouts. No direct interference occurred but suasion and […]

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Superfund, SIVs, and Firesales

Tuesday, October 23rd, 2007 at 09:39

Having been declared bankrupt, despite sitting on a cash balance of $1.3bn (a “technical” insolvency one lawyer told me), the Cheyne Finance structured investment vehicle (SIV) has found a saviour in the Royal Bank of Scotland. According to the FT if RBS can refinance the SIV, it will be rescued. Furthermore, the FT opines “A […]

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A "New" London Approach?

Monday, September 10th, 2007 at 18:07

Credit risk has gone crazy. It appears to have emanated from the subprime meltdown in the US. What has struck me about the thirst for liquidity that has been brought about is that no one seems to have developed a secondary market in credit risk yet. Last time there was a slump that had property […]

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