Lawyers are seeing a marked increase in queries from hedge funds regarding the best choice of legal mechanism to cram down minority lenders in different jurisdictions in restructuring situations. The cash-rich funds are piling into the debt of potentially distressed names such as Frans Bonhomme, which entered talks with lenders last week.
Spanish chemicals company La Seda de Barcelona will be forced into insolvency this week unless lenders agree on a restructuring plan tabled by US fund Anchorage Capital Group, according to people close to the negotiations.
Credit Suisse posted the biggest profit for two years at its investment bank in the first quarter, after a surge in fixed income trading boosted revenues, validating management’s commitment to the business and rebutting critics who have argued it should follow Swiss rival UBS in cutting back.
- Assenagon ruling remains law
- Swiss banks languish as most inefficient
- Industry cost-cutting unrealistic, says Barclays
- Spain hot market for non-core assets
- Banks optimistic about asset sales
- Corporate defaults edge up in Europe
- P&M: NAB hires KPMG to advise on £5bn UK property portfolio