Decks Cleared For Distressed

O'Leary, Christopher
June 2005
Investment Dealers' Digest;6/27/2005, Vol. 71 Issue 25, p14
Trade Publication
The article presents information on the advantages and disadvantages of hedge funds. Hedge funds and other relative newcomers are also causing major changes in Europe's distressed debt market. At nearly the midpoint of 2005, the distressed debt market seems remarkably undistressed. The recent incursion by a large number of these lightly regulated investment pools into areas like distressed loans and bond trading is having a ripple effect throughout the market. People are still able to refinance their problems. One such example is the recent refinancing by energy company Calpine Corp., which has been in a weak market position for years. Historically, low-rated European companies negotiated with commercial and central banks which held their debt.


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