Distressed Exchanges No Cure-All, Moody's Says

Colter, Allison Bisbey
March 2011
High Yield Report;3/21/2011, Vol. 22 Issue 12, p9
The article argues that the use of distressed exchanges by private equity firms will not be sufficient to save them from defaulting in 2011. It says that the use of these exchanges allowed them to reduce debt at portfolio companies in 2009 and 2010. According to the author, the exchanges helped them convinced investors to accept new debt with higher interest rates, a smaller face value and stricter covenants in exchange for old debt.


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