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Troubled Borrowers May Need New Round of Debt Exchanges

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"Many of the companies that relied on debt exchanges to buy themselves some breathing room last year still face problems and may need to do a second round of debt reduction, Moody’s Investors Service said in a new report on Tuesday," Dealbook reports. "The authors of the Moody’s report concluded that while there would be fewer debt exchanges in 2010, they expected to see more in a few years as maturities on corporate debt drew closer. Nearly 100 companies turned to distressed debt exchanges in 2009, mostly in the first half of the year, as credit markets remained tightly closed following the financial crisis, the Moody’s analysts wrote."
SOURCE:   Dealbook