Funds which buy debt companies are no longer able to repay are getting ready to deploy their large cash piles in Europe, betting the easing of widespread government economic support schemes will lead to a pick-up in corporate restructurings.
The deal is likely to be the first in a string of major restructurings in Europe slated for this autumn, lawyers and distressed investors said. As the pandemic triggered the downturn, many distressed investors stepped up their fund-raising efforts. Preqin shows US$9.6 billion raised in the second quarter, the highest in two years.For a graphic on Distressed funds have more cash than ever before:In the U.S., several big name brands, including storied U.S. retailers such as J.C. Penny, Neiman Marcus, Brook Brothers, and Lord & Taylor, began restrucuting relatively soon after the crisis erupted.
"The brutal aggression of COVID has represented the perfect storm: a combination of 9/11, SARS and the great financial crisis of 2008. It's very difficult to know how to invest," he added.
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