Distressed Exchanges Becoming The Bankruptcy Of Choice For CompaniesRupert Hargreaves
According to Moody's a distressed exchange occurs when a distressed company offers "creditors new or restructured debt, or a new package of securities, cash or assets, that amounts to a diminished financial obligation relative to the original obligation."
Since the financial crisis, the number of these distressed exchanges has ballooned as companies try to work around a traditional bankruptcy. Deals peaked in 2015, when many oil & gas companies, reeling from crashing oil prices, found themselves struggling . . .
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