Transcription of European Restructuring Report - Debtwire
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European Restructuring Report - Debtwire
European Restructuring Report Default, Restructuring and Recoveries in 2008- 2010 by Attila Takacs 2 Contents Foreword 3. 1. Introduction 4. - LBO Distress Flowchart 2008-2010 - Restructurings vs covenant resets - Debt restructurings peaked in 2009 - Private equity vintage 2006-07 came back to restructure - Average post- Restructuring leverage was EBITDA 2. Write downs and sustainability 11. - Average debt write down stood at 53% - More junior debt remained in the structure in 2010 - Zombie deals and second restructurings 3. Equity and new money 15. - Ownership has shifted from senior to mezzanine in 2010 - New equity and new debt played equal parts - Sponsors walked away in half of LBO restructurings 4.
4 1. Introduction Right after the LBO boom The global recession severely impacted the European leveraged loan market. Primary markets virtually shut down in …
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