As negotiations aimed at addressing the Greek debt crisis begin anew, many turnaround professionals are eyeing Europe for the next wave of corporate restructurings.
The New York Times‘s DealBook reported this week that with the pace of defaults in the United States still lagging behind their 2009 peak, much of the conversation at an annual luncheon hosted by the Turnaround Management Association’s New York chapter centered on the sovereign debt situation in Europe.
And as some private sector creditors face the prospect of suffering major losses on their positions in Greek debt, some hedge funds are reportedly threatening years of litigation against the Hellenic Republic in order to push back on a potential haircut and press the nation’s government to cut them a good deal on bond payments.
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