"The leveraged finance market reality is that there is no new business. The banks will not lend."So says Clifford Chance's (CC's) James Johnson, a man who has built a good chunk of his career in leveraged finance, a market that, more than a year after the credit crunch first struck, is still in a state of dysfunction.Such comments also reflect the attempts by finance advisers to come to terms with a sector that, in the month since the collapse of Lehman Brothers, is facing its biggest shake-up for a generation.Lehman's collapse on 15 September triggered a global run on bank assets as investors feared for banks' solvency. In the weeks since, finance partners have witnessed escalating turmoil and repeated government attempts to head off the crisis. This process culminated last Monday (13 October) with the injection of £37bn of taxpayers' money into Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.
October 23, 2008 at 12:02 AM
1 minute read
The original version of this story was published on Legalweek
The post-Lehman revolution has left finance lawyers facing a much-changed world. Emma Sadowski and Alex Novarese ask if their model is still fit for purpose
“The leveraged finance market reality is that there is no new business. The banks will not lend.”
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