Kyle Siskey
Americas Staff writer
There is a whole range of debt restructuring options open to US companies, as illustrated in the chart below. But tender offers are less popular than they were last year and debt buybacks can send the wrong message to creditors. As listeners to IFLR's web seminar Debt Hangover: US Liability Management found out, the options are not straightforward.
First, though, a company needs to recognise that it has a problem. Time is of the essence in these markets. Gilbert Sanborn, chair of the restructuring advisory practice at Barclays Capital, was one speaker at the seminar: "The important thing to note today is the speed at which credits deteriorate, much more dramatically than I've seen in past cycles. It is important to move as quickly as possible, oftentimes facing a management...