In this wave of restructurings, the key players will be the
fulcrum creditors those whose place in the capital
structure is where the value of the company breaks.
This will often be the mezzanine lenders, with the senior
creditors above fully in the money and the subordinated
bondholders below standing to get little.
Any change in the ongoing value of the company will directly
affect how much these mezzanine lenders get out of a deal. The
senior creditors might be relatively indifferent to the
Restructurings now are all about value. Where does the