European debt market loses yet more leading players

Europe's distressed debt market lost one of a dwindling number of players focused on European debt this month as Gary Klesch announced the closure of Klesch & Co's $15m European Distressed Debt Fund.

The closure, attributed to losses connected to WorldCom and lack of investment opportunities, leaves few competitors ' ADI and RAB Capital being two notable survivors ' in a European debt market finding fewer profitable trades to exploit.

In May, Klesch told a London conference of hedge fund managers