Do hedge funds want restructurings to fail?

corporate restructuring


There is a growing feeling amongst restructuring experts that the credit default swap market is encouraging hedge funds to obstruct corporate restructurings. At a distressed debt conference given by law firm Latham & Watkins on September 22, Phil Wallace, a corporate recovery partner at KPMG in London, asserted that hedge funds were not interested in rescuing distressed companies but would rather see them fail. He criticises hedge funds that hold credit default swaps (CDS) in companies that are

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