Legal Spotlight: Exchange offers

Stock market performance

Issuers on both sides of the Atlantic (and in Asia as well) conducted a slew of exchange offers in 2007 and through the first half of 2008. These exchange offers were launched not only by traditional high yield issuers and crossover credits, but also by many banks that needed to shore up their capital ratios. Most of these exchange offers were successful in essentially equitising a large portion of the issuer's debt load. Even where bondholders sought renegotiation of the offered terms, failures

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