'Forum shopping' frustrates European high yield investors
European corporate bond investors have expressed concern that struggling companies are increasingly moving abroad to avoid paying back creditors.
Over the past year a number of issuers have moved their operations to different jurisdictions in order to take advantage of more flexible bankruptcy laws, a process known as “forum shopping”.
Under EC insolvency regulation, a company facing a possible restructuring need only move its head office, or “centre of main interests” (COMI), to another country
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