BNP creates distressed finance group

BNP Paribas has established a new distressed finance group, to be led by Alain Dib. Dib, previously co-head of European high-yield capital markets, will remain in London.

The head of the US group will be Monique Hill, previously head of US distressed debt and special situations. Hill, who is based in New York, will report to Dib.

The move is part of a broader trend that has seen several private equity houses invest in distressed debt. Between Q3 2007 and Q1 2008, private equity house Apollo Global