US braced for new bankruptcy laws



Bondholders are anticipating a rash of US company bankruptcies this autumn as troubled firms file earlier than expected to avoid tough new bankruptcy regulations that take effect on October 17.

The new rules, signed into law in April, will limit a bankrupt company's exclusive right to file a reorganisation plan to just 18 months, a period which was frequently extended in the past. If the company files a plan, exclusivity is extended automatically while the company seeks the required support. But

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