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Operational risk

CGE Power falls as banks demand cash

CGE Power, the bank consortium formed to acquire distressed UK power assets, has withdrawn offers totalling around £3 billion on 12 plants and ceased trading after proposals to acquire two key power plants were rejected by lenders, according to a…

Covenants: crisis of confidence

Financial covenants that rely too heavily on ratios are just not sophisticated enough to predict the likelihood of default, argues Sarah Woo. Loan originators must learn a trick or two from their colleagues in portfolio management and develop…

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