LevFin players roll up sleeves, get stuck into restructuring

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The year-end results reporting season, beginning in mid-January, is worrying leveraged finance professionals who are expecting a deluge of bad news. Several restructurings, either debt buybacks such as that for Rhodia, the French chemicals company, or covenant amendments such as those for Edscha, the German car parts group, and Seat Pagine Gialle, the Italian telephone directories group, were completed over the holiday period — but fears are growing that these will just be a drop in the ocean compared with what the rest of the year has in store.