Bankruptcy specialist sees record wave of debt restructurings ahead
The next economic downturn will be much more severe than the last financial crisis, predicted Dr. Edward Altman, a professor of finance at NYU Stern School of Business. That companies have twice as much debt outstanding as they did before the last crisis was the critical factor, he said.
Altman, speaking at a conference in London on Tuesday, said he was expecting the downturn to hit the US economy within the next 12–24 months, even if the US and China manage to pacify markets in the short-term with a trade deal.“Companies have taken advantage of the ...
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