SSD gears up for market-wide restructuring test

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By Silas Brown
25 Mar 2021

Schuldschein investors are preparing for a debt restructuring cycle, with "more than a handful" of borrowers said by lenders to be in difficulty. As Germany changed its restructuring laws at the start of the year, some are confident the market can weather the storm.

Investors have said they think as many as six or seven companies with Schuldschein outstanding are preparing to enter into debt restructuring talks with creditors. “All the ones I know of are mid-sized companies with sales between roughly €500m and €1bn,” said a prominent investor from a commercial ...

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