Let others wait for the Next Big Thing. In the world of bankruptcy, they wait for the Next Big Meltdown.erhaps a combination of foreign competition and high energy costs will tear the domestic paper industry to shreds...
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As a firm, we are constantly tracking and trying to anticipate trends in the world of restructuring, which means we keep a close eye on the high-yield market and on credit markets in general. As some of you may know, those markets have been running on overdrive in the last few years, with telecom supplying a lot of the rocket fuel, and this is what I would like to talk to you about today.
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As we all know, 2004 was a watershed year for the global steel industry, as profits soared, primarily as a result of dramatic growth in China. So far, 2005 has been a watershed year as well, but for very different reasons. The steel market has softened dramatically, with buyers sitting on inventories and prices decreasing. China is a big question mark. This is further evidence of the cyclicality of the steel industry.
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Edward Altman, NYU Stern Max L. Heine Professor of Finance and Salomon Center Director of Research in Fixed Income and Credit Markets, was named one of the "100 Most Influential People in Finance" in the June 2005 issue of Treasury & Risk Management.
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The place is crawling with suits. Dozens of company executives, lawyers, financial advisers, accountants and public relations types are packed into a conference room, and even more are hooked in via conference call from the East Coast city where the world's biggest automaker plans to file for bankruptcy protection early the next morning.
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