Looming Crash Prompts Most Hires for Distressed Debt Since 2002

Discussion in 'Wall St. News' started by ASusilovic, May 30, 2007.

  1. Source : BLOOMBERG, May 30


    The biggest winners from the global buyout boom are hiring distressed-debt bankers in Europe at the fastest pace in five years.

    Goldman Sachs Group Inc., the world's most profitable securities firm, hired Andrew Wilkinson, the lawyer who advised creditors in the bankruptcies of Eurotunnel Plc and Parmalat Finanziaria SpA, to help lead its restructuring business in London. Morgan Stanley, the third most-active merger adviser this year behind Citigroup Inc. and Goldman, added seven bankers in the past year, boosting its group to 61. Blackstone Group LP, poised to become the world's largest publicly traded buyout firm, is starting a corporate restructuring group in Europe.

    ``When the turn does come, it will be unlike anything we have ever seen before,'' said Iain Burnett, 43, managing director of Morgan Stanley's special situations unit in London. ``The scale of it could be considerable because of the size of some of these leveraged deals,'' said Burnett, who began his career in London a month before the October 1987 stock market crash.
  2. Typical Goldman and Co. --- first they advise on all senseless leveraged mergers and takeovers and then they turn around and try to make money from the sh..t they have caused. I guess its smart but certainly leaves a bitter taste
  3. That's where all the financial firms are making money right now. They package shit deals and rake in $50M in commissions...seems easier than actually looking to find value right now. :D