The Distressed Debt Report - March 25, 2008

Nervous Market Overcomes High Oil Prices

At a time of skyrocketing energy prices, the tightening credit markets are increasingly driving small oil and gas companies into bankruptcy protection or liquidation. 

The drastic slowdown in activity in the collateralized loan obligation market has started to spur consolidation among CLO managers.

The trend is expected to be especially prevalent among the numerous smaller shops that have just launched within the last few years and only issued a few CLOs.

FBI Allegedly Sat for 2 Years on $59M Case

Federal agents may be so engulfed in post 9-11 terrorism cases and investigating drug dealers that they may be ignoring reported cases of bank fraud.

That was the concern expressed by Margaret Good, president of turnaround advisory The Meridian Group of Pittsburgh. She spoke at the recent Distressed Debt Conference hosted by DealFlow Media in New York.

• Bear Stearns Collapse May Hurt Values of Distressed Assets
• National Century Officers Convicted of Fraud
• CIT Draws from Bank Lines after Ratings Downgrades
• W Capital, Rock Hill Funds Hope to Capitalize on Distressed Market
• Sirva’s Unsecured Creditors Have April 11 Deadline to File Objections
• Kohlberg Closes Sixth Middle Market Private Equity Fund
• SBIC Licensing Expected to Keep Pace in Downturn
• GMAC Names New Executives