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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
  • Vol 6 (2009)
  • Vol 7 (2010)
  • Vol 8 (2011)
  • Vol 9 (2012)
  • Vol 10 (2013)
  • Vol 11 (2014)
  • Vol 12 (2015)
  • Vol 13 (2016)
  • Vol 14 (2017)
  • Vol 15 (2018)
  • Vol 16 (2019)
  • Vol 17 (2020)
  • Vol 18 (2021)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 19 (2022)
  • Vol 20 (2023)

Vol 18 (2021) - Issue 2

Article preview

A Tsunami of Unsustainable Debt: The Case for an Equity Solution

Martin Gray, Senior Director, Global Restructuring Advisory, Duff & Phelps, Manchester, UK

Synopsis
To help UK corporates weather the worst of the COVID-19 pandemic, the Government has offered an unprecedented package of support measures, predominantly in the form of loans and grants, offered interest free or on competitive terms. The consequence of this has been an increase in the quantum of debt on balance sheets, which is likely to grow even further in 2021. In this article, I discuss the looming debt problem that the UK faces, and my thoughts on the options available to corporates that may struggle to repay what they owe over the next year as support measures reduce and demands on businesses increase. In summary, I consider that the most appropriate solution, particularly for small and medium-sized enterprises (SMEs), is to consider equity investment as a mechanism to recapitalise the balance sheet.

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International Corporate Rescue

"I see a lot of corporate restructuring publications but International Corporate Rescue has struck the right balance of case studies and new technical issues, all wrapped up in a very reader-friendly style."

Alan Bloom, Head of Restructuring, EY, London

 

 

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