Realities of restructuring
Waide Warner, Javier Errecondo, Samuel Aguirre, Thomas Felsberg, Alejandro Sainz and Richard Cooper
For some it is surprising to learn that there is very close correlation between the default rate of emerging market corporate debt and of corporate debt in developed markets such as the US; many people think the former should be more prone to default, when in fact the default rate of emerging market corporate debt is lower than in developed market, even in 2011. Where the differences exist is in the restructuring experience and recovery rates.
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