Dr. Strangelove, or How I Learned To Stop Worrying and Love the Restructuring Process

Recent announcements by a growing number of shipowners may not signal the coming of a nuclear winter, but it certainly may feel that way for many shareholders and bondholders – and even first lien banks. During the last big wave of shipping restructurings from 1998 until 2002, when the shipping community had little cash on hand and the bond defaults were coming fast and furious, my partner Peter Shaerf trotted out the line “We thought the market had hit bottom until they started handing out the shovels” as the market cratered quickly and in a very public fashion.

This is only an excerpt of Dr. Strangelove, or How I Learned To Stop Worrying and Love the Restructuring Process

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