Look at What Have You Wrought!

Being the publisher of a magazine titled Marine Money, in the midst of a recession and credit crisis, is challenging. We wonder every week whether there will be something to write about. Despite the many travails of the industry, including a virtual shutdown of bank lending, there, in fact, was nothing to worry about. The subject matter changed, but there was certainly sufficient material to fill our pages. Not only did lending virtually disappear but also those financings such as IPOs, private equity, M&A and leasing, which depend on bank funding, became quiescent. The capital markets, both equity and debt, export credit and unfortunately, restructurings helped filled these pages. The lack of cheap bank debt required creativity, the capital markets, and owners’ equity to fill the financial gap. The one burning question was how to get capital. To say it was a very different period from those that preceded it would be an understatement.

This is only an excerpt of Look at What Have You Wrought!

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