To buy time, Miller orchestrated a massive restructuring--selling assets, issuing stock and refinancing bank debt.
In Washington, clamor grows for a new Federal agency to deal with bad bank debt.
The continuing hunt for yield has also piqued investor interest in Turkish bank debt.
About half of that is related to sovereign debt or bank debt in those countries.
Not because of war, because of the social welfare system, aging populations and bank debt.
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Greater use of leasing and factoring is reducing their ratios of bank debt to equity.
Buy-out firms also protected themselves by aggressively buying back bank debt at distressed prices when they could.
The portfolio is 35% in BB-rated issues, 35% in Bs, 15% in CCCs and 10% in bank debt.
Around 60% of subordinated Spanish bank debt, excluding the healthy Santander and BBVA, is held by retail investors.
Bank debt, higher on the vulture pecking order, is trading at 72 cents.
Under the program announced this morning, the FDIC will insure new bank debt in the Temporary Liquidity Guarantee Program.
The result has been a failure to make progress on the June commitment to re-examine the Irish bank debt.
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There is a moratorium, including the suspension of payments, on Iraq's sovereign and commercial-bank debt until the end of 2004.
Selling assets to pay off the bank debt, much of it due within a year, was tougher than Miller had expected.
Margolin says that the seniority of the bank debt makes up for some of the weakness in the borrowers' balance sheets.
This indicates increased risk to sovereign bondholders, senior bank debt holders, and depositors across the Eurozone, particularly in fiscally constrained sovereigns.
Others reckon the biggest risk for European subordinated bank debt is market volatility, rather than the possibility bondholders will suffer losses.
It has every incentive to keep the payments up, since failure would trigger a default on all its World Bank debt.
The remaining parts of Kirch's empire, TaurusHolding and KirchBeteiligungs, account for over half of the group's estimated bank debt (see table).
However, in order to extend all bank debt maturities and achieve enhanced loan covenant relief they first required 100% consent from all lenders.
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Similar to many markets nationwide, Kansas City developers delivered a number of new projects financed with generous local-government incentives and cheap bank debt.
If you believe Measurement's SEC filings, Mallon and the board discovered the company was in default on the bank debt only in February.
All these initiatives will further boost loss-given default assumptions and have been cited by rating agencies in decisions to downgrade European bank debt.
In addition, regulators have unveiled all sorts of programs to backstop the short-term lending markets, money market funds, bank deposits and bank debt.
European firms are increasingly issuing euro-denominated bonds to refinance expensive bank debt, their traditional source of finance, and to raise money for takeovers.
Acquired from Honeywell last year, the latter operation was financed with bank debt, meaning reported financials could be poised for a big gain.
Meanwhile, in Spain, Ireland and most recently the Netherlands, the cost of bank rescues has been partially borne by holders of subordinated bank debt.
This suggests one way to reduce the risk of a property bubble: rely less on bank debt to finance construction, and more on equity.
To be financed by an undisclosed amount of bank debt and equity investment, the refinery "is what America needs, " says Preston Phillips, Hyperion's project manager.
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