Mark Liscio, partner and Chair of Kaye Scholer’s Bankruptcy & Restructuring Department, recently spoke with Debtwire on what defined Bankruptcy & Restructuring in 2015 and what will have the most impact on the sector in 2016.
In his interview, Liscio spoke to how energy was the main focus in 2015, a trend that will continue into 2016:
“2015 was defined by a number of very obvious things. For example, the energy sector finally produced a number of long-anticipated bankruptcies and restructurings, and there was a not-so-subtle tightening of the credit markets. The weakening demand in the secondary markets and capital market dislocation portend well for restructuring activity in 2016, and it may well mark the end of the era where stressed or distressed companies can readily refinance their way out of short-term problems. In fact, we saw an increase in restructuring activity across a number of credits outside of the energy field during the second half of the year,” said Liscio.
He continued, “I don’t think we (or any other market participants) will shift focus from energy, so there will be no change there. Based upon input received from our clients, commodities will occupy more of our attention this year. Given the state of the capital markets, we intend to broaden our focus and become somewhat industry agnostic because over-levered companies that accessed the frothy capital markets across all industries will have no choice but to restructure should the capital markets remain inhospitable.”
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