Asia prepares for corporate restructuring

This is a whole new world, says Anthony Root, a partner at debt restructuring specialists Milbank, Tweed, Hadley McCloy. Asia is about to experience several years of workouts, refinancings, debt exchanges and bankruptcies in its corporate sector, he says. The process has started in the US, but it will soon hit Asia like a tsunami. 

Root introduces a fellow partner at the law firm, Dennis Dunne, who is over from the US where activity is already at fever-pitch and who is leading the Lehman Brothers' debt restructuring process. He is here to educate and prepare creditors in the region and perhaps also to stress how serious the problem might become in...