Debt-laden companies in Europe, the Middle East, and Africa are facing a $500 billion refinancing challenge in the first half of 2024. This could lead to the demise of many "zombie" businesses, despite an expected peak in interest rates offering some relief. The rush to secure cash comes as banks reduce risk ahead of stricter capital rules. Weaker businesses are seeking new loans and debt deals just as government borrowing costs increase globally. Failure to secure affordable funding could result in insolvencies and job losses.
Alvarez & Marsal (A&M), a leading global professional services firm, has expanded its financial restructuring capabilities in Europe, the Middle East and Africa (EMEA) with the hiring of James Dervin as Managing Director.
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