Vultures v zombies

摘要

ON NOVEMBER 4TH the share price of Kier Group, a troubled British builder, fell by nearly 10% on reports that banks were trying to offload its debt at a steep discount. The rumour remains unconfirmed—sources close to the firm and one of its biggest lenders dispute the claim-but investors may have felt a sense of deja vu all the same. After the sudden downfall of Carillion and Interserve, Kier is Britain's third construction giant to face a battle for survival in less than two years. And each time the groups' fortunes have worsened, hedge funds eager to snap up their debt at bargain prices have begun to circle.