Firms offer 'Bankruptcy 101' sessions

摘要

As the economy rattles toward a recession and defaults are forecast to skyrocket, investors and company executives are seeking advice on how best to prepare for what could be a prolonged downturn. Moody's and Fitch expect defaults to more than double in the next year as the coronavirus pandemic weighs on businesses, with supply chains interrupted and retail operations closed, pushing companies to fire workers or put them on leave. Investment firms and businesses are preparing for the months ahead, but after more than 10 years of growth, many financial professionals have never worked through a downturn and lack the experience of the last financial crisis to lean on. To prepare, asset managers and company executives are approaching law firms and financial advisers for a refresher on restructuring and bankruptcy.