Abstract
It is commonly assumed that the process of soliciting and communicating with bondholders during a financial restructuring is a relatively simple matter, akin to conducting a proxy vote among shareholders. In reality, though, bonds issued electronically in book-entry form are linked to the decision-making, ”beneficial owner” investor through an often confusing, custodial hierarchy that includes depositories, brokers, and banks. In order to reach enough of these investors to ensure a successful outcome to the contemplated transaction, a full-service investor communications firm with the requisite resources and experience must be employed.
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