Spain's Restructuring Pull
Private equity firm Oaktree, which recently raised about $10 billion to invest in distressed assets, is among the big players keen on Spain.
June 30, 2008
Spain may be on top of the soccer world after its recent win in the European Cup, but it’s apparently just as proficient at something else: luring restructuring pros.
A bleak employment outlook and the steep pullback in the country’s housing market have made Spain the place to be, according to Reuters. Big names like Lazard, Rothschild and Cadwalader are sending executives to Madrid “on an almost weekly basis,” said one restructuring executive. The demand comes in part from real estate firms looking to stave off insolvency or anxious to sign refinancing deals.
Private equity firm Oaktree, which recently raised about $10 billion to invest in distressed assets, is among the big players keen on Spain. "With the housing market, unemployment rising and sales on the streets -one man's problems is another man's opportunity," Justin Bickle, VP at Oaktree, told Reuters.
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