Distressed debt fund managers are upbeat as companies in continental Europe face having to refinance €140 billion ($198.6 billion) of leveraged loans starting from 2012. Allocators do not share their enthusiasm, mainly because they believe too few skilled managers exist to run the money they want to put in the strategy.
The opportunity is large but there are many challenges facing hedge funds.
The optimism stems from the sheer volume of loans expiring, coupled with the fact that banks, which histo
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