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Still, creditors will extend maturity on existing debts at the least until the end of the year, provided they come up with ways to raise more cash and they do not experience further cash problems.
"We agreed to extend maturity on loans extended to Hyundai Engineering and Construction, in order to ease its short-term cash shortage," said Lee Youn Soo, vice president of the main creditor, Korea Exchange Bank.
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The group is asking lenders to extend maturities until at least 30 May.
Less leverage could help Freescale refinance at lower rates and extend maturities.
Minneapolis-based ResCap is offering investors as little as 80 cents on the dollar to extend maturities and reduce debt.
Loral Space and Communications, the satellite-communications company, said yesterday that lenders had agreed to extend maturities for $1.09 billion in bank loans being used to increase the company's satellite fleet.
He says the market is dominated by companies issuing bonds to lock in interest rates while they extend maturities, not companies using credit to aggressively relever.
You can argue that is what happened in New York City a quarter of a century ago, when some bondholders were forced to extend maturities.
"As a first step," the statement said, "Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least 30 May 2010".
In a statement, European banking regulators said they were "aware of the funding liquidity challenges in the current environment, and national authorities are taking steps to extend maturities, increase buffers and develop contingency plans".
Under a relatively "good bargain," the creditors would modify interest rates and extend maturities further, as the International Monetary Fund now suggests, so that Greece does not have to pay the unpayable over the coming years, in exchange for growth-enhancing structural reforms.
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