In 2009 it was very difficult to get a restructuring done; the client really didn't know where value was, so you couldn't get a meeting of the minds for how the restructuring should go.
If Greece get a restructuring or rescheduling of the debt in 2016, it will take some of the pressure off the government, because the third memorandum takes you through to early 2020. .
"You have got an aggressive restructuring that, if anything, is ahead of plan," Mr. Light said.
"Rolling out this plan in the middle of the current crisis is like telling Hurricane Katrina victims stranded on their rooftops in New Orleans, 'Don't worry, if you can hold for a few years, we've got a really great plan to restructure the federal emergency response system,' " said a statement issued by the Consumer Federation of America.
"These guarantees can be an impediment to getting a sensible restructuring of commercial real estate loans," said Andrew A. Lance, a partner in the law firm Gibson, Dunn & Crutcher who represents both borrowers and lenders.
In the resulting unease, Corus got itself a restructuring plan and a new chief executive Philippe Varin, formerly of Pechiney, the French company that had wanted the aluminium plants to push it ahead.
"We have favorable market conditions for the type of investor who is seeking to make a short-term profit by trying to get a company to restructure or sell itself," says de Wied.
"Obviously we would have the right to use that leverage to get that contract restructured," Bick said.
"We're going to continue to manage the airline," he said, "and get it restructured appropriately without a Chapter 11".
