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When his company foundered in the early 1990s, he was appointed head of restructuring.
Alan Hudson, EY's head of restructuring for UK and Ireland, said: "Companies are contending with a daunting level of uncertainty.
"It's going to get a lot worse," said Mark Hyde, head of restructuring at the law firm Clifford Chance.
"It used to be completely impossible to deal with cross-border failures," says Alan Bloom, head of restructuring at Ernst & Young, an accountancy group.
Mr Fleming, UK head of restructuring at KPMG, said it was unfortunate that a buyer could only be found for 20 stores.
"Even some companies that are not troubled will find it hard to refinance," Mark Hyde, global head of Restructuring at law firm Clifford Chance, told reporters.
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"As lawyers would say, it's sui generis, at least in my experience," said Joel B. Zweibel, the retired co-head of restructuring at the law firm O'Melveny & Myers.
Such was his indispensability that Mr Obama asked him to continue in the job for a year after Mr Panetta left in 2013, to help Mr Hagel an uncomfortable period for both men.Before that, Mr Carter was the head of acquisitions, restructuring the bloated Joint Strike Fighter (JSF) programme and cancelling costly under-performing or outdated programmes.
However, many people in the trade think that, in addition to the problem of overcapacity expected to last another five to six years, luxury hotels in general are inevitably heading for a period of restructuring.
Daniel A. Celentano, the former head of the restructuring practice at Bear Stearns, is joining Evercore Partners.
Frank Dangeard, head of financial restructuring at France Télécom, remained confident that the company would not be hurt by the war in Iraq.
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