The London Approach: distressed debt trading

Quarterly Bulletin 1994 Q2
Published on 01 June 1994

By Pen Kent, an Executive Director of the Bank of England.

In a speech at the Euroforum Conference on 23 March, Mr Pen Kent, an Executive Director of the Bank of England, considered how the London Approach to company workouts could best be reconciled with the developing secondary market in distressed company debt. He announced that the idea of having a moratorium on trading, to avoid disruption at sensitive times, had been rejected by the banking community. And he set out a number of recommendations on conduct to allow the spirit of the London Approach to be extended to cover trading in distressed debt.

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