The 2023 Restructuring Market Wrap-Up

As 2024 gets underway, 2023 will be remembered as the year that King Charles III's coronation captured our attention with its many (and occasionally bizarre) storied traditions and customs and, of course, for the passing of the Irish singer and poet Shane MacGowan.¹ Turmoil in the European banking sector early in the year set the tone for a challenging year, while across the Atlantic, a number of regional US banks had their deposits guaranteed by the government and entered into hastily arranged asset transfers reminiscent of the worst days of the global financial crisis of 2007-8. And while the year ended on a more positive note with signs that inflation appeared to have been tamed and central banks signalled rate cuts in the not-too-distant future, investors (and restructuring professionals) remain alive to the volume of corporate credit to be refinanced in 2025 and 2026.²