Editor:
Christopher Mallon
Skadden, Arps, Slate, Meagher & Flom LLP

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I am very pleased to present this fourth edition of The Restructuring Review. As with the previous editions, our intention is to help general counsel, government agencies and private practice lawyers understand the conditions prevailing in the global restructuring market in 2010/2011 and to highlight some of the more significant legal and commercial developments and trends during that period.

Unsurprisingly, the global economy is still struggling to emerge from the worst financial crisis since the Great Depression. The past year has seen mixed conditions, with improvements in some areas, the effects of which are being dampened by the deep-rooted systemic problems several western nations face in dealing with their sovereign debt balances. Government support for banking systems and the worldwide economy has been helpful, but widespread austerity measures, tax hikes and volatile financial markets make for difficult navigating. The effects of the global recession continue to be felt, with economic growth remaining, despite some bright spots, generally uninspiring.

Considerable uncertainty remains as to how best to remedy systemic weaknesses in our economic system, and on how properly to assist indebted nations and their often over indebted inhabitants. The main stock market indices followed an encouraging upwards trend in late 2010 and early 2011 but have now lost all of their gains, due to uncertainties about the political climate in the Middle East, how sovereign debt issues will be addressed, and the dual headwinds of sluggish growth and austerity measures. While banks generally seem in better health than they did a year ago, the economy as a whole does not, and talk of a full recovery in the short to medium term remains premature.

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