Restructuring pros waiting for Godot?

Credit defaults remain near record lows, but that cannot last forever. Liquidity like we experienced recently frankly has to dry up at some point. The subprime implosion may be a precursor to credit problems on a much larger scale. If--some would say when--that happens, the restructuring guys will swing into action. Bankruptcy groundswells come along every now and then--a necessary correction. This time around might be different, according to some. One says: "You are not going to see a sector blow up entirely, like telecom or tech. You'll just see companies all over the place not be able to borrow because their balance sheets have already been lent up to the gills. There is no more capacity and they are going to be stuck." For now, the restructuring pros are still waiting.

For more:
- here's an article from Investment Dealers' Digest (For FierceFinance readers)