"Bankruptcy king" Ross sees big rise in defaults

Newswire

NEW YORK, June 29 (Reuters) - Record-breaking issuance of high-yield bonds, especially from very low-rated borrowers, could push the U.S. default rate to 7 to 8 percent over the next two years or so, financier Wilbur Ross said on Wednesday. "We're in for a very big upturn in default rates and distressed activity in general, starting not so far into the future," said Ross, speaking at a distressed debt conference in New York sponsored by the Strategic Research Institute. Known as the ...

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