Darley, head of the European law banking practice at Skadden, Arps, Slate, Meagher & Flom, raised some hearty laughs at Xtract Research’s European Covenant Trends event this year with his paraphrase of the opening to Charles Dickens’ A Tale of Two Cities: “It was the best of terms, it was the worst of terms, it was the age of wisdom, it was the age of foolishness …”
The juxtapositions may have had attendees shifting nervously in their seats, since they represented an obvious parallel with the experiences of borrowers and investors in the leveraged loan market.
