More companies outside of the U.K. are looking to reap the benefits of whole business securitizations, but with insolvency regimes outside Britannia less bondholder- friendly, getting true whole business structures off the ground will require some careful maneuvering.

In the U.K., bondholders are allowed to seize collateral and benefit from cash flows in the event a company's declaration of bankruptcy. "It's true that for sometime now, a number of countries have expressed interest in executing U.K.-style whole business deals," said one market source, "but insolvency regimes throughout Europe limit how these deals can be structured outside of the U.K."

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