European leveraged buyout practitioners believe investors are in for a "shock" in the next wave of corporate restructurings as many of the financing structures used in the last couple of years have yet to be fully tested under stress, according to a new survey.

Some 94% of leveraged finance bankers, partners at private equity sponsors and restructuring specialists surveyed by law firm White & Case and In-House Lawyer magazine believe new aggressive structures will throw up surprises for investors in future leveraged buyout restructurings.