LONDON (Reuters) - The number of European companies filing for insolvency will rise as restructuring deals get too complex, making it more difficult to reach an agreement with the parties involved, restructuring professionals said.

Financing behind leveraged buyouts has become ever more intricate in recent years, with the number of layers in the capital structure multiplying to include senior, second-lien, high-yield bonds, mezzanine and subordinated payment-in-kind debt as yield-thirsty investors have sought greater risk exposure.

The investor base has also changed and become more disparate, with a growing number of hedge funds and collateralised loan obligation (CLO) funds taking part in lending, replacing the traditional banks.

"The structures are getting too complicated, it will get to the point that senior creditors just won't talk to the subordinates, they won't give them any value, so we'll see more insolvencies," said Peter Marshall, managing director at Houlihan Lokey Howard & Zukin, a restructuring advisory firm, during the Distressed Debt conference in London on Thursday.

"Before, you had the senior guys doing the right thing, but going forward, you won't get that," Marshall said.

Schefenacker , a German auto-parts maker, recently completed a restructuring, avoiding insolvency, that took about a year to put together. The deal was reached because "everybody wanted to," Marshall said.

However, British printing company Polestar filed for insolvency earlier this year after negotiations excluded some creditors.

"When you're trying to get consensus, some of these deals are going to blow up," said Tony Alvarez, managing director of restructuring boutique Alvarez & Marsal, during the conference.

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