Edited by Kelly DePonte, Probitas Partners
OVERVIEWHaving the tools and know-how to assess the survivability, prospects and value of an enterprise in crisis is crucial. In anticipation of the next distressed cycle and, in a number of countries, the changes in bankruptcy laws ‘The Guide to Distressed Debt and Turnaround Investing’ charts the changes that will affect this investment environment and the impact it will have on the lives of various stakeholders within these companies. Through real world case studies and contributions from leading private equity professionals ‘The Guide to Distressed Debt and Turnaround Investing’ provides an in-depth look at the restructuring issues, developments and opportunities faced by fund managers and regulators.
“Like all other assets classes and investment strategies, buying distressed debt is a great idea when it can be done at prices that are far below intrinsic value”
Howard Marks, Chairman, Oaktree Capital Management
It will enable readers to:
- Find out how the market is changing and the common mistakes made
- Gain a legal perspective on insolvency in the major jurisdictions
- Assess the opportunities presented by stressed and insolvent companies
- An insight on distressed debt trading strategies and the rationale for investing in distressed real estate
- Unique views on distressed developments in Europe and Asia
- Understand the role of rating agencies in distressed situations
- General partners, investors and advisors exploring this niche segment of the investment spectrum will benefit from the knowledge and insight of contributors which include:
Henry S. Miller et al (Miller Buckfire & Co)
John Houghton et al (Latham & Watkins)
Ann Davies (KPMG)
A. Gary Klesch (Klesch & Co)
Mark Patterson et al (MatlinPatterson Global Advisers)
Rebecca Baker (Alvarez & Marsal)
Motoya Kitamura (Alternative Investment Capital)
Nils Kuhlwein v. Rathenow et al (Roland Berger)
Paul Watters (Standard & Poor’s)
Mark Grinis (Ernst & Young)
TABLE OF CONTENTS
AcknowledgementsForewordIntroductionAn Overview of the Private Equity Distressed Debt and Restructuring Market:The New Dynamics of Distressed Situations – Is everything old “new again”?An Overview of Global Insolvency RegimesMiddle Market Restructuring: Taking Equity Stakes in Stressed and Insolvent CompaniesDistressed Debt TradingUsing Distressed Debt for ControlA Bold and Innovative way to rescue Troubled German companies: The Turnaround Playbook at Ihr PlatzDistressed Investing: The Asian ExperienceEuropean distressed investing: The coming stormRating Agency Perspective – Predicting Stress, Defaults and Recoveries for Corporate IssuersInvesting In Distressed Real Estate AssetsLP SurveyCase Studies: Carron Energy- Drax- The Venture Industries Credit Bid- GeoLogistics- Continental Airlines- Parmalat- Shinsei Bank- Regal CinemasDirectorySelected Distressed Debt and Restructuring FundsInvestors in Distressed FundsContributor BiographiesAppendixes
