CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Distressed securities - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"c9ae5a7e-7e8c-4574-95b9-2b78c5147f84","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Distressed_securities","wgTitle":"Distressed securities","wgCurRevisionId":1252133815,"wgRevisionId":1252133815,"wgArticleId":1428131,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["Webarchive template wayback links","Articles with short description","Short description is different from Wikidata","All articles with vague or ambiguous time","Vague or ambiguous time from September 2012","CS1 errors: missing periodical","CS1 maint: location missing publisher","All articles with dead external links","Articles with dead external links from July 2021","CS1 errors: requires URL","Fixed-income securities","Debt"],"wgPageViewLanguage":"en", "wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Distressed_securities","wgRelevantArticleId":1428131,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":30000,"wgRelatedArticlesCompat":[],"wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q3024792", "wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","ext.scribunto.logs","site","mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js", "ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Distressed securities - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Distressed_securities"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Distressed_securities&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Distressed_securities"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Distressed_securities rootpage-Distressed_securities skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Distressed+securities" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Distressed+securities" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Distressed+securities" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Distressed+securities" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_strategy" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Investment_strategy"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Investment strategy</span> </div> </a> <ul id="toc-Investment_strategy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Risk_management" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Risk_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Risk management</span> </div> </a> <ul id="toc-Risk_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sovereign_debt" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Sovereign_debt"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Sovereign debt</span> </div> </a> <button aria-controls="toc-Sovereign_debt-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Sovereign debt subsection</span> </button> <ul id="toc-Sovereign_debt-sublist" class="vector-toc-list"> <li id="toc-Zambia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Zambia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Zambia</span> </div> </a> <ul id="toc-Zambia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Liberia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Liberia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Liberia</span> </div> </a> <ul id="toc-Liberia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Congo" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Congo"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Congo</span> </div> </a> <ul id="toc-Congo-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Peru" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Peru"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Peru</span> </div> </a> <ul id="toc-Peru-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Argentina" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Argentina"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>Argentina</span> </div> </a> <ul id="toc-Argentina-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Distressed securities</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 6 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-6" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">6 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A3%D9%88%D8%B1%D8%A7%D9%82_%D9%85%D8%A7%D9%84%D9%8A%D8%A9_%D9%85%D8%AA%D8%B9%D8%AB%D8%B1%D8%A9" title="أوراق مالية متعثرة – Arabic" lang="ar" hreflang="ar" data-title="أوراق مالية متعثرة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Rizikov%C3%A1_aktiva" title="Riziková aktiva – Czech" lang="cs" hreflang="cs" data-title="Riziková aktiva" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%88%D8%B1%D8%A7%D9%82_%D8%A8%D9%87%D8%A7%D8%AF%D8%A7%D8%B1_%D9%85%D8%B6%D8%B7%D8%B1%D8%A8" title="اوراق بهادار مضطرب – Persian" lang="fa" hreflang="fa" data-title="اوراق بهادار مضطرب" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Dette_d%C3%A9cot%C3%A9e" title="Dette décotée – French" lang="fr" hreflang="fr" data-title="Dette décotée" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%87%E3%82%A3%E3%82%B9%E3%83%88%E3%83%AC%E3%82%B9%E3%83%88%E5%82%B5" title="ディストレスト債 – Japanese" lang="ja" hreflang="ja" data-title="ディストレスト債" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/N%C3%B6dlidande_v%C3%A4rdepapper" title="Nödlidande värdepapper – Swedish" lang="sv" hreflang="sv" data-title="Nödlidande värdepapper" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q3024792#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Distressed_securities" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Distressed_securities" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Distressed_securities"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Distressed_securities&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Distressed_securities&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Distressed_securities"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Distressed_securities&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Distressed_securities&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Distressed_securities" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Distressed_securities" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q"><span>Special pages</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Distressed_securities&oldid=1252133815" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Distressed_securities&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Distressed_securities&id=1252133815&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FDistressed_securities"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FDistressed_securities"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Distressed_securities&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Distressed_securities&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q3024792" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Tradable investment whose subject is in distress, default, or bankruptcy</div> <p>In <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a>, <b>distressed securities</b> are <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a> over companies or government entities that are experiencing <a href="/wiki/Financial_distress" title="Financial distress">financial</a> or operational distress, <a href="/wiki/Default_(finance)" title="Default (finance)">default</a>, or are under <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a>.<sup id="cite_ref-FOOTNOTEIneichen2002270_1-0" class="reference"><a href="#cite_note-FOOTNOTEIneichen2002270-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> As far as debt securities, this is called <b>distressed debt</b>. Purchasing or holding such distressed-debt creates significant <a href="/wiki/Financial_risk" title="Financial risk">risk</a> due to the possibility that bankruptcy may render such securities worthless (zero recovery).<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-0" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The deliberate investment in distressed securities as a strategy, while potentially lucrative, has a significant level of risk as the securities may become worthless. To do so requires significant levels of resources and expertise to analyze each <a href="/wiki/Financial_instrument" title="Financial instrument">instrument</a> and assess its position in an issuer's <a href="/wiki/Capital_structure" title="Capital structure">capital structure</a> along with the likelihood of ultimate recovery.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Distressed securities tend to trade at substantial discounts to their intrinsic or <a href="/wiki/Par_value" title="Par value">par value</a><sup id="cite_ref-FOOTNOTEIneichen2002270_1-1" class="reference"><a href="#cite_note-FOOTNOTEIneichen2002270-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> and are therefore considered to be below investment grade.<sup id="cite_ref-FOOTNOTEIneichen2002270_1-2" class="reference"><a href="#cite_note-FOOTNOTEIneichen2002270-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This usually limits the number of potential investors to large institutional investors—such as <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>, <a href="/wiki/Private_equity" title="Private equity">private equity</a> firms, <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a>, and specialist <a href="/wiki/Investment_firm" class="mw-redirect" title="Investment firm">investment firms</a> such as <a href="/wiki/Vulture_fund" title="Vulture fund">vulture funds</a>.<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-1" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>In 2012, <a href="/wiki/Edward_Altman" title="Edward Altman">Edward Altman</a>, a professor emeritus at the <a href="/wiki/New_York_University_Stern_School_of_Business" title="New York University Stern School of Business">NYU Stern School of Business</a>, and an expert on bankruptcy theory, estimated that there were "more than 200 financial institutions investing between $350–400 billion in the distressed debt market in the United States".<sup id="cite_ref-FOOTNOTEAltman2012_4-0" class="reference"><a href="#cite_note-FOOTNOTEAltman2012-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The market developed for distressed securities as the number of large public companies in financial distress increased in the 1980s and early 1990s.<sup id="cite_ref-FOOTNOTEHotchkissMooradian1997_5-0" class="reference"><a href="#cite_note-FOOTNOTEHotchkissMooradian1997-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In 1992, professor Edward Altman, who developed the <a href="/wiki/Altman_Z-score" title="Altman Z-score">Altman Z-score</a> formula for predicting bankruptcy in 1968, estimated "the market value of the debt securities" of distressed firms as "is approximately $20.5 billion, a $42.6 billion in face value".<sup id="cite_ref-FOOTNOTEAltman2000_6-0" class="reference"><a href="#cite_note-FOOTNOTEAltman2000-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEJohn1993_7-0" class="reference"><a href="#cite_note-FOOTNOTEJohn1993-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> By 1993 the investment community had become increasingly interested in the potential market for distressed firms' debt.<sup id="cite_ref-FOOTNOTEJohn1993_7-1" class="reference"><a href="#cite_note-FOOTNOTEJohn1993-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> At that time distressed securities "yielded a minimum ten percent over comparable maturity of <a href="/wiki/U.S._Treasury_bonds" class="mw-redirect" title="U.S. Treasury bonds">U.S. Treasury bonds</a>... Adding <a href="/wiki/Private_debt" class="mw-redirect" title="Private debt">private debt</a> with public registration rights allows private bank debt and trade claims of defaulted and distressed companies to bring the total book value of defaulted and distressed securities to $284 billion, a market value of $177 billion."<sup id="cite_ref-FOOTNOTEAltman1992_8-0" class="reference"><a href="#cite_note-FOOTNOTEAltman1992-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEJohn1993_7-2" class="reference"><a href="#cite_note-FOOTNOTEJohn1993-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Investment_strategy">Investment strategy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=2" title="Edit section: Investment strategy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Private_equity#Distressed_securities" title="Private equity">Private equity § Distressed securities</a>, and <a href="/wiki/Valuation_(finance)#Valuation_of_a_suffering_company" title="Valuation (finance)">Valuation (finance) § Valuation of a suffering company</a></div> <p>The distressed securities investment strategy exploits the fact many investors are unable to hold securities that are below <a href="/wiki/Investment_grade" class="mw-redirect" title="Investment grade">investment grade</a>.<sup id="cite_ref-FOOTNOTEIneichen2002270_1-3" class="reference"><a href="#cite_note-FOOTNOTEIneichen2002270-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Some investors have deliberately used distressed debt as an <a href="/wiki/Alternative_investment" title="Alternative investment">alternative investment</a>, where they buy the debt at a deep discount and aim to realize a high return if the company or country does not go bankrupt or experience defaults. The major buyers of distressed securities are typically large institutional investors, who have access to sophisticated risk management resources such as <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>, <a href="/wiki/Private_equity_firms" class="mw-redirect" title="Private equity firms">private equity firms</a> and units of <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a>.<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-2" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTESteger2013_9-0" class="reference"><a href="#cite_note-FOOTNOTESteger2013-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Firms that specialize in investing in distressed debt are often referred to as <a href="/wiki/Vulture_fund" title="Vulture fund">vulture funds</a>.<sup id="cite_ref-FOOTNOTEBlackmanMukhi201049_10-0" class="reference"><a href="#cite_note-FOOTNOTEBlackmanMukhi201049-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEMoore2014_11-0" class="reference"><a href="#cite_note-FOOTNOTEMoore2014-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEThe_Guardian2011_12-0" class="reference"><a href="#cite_note-FOOTNOTEThe_Guardian2011-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTESeager2007_13-0" class="reference"><a href="#cite_note-FOOTNOTESeager2007-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Investors in distressed securities often try to <a href="/wiki/Activist_investing" class="mw-redirect" title="Activist investing">influence the process</a> by which the issuer restructures its debt, narrows its focus, or implements a plan to turn around its operations. Investors may also invest new capital into a distressed company in the form of debt or equity.<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-3" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> According to a 2006 report by <a href="/wiki/Edward_Altman" title="Edward Altman">Edward Altman</a>, a professor of finance at the <a href="/wiki/NYU" class="mw-redirect" title="NYU">NYU</a> <a href="/wiki/Leonard_N._Stern_School_of_Business" class="mw-redirect" title="Leonard N. Stern School of Business">Stern School of Business</a>, distressed debt investments earned well above average returns in 2006 and there were more than 170 institutional distressed debt investors.<sup id="cite_ref-FOOTNOTEAltmanSwanson2007_14-0" class="reference"><a href="#cite_note-FOOTNOTEAltmanSwanson2007-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> These institutions used "very strong and varied strategies including the traditional passive <a href="/wiki/Buy_and_hold" title="Buy and hold">buy-and-hold</a> and arbitrage plays, direct lending to distressed companies, active-control elements, foreign investing, emerging equity purchases and equity plays during the reorganization of a firm in bankruptcy".<sup id="cite_ref-FOOTNOTEAltmanSwanson2007_14-1" class="reference"><a href="#cite_note-FOOTNOTEAltmanSwanson2007-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The most common distressed securities are <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> and <a href="/wiki/Loan" title="Loan">bank debt</a>. </p><p>While there is no precise definition, <a href="/wiki/Fixed_income_security" class="mw-redirect" title="Fixed income security">fixed-income instruments</a> with a <a href="/wiki/Yield_to_maturity" title="Yield to maturity">yield to maturity</a> in excess of 1,000 <a href="/wiki/Basis_point" title="Basis point">basis points</a> over the risk-free rate of return (e.g., <a href="/wiki/Treasury_security" class="mw-redirect" title="Treasury security">Treasuries</a>) are commonly thought of as being distressed.<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-4" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Distressed securities often carry ratings of CCC or below from agencies such as <a href="/wiki/Standard_%26_Poor%27s" class="mw-redirect" title="Standard & Poor's">Standard & Poor's</a>, <a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's</a> and <a href="/wiki/Fitch_Group" class="mw-redirect" title="Fitch Group">Fitch</a>.<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-5" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Risk_management">Risk management</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=3" title="Edit section: Risk management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By 2006, the increased popularity in distressed debt <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> led to an increase in the number of benchmark performance indexes.<sup id="cite_ref-FOOTNOTEAltmanSwanson2007_14-2" class="reference"><a href="#cite_note-FOOTNOTEAltmanSwanson2007-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Highly specialized risk analysts and experts in credit are key to the success of alternative investments such as distressed debt investment. They depend on accurate market data from institutions such as <a href="/wiki/Market_(economics)" title="Market (economics)">CDX High Yield Index</a> and <a href="/wiki/India" title="India">India</a>-based Gravitas, which combines risk management software with sophisticated risk analysis using advanced analytics and modeling. They produce customized scenarios that assess the risk impact of market events. Gravitas uses <a href="/wiki/IBM" title="IBM">IBM</a> Risk Analytics technology (formerly Algorithmics), which is also used by major banks, to help hedge funds meet regulatory requirements and optimize investment decisions.<sup id="cite_ref-FOOTNOTEGroenfeldt2013_15-0" class="reference"><a href="#cite_note-FOOTNOTEGroenfeldt2013-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>When companies enter a period of <a href="/wiki/Financial_distress" title="Financial distress">financial distress</a>, the original <a href="/wiki/Holding_company" title="Holding company">holders</a> often sell the debt or equity securities of the issuer to a new set of buyers. Private investment partnerships such as <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> have been the largest buyers of distressed securities.<sup id="cite_ref-FOOTNOTEBarclay_Hedge2013_2-6" class="reference"><a href="#cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> By 2006, hedge funds have purchased more than 25% of the high-yield market's supply to supplement their more traditional defaulted debt purchases.<sup id="cite_ref-FOOTNOTEAltmanSwanson2007_14-3" class="reference"><a href="#cite_note-FOOTNOTEAltmanSwanson2007-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> By 2006, "new issues rated CCC to CCC− were at an all time high of $20.1 billion".<sup id="cite_ref-FOOTNOTEAltmanSwanson200717_16-0" class="reference"><a href="#cite_note-FOOTNOTEAltmanSwanson200717-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Other buyers include <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">brokerage firms</a>, <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>, <a href="/wiki/Private_equity" title="Private equity">private equity</a> firms and specialized debt funds such as <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized loan obligations</a>. </p><p>The <a href="/wiki/United_States" title="United States">United States</a> has the most developed market for distressed securities. The international market, especially in <a href="/wiki/Europe" title="Europe">Europe</a>, has become more active in recent years as the amount of <a href="/w/index.php?title=Leveraged_lending&action=edit&redlink=1" class="new" title="Leveraged lending (page does not exist)">leveraged lending</a> has increased, capital standards for banks have become more stringent, the accounting treatment of <a href="/wiki/Non-performing_loan" title="Non-performing loan">non-performing loans</a> has been standardized, and <a href="/wiki/Insolvency_law" class="mw-redirect" title="Insolvency law">insolvency laws</a> have been modernized.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (September 2012)">when?</span></a></i>]</sup> </p><p>Typically, the investors in distressed securities must make an assessment not only of the issuer's ability to improve its operations, but also whether or not the restructuring process (which frequently requires court supervision) will benefit one class of securities more than another. </p> <div class="mw-heading mw-heading2"><h2 id="Sovereign_debt">Sovereign debt</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=4" title="Edit section: Sovereign debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2003, Seveq observed that the emergence of the secondary debt market led to a "modern sovereign debt litigation" and the creation of an industry of "professional suers of foreign states".<sup id="cite_ref-FOOTNOTESeveg2003_17-0" class="reference"><a href="#cite_note-FOOTNOTESeveg2003-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEBlackmanMukhi201049_10-1" class="reference"><a href="#cite_note-FOOTNOTEBlackmanMukhi201049-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In a 2010 article, Blackman and Mukhi examined a series of litigations employed by distressed funds investors in their lawsuits against defaulted sovereign states.<sup id="cite_ref-FOOTNOTEBlackmanMukhi201049_10-2" class="reference"><a href="#cite_note-FOOTNOTEBlackmanMukhi201049-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The business plan involved buying the sovereign debt instruments at a deep discount based on a very high risk, and then attempting to enforce the full claim. The strategy is most effective when the sovereign state lacks bankruptcy protection. These investors however are constrained by "the <a href="/wiki/Sovereign_immunity" title="Sovereign immunity">sovereign-immunity</a> rules that national legislatures have enacted and national courts have elaborated" to protect the vulnerable nation states from litigation.<sup id="cite_ref-FOOTNOTEBlackmanMukhi201049_10-3" class="reference"><a href="#cite_note-FOOTNOTEBlackmanMukhi201049-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>While private debtors have the resource of bankruptcy protection, sovereign states do not.<sup id="cite_ref-FOOTNOTEBlackmanMukhi201048_18-0" class="reference"><a href="#cite_note-FOOTNOTEBlackmanMukhi201048-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> There have been "sporadic calls for a bankruptcy analogue for sovereign states" similar to the bankruptcy process for private debtors, however these calls have lacked momentum.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>Notes 1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEBlackmanMukhi2010_20-0" class="reference"><a href="#cite_note-FOOTNOTEBlackmanMukhi2010-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTESmith1776_21-0" class="reference"><a href="#cite_note-FOOTNOTESmith1776-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEKrueger2002_22-0" class="reference"><a href="#cite_note-FOOTNOTEKrueger2002-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>According to the <a href="/wiki/African_Development_Bank_Group" class="mw-redirect" title="African Development Bank Group">African Development Bank Group</a>, at least twenty <a href="/wiki/Heavily_indebted_poor_countries" title="Heavily indebted poor countries">heavily indebted poor countries</a> in Africa have been threatened with or subjected to legal actions by commercial creditors and hedge funds since 1999.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Zambia">Zambia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=5" title="Edit section: Zambia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1999, the US firm Donegal International purchased $40 million of <a href="/wiki/Zambia" title="Zambia">Zambian</a> debt owed to <a href="/wiki/Romania" title="Romania">Romania</a> for the "discounted purchase price" of $3.2 million. In 2007, a British high court granted the company "permission to enforce a claim for tens of millions of dollars against the <a href="/wiki/Government_of_Zambia" class="mw-redirect" title="Government of Zambia">Government of Zambia</a>". </p> <div class="mw-heading mw-heading3"><h3 id="Liberia">Liberia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=6" title="Edit section: Liberia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2009, a British court awarded $20 million to hedge funds suing <a href="/wiki/Liberia" title="Liberia">Liberia</a>. Before the hedge funds could collect their money, the Debt Relief (Developing Countries) Act 2010<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> was passed in the <a href="/wiki/UK_parliament" class="mw-redirect" title="UK parliament">UK parliament</a> in 2010 after Liberian president and 2011 <a href="/wiki/Nobel_Peace_Prize" title="Nobel Peace Prize">Nobel Peace Prize</a> winner <a href="/wiki/Ellen_Johnson_Sirleaf" title="Ellen Johnson Sirleaf">Ellen Johnson Sirleaf</a> appeared on the BBC <i><a href="/wiki/Newsnight" title="Newsnight">Newsnight</a></i> program for the hedge funds to "have a conscience and give this country a break".<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>That act caps what the hedge funds can collect, they had to settle with Liberia for just over $1 million, and effectively prevents them suing for exorbitant amounts of money in United Kingdom courts. Nick Dearden of the <a href="/wiki/Jubilee_Debt_Campaign" class="mw-redirect" title="Jubilee Debt Campaign">Jubilee Debt Campaign</a> said of the change, "It will mean the poorest countries in the world can no longer be attacked by these reprehensible investment funds who grow fat from the misery of others". The law was made permanent in 2011 but there are still havens for this activity, such as the <a href="/wiki/Channel_Islands" title="Channel Islands">Channel Islands</a> and the <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">British Virgin Islands</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Congo">Congo</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=7" title="Edit section: Congo"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/FG_Hemisphere" title="FG Hemisphere">FG Hemisphere</a> of Brooklyn, sued <a href="/wiki/Democratic_Republic_of_the_Congo" title="Democratic Republic of the Congo">Democratic Republic of the Congo</a> for a debt from <a href="/wiki/Yugoslavia" title="Yugoslavia">Yugoslavia</a> in the 1970s, which it had picked up for $3.3 million. FG sued in <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, <a href="/wiki/Australia" title="Australia">Australia</a>, and <a href="/wiki/Jersey" title="Jersey">Jersey</a>, which was not covered by the <a href="/wiki/UK_law" class="mw-redirect" title="UK law">UK law</a> against hedge funds involved in sovereign debt. The <a href="/wiki/Government_of_the_People%27s_Republic_of_China" class="mw-redirect" title="Government of the People's Republic of China">Chinese government</a> blocked the attempt to sue in Hong Kong but the Jersey court awarded $100 million to FG. A series of attempts were then made in Britain and the United States by organizations such as <a href="/wiki/Jubilee_USA_Network" title="Jubilee USA Network">Jubilee USA Network</a>, <a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> and the Jubilee Debt Campaign to change the laws so that hedge funds would not be able to collect on their awards. The <a href="/wiki/Jubilee_Debt_Coalition" class="mw-redirect" title="Jubilee Debt Coalition">Jubilee Debt Coalition</a>'s Tim Jones traveled to Jersey in November 2011 to ask the government to ban hedge funds involved in sovereign debt. He told <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i> that the Democratic Republic of the Congo "desperately needs to be able to use its rich resources to alleviate poverty, not squander them on paying unjust debts".<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>When FG's owner Peter Grossman was doorstepped by freelance reporter <a href="/wiki/Greg_Palast" title="Greg Palast">Greg Palast</a> and asked whether he thought it was fair to take $100 million for a debt he had paid $3 million for, he responded, "Yeah I do actually…I'm not beating up the Congo. I'm collecting on a legitimate claim".<sup id="cite_ref-july18bbc_28-0" class="reference"><a href="#cite_note-july18bbc-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>FG Hemisphere is attempting to enforce an ICC arbitration award for $116 million owed by the <a href="/wiki/Democratic_Republic_of_Congo" class="mw-redirect" title="Democratic Republic of Congo">Democratic Republic of the Congo</a>. The award was originally issued by an arbitral panel of the <a href="/wiki/International_Chamber_of_Commerce" title="International Chamber of Commerce">International Chamber of Commerce</a> (ICC) in favor of <a href="/wiki/Energoinvest" title="Energoinvest">Energoinvest</a> DD of <a href="/wiki/Bosnia" class="mw-redirect" title="Bosnia">Bosnia</a> in the amount of $39 million and then sold to FG Hemisphere.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The award had been issued by the ICC in respect of unpaid construction contracts pursuant to which Energoinvest supervised construction of high-tension power lines, which are still in service, for transmission of power from the <a href="/wiki/Inga%E2%80%93Shaba_HVDC" title="Inga–Shaba HVDC">Inga–Shaba dam</a> in the Congo—then known as <a href="/wiki/Zaire" title="Zaire">Zaire</a>. </p><p>The chief of <a href="/wiki/Bosnia" class="mw-redirect" title="Bosnia">Bosnia</a>'s financial police said, "Of course it was illegal", referring to Energoinvest's sale of assets to FG Hemisphere, noting that the man who brokered the sale, former <a href="/wiki/Bosnian_Prime_Minister" class="mw-redirect" title="Bosnian Prime Minister">Bosnian Prime Minister</a> <a href="/wiki/Nedzad_Brankovic" class="mw-redirect" title="Nedzad Brankovic">Nedzad Brankovic</a>, "should go to jail".<sup id="cite_ref-july18bbc_28-1" class="reference"><a href="#cite_note-july18bbc-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Peru">Peru</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=8" title="Edit section: Peru"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1983, <a href="/wiki/Peru" title="Peru">Peru</a> was in economic distress and had large amounts of external debt. In 1996, the nation restructured its debts. The original loans were exchanged for <a href="/wiki/Brady_Bonds" title="Brady Bonds">Brady Bonds</a>, dollar-denominated bonds issued in the original amount of the loans. <a href="/wiki/Paul_Singer_(businessman)" title="Paul Singer (businessman)">Paul Singer</a>'s <a href="/wiki/Elliott_Associates" class="mw-redirect" title="Elliott Associates">Elliott Associates</a>, a New York-based hedge fund, purchased $20.7 million worth of defaulted loans made to Peru for a discounted price of $11.4 million. Elliott Associates, holding the only portion of Peru's debt remaining outside the restructure, sued Peru and won a $58 million settlement. Unable to pay the $58 million, Peru, continued to repay creditors that held Brady Bonds. Elliott filed an injunction to prevent Peru from paying off its restructured debt without also paying Elliott. It was argued that Peru violated the "<a href="/wiki/Pari_passu" title="Pari passu">pari passu</a>" clause, which states that no creditor can be given preferential treatment. </p> <div class="mw-heading mw-heading3"><h3 id="Argentina">Argentina</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=9" title="Edit section: Argentina"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2001, <a href="/wiki/Argentina" title="Argentina">Argentina</a> <a href="/wiki/December_2001_riots_in_Argentina" title="December 2001 riots in Argentina">defaulted</a> on roughly $81 billion. NML Capital, LTD., a hedge fund that is a subsidiary of <a href="/wiki/Elliott_Management_Corporation" class="mw-redirect" title="Elliott Management Corporation">Elliott Management Corporation</a>, purchased Argentine debt on a <a href="/wiki/Secondary_market" title="Secondary market">secondary market</a> for a lower price. Ninety-two percent of creditors restructured in 2005 and 2010 for roughly $0.30 on the dollar.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> NML Capital rejected the proposal and sued Argentina for the full amount in New York State courts. NML Capital's main argument is that the "<a href="/wiki/Pari_passu" title="Pari passu">pari passu</a>"—<a href="/wiki/Latin" title="Latin">Latin</a> for "on equal footing"—clause in the original contract requires Argentina to pay back all of its creditors, including those who did not agree to restructure, if it paid back one creditor.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Since Argentina had already begun to repay the creditors that restructured, Elliot argued that it also deserved to be paid back. </p><p>On October 2, 2012, <a href="/wiki/NML_Capital_Limited" class="mw-redirect" title="NML Capital Limited">NML Capital Ltd.</a>, a hedge fund based in the <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>, which held Argentine debt not included in <a href="/wiki/Argentine_debt_restructuring" title="Argentine debt restructuring">Argentine debt restructuring</a>,<sup id="cite_ref-[2010]_EWCA_Civ_41_32-0" class="reference"><a href="#cite_note-[2010]_EWCA_Civ_41-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> impounded the <i><a href="/wiki/ARA_Libertad_(Q-2)" title="ARA Libertad (Q-2)">Libertad</a></i>, an Argentine Navy training ship in <a href="/wiki/Tema" title="Tema">Tema</a>, <a href="/wiki/Ghana" title="Ghana">Ghana</a>. The Ghanaian court held that Argentina had waived sovereign immunity when it contracted the <a href="/wiki/Sovereign_debt" class="mw-redirect" title="Sovereign debt">sovereign debt</a> being enforced.<sup id="cite_ref-NYT101812_33-0" class="reference"><a href="#cite_note-NYT101812-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>In November 2012, the New York State Court ruled in favor of Elliot and the other holdouts on the merits of the <i>pari passu</i> argument, and ordered Argentina to pay $1.3 billion on December 15—the very same date that Argentina was supposed to pay the creditors who had agreed to the restructure. An appeals court heard oral arguments on February 27, and in June 2014, the <a href="/wiki/U.S._Supreme_Court" class="mw-redirect" title="U.S. Supreme Court">U.S. Supreme Court</a> rejected Argentina's appeal.<sup id="cite_ref-au.finance.yahoo.com_34-0" class="reference"><a href="#cite_note-au.finance.yahoo.com-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Center_for_Economic_and_Policy_Research" title="Center for Economic and Policy Research">Center for Economic and Policy Research</a> reported on an <a href="/wiki/Organization_of_American_States" title="Organization of American States">Organization of American States</a> special meeting on July 3, 2014, among foreign ministry officials, in <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, D.C.</a>, to discuss the situation. The resolution was passed with the support of all OAS member states other than the United States and Canada.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>In July 2014, a U.S. federal judge ruled in favor of NML Capital Ltd., a unit of Michael Sheehan's Elliott Management, against <a href="/wiki/Argentina" title="Argentina">Argentina</a>. The country owes its creditors more than $1.3 billion.<sup id="cite_ref-FOOTNOTESlater2014_36-0" class="reference"><a href="#cite_note-FOOTNOTESlater2014-36"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> According to Mark Weidemaier, a law professor at the <a href="/wiki/University_of_North_Carolina" title="University of North Carolina">University of North Carolina</a>, the ruling was one of "the most significant litigation victories that a holdout creditor has ever achieved" in the realm of sovereign debt.<sup id="cite_ref-FOOTNOTESlater2014_36-1" class="reference"><a href="#cite_note-FOOTNOTESlater2014-36"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> A July 2014 article in <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i> by <a href="/wiki/Georgetown_University" title="Georgetown University">Georgetown</a> <a href="/wiki/Georgetown_University_Law_Center" title="Georgetown University Law Center">Law professor</a> Adam J. Levitin argued that the relationship between distressed securities investors and the U.S. court system should be revisited. He claimed that while these distressed debt <a href="/wiki/Investment_funds" class="mw-redirect" title="Investment funds">investment funds</a> can choose to "play the game" and "put their head in the mouth of the <a href="/wiki/Leviathan" title="Leviathan">Leviathan</a>", the U.S. courts should not choose to.<sup id="cite_ref-FOOTNOTELevitin2014_37-0" class="reference"><a href="#cite_note-FOOTNOTELevitin2014-37"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=10" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Business_valuation#Option_pricing_approaches" title="Business valuation">Business valuation#Option pricing approaches</a></li> <li><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default (finance)</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Vulture_fund" title="Vulture fund">Vulture fund</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=11" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">"When it becomes necessary for a state to declare itself bankrupt, in the same manner as when it becomes necessary for an individual to do so, a fair, open, and avowed bankruptcy is always the measure which is both the least dishonourable to the debtor, and least hurtful to the creditor." Adam Smith (1776)</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Citations">Citations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=12" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-FOOTNOTEIneichen2002270-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEIneichen2002270_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEIneichen2002270_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEIneichen2002270_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEIneichen2002270_1-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFIneichen2002">Ineichen 2002</a>, p. 270.</span> </li> <li id="cite_note-FOOTNOTEBarclay_Hedge2013-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBarclay_Hedge2013_2-6"><sup><i><b>g</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBarclay_Hedge2013">Barclay Hedge 2013</a>.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Lemke, Lins, Hoenig & Rube, <i>Hedge Funds and Other Private Funds: Regulation and Compliance,</i> §1:2 (Thomson West, 2014 ed.).</span> </li> <li id="cite_note-FOOTNOTEAltman2012-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAltman2012_4-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAltman2012">Altman 2012</a>.</span> </li> <li id="cite_note-FOOTNOTEHotchkissMooradian1997-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEHotchkissMooradian1997_5-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFHotchkissMooradian1997">Hotchkiss & Mooradian 1997</a>.</span> </li> <li id="cite_note-FOOTNOTEAltman2000-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAltman2000_6-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAltman2000">Altman 2000</a>.</span> </li> <li id="cite_note-FOOTNOTEJohn1993-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEJohn1993_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEJohn1993_7-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEJohn1993_7-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFJohn1993">John 1993</a>.</span> </li> <li id="cite_note-FOOTNOTEAltman1992-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAltman1992_8-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAltman1992">Altman 1992</a>.</span> </li> <li id="cite_note-FOOTNOTESteger2013-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTESteger2013_9-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFSteger2013">Steger 2013</a>.</span> </li> <li id="cite_note-FOOTNOTEBlackmanMukhi201049-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEBlackmanMukhi201049_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBlackmanMukhi201049_10-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBlackmanMukhi201049_10-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBlackmanMukhi201049_10-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBlackmanMukhi2010">Blackman & Mukhi 2010</a>, p. 49.</span> </li> <li id="cite_note-FOOTNOTEMoore2014-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEMoore2014_11-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFMoore2014">Moore 2014</a>.</span> </li> <li id="cite_note-FOOTNOTEThe_Guardian2011-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEThe_Guardian2011_12-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFThe_Guardian2011">The Guardian 2011</a>.</span> </li> <li id="cite_note-FOOTNOTESeager2007-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTESeager2007_13-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFSeager2007">Seager 2007</a>.</span> </li> <li id="cite_note-FOOTNOTEAltmanSwanson2007-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEAltmanSwanson2007_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEAltmanSwanson2007_14-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEAltmanSwanson2007_14-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEAltmanSwanson2007_14-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFAltmanSwanson2007">Altman & Swanson 2007</a>.</span> </li> <li id="cite_note-FOOTNOTEGroenfeldt2013-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGroenfeldt2013_15-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGroenfeldt2013">Groenfeldt 2013</a>.</span> </li> <li id="cite_note-FOOTNOTEAltmanSwanson200717-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAltmanSwanson200717_16-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAltmanSwanson2007">Altman & Swanson 2007</a>, p. 17.</span> </li> <li id="cite_note-FOOTNOTESeveg2003-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTESeveg2003_17-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFSeveg2003">Seveg 2003</a>.</span> </li> <li id="cite_note-FOOTNOTEBlackmanMukhi201048-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBlackmanMukhi201048_18-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBlackmanMukhi2010">Blackman & Mukhi 2010</a>, p. 48.</span> </li> <li id="cite_note-FOOTNOTEBlackmanMukhi2010-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBlackmanMukhi2010_20-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBlackmanMukhi2010">Blackman & Mukhi 2010</a>.</span> </li> <li id="cite_note-FOOTNOTESmith1776-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTESmith1776_21-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFSmith1776">Smith 1776</a>.</span> </li> <li id="cite_note-FOOTNOTEKrueger2002-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEKrueger2002_22-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFKrueger2002">Krueger 2002</a>.</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/african-legal-support-facility/vulture-funds-in-the-sovereign-debt-context/">"Vulture Funds in the Sovereign Debt Context"</a>. African Development Bank Group<span class="reference-accessdate">. Retrieved <span class="nowrap">28 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Vulture+Funds+in+the+Sovereign+Debt+Context&rft.pub=African+Development+Bank+Group&rft_id=http%3A%2F%2Fwww.afdb.org%2Fen%2Ftopics-and-sectors%2Finitiatives-partnerships%2Fafrican-legal-support-facility%2Fvulture-funds-in-the-sovereign-debt-context%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/2010/22/pdfs/ukpga_20100022_en.pdf">"Debt Relief (Developing Countries) Act 2010"</a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">. Retrieved <span class="nowrap">2014-07-28</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Debt+Relief+%28Developing+Countries%29+Act+2010&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F2010%2F22%2Fpdfs%2Fukpga_20100022_en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJones2010" class="citation news cs1">Jones, Meirion (2010-04-08). <a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/programmes/newsnight/8610062.stm">"Newsnight - UK stops 'vulture funds' picking on poor"</a>. <i>BBC News</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2013-10-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Newsnight+-+UK+stops+%27vulture+funds%27+picking+on+poor&rft.date=2010-04-08&rft.aulast=Jones&rft.aufirst=Meirion&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fprogrammes%2Fnewsnight%2F8610062.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.theguardian.com/global-development/2011/nov/15/vulture-funds-how-they-work">"Vulture funds—how do they work?"</a>. <i>The Guardian</i>. London. 15 November 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-10-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Vulture+funds%E2%80%94how+do+they+work%3F&rft.date=2011-11-15&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fglobal-development%2F2011%2Fnov%2F15%2Fvulture-funds-how-they-work&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPalastO'KaneMadlena2011" class="citation news cs1">Palast, Greg; O'Kane, Maggie; Madlena, Chavala (15 November 2011). <a rel="nofollow" class="external text" href="https://www.theguardian.com/global-development/2011/nov/15/vulture-funds-jersey-decision">"Vulture funds await Jersey decision on poor countries' debts"</a>. <i>The Guardian</i>. London<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-10-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Vulture+funds+await+Jersey+decision+on+poor+countries%27+debts&rft.date=2011-11-15&rft.aulast=Palast&rft.aufirst=Greg&rft.au=O%27Kane%2C+Maggie&rft.au=Madlena%2C+Chavala&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fglobal-development%2F2011%2Fnov%2F15%2Fvulture-funds-jersey-decision&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-july18bbc-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-july18bbc_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-july18bbc_28-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJones2012" class="citation news cs1">Jones, Meirion (18 July 2012). <a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-18894874">"Vulture fund's $100m DR Congo claim blocked"</a>. <i>BBC News</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Vulture+fund%27s+%24100m+DR+Congo+claim+blocked&rft.date=2012-07-18&rft.aulast=Jones&rft.aufirst=Meirion&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-18894874&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStewart2009" class="citation news cs1">Stewart, Heather (8 August 2009). <a rel="nofollow" class="external text" href="http://www.mathaba.net/go/?http://www.guardian.co.uk/world/2009/aug/09/congo">"Vulture fund swoops on Congo over $100m debt"</a>. <i>The Guardian</i><span class="reference-accessdate">. Retrieved <span class="nowrap">5 March</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Vulture+fund+swoops+on+Congo+over+%24100m+debt&rft.date=2009-08-08&rft.aulast=Stewart&rft.aufirst=Heather&rft_id=http%3A%2F%2Fwww.mathaba.net%2Fgo%2F%3Fhttp%3A%2F%2Fwww.guardian.co.uk%2Fworld%2F2009%2Faug%2F09%2Fcongo&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoffett2010" class="citation news cs1">Moffett, Mathew (April 16, 2010). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052702303950104575185772669803524?mod=googlewsj">"Argentina Releases Debt-Swap Details"</a>. <i>The Wall Street Journal</i><span class="reference-accessdate">. Retrieved <span class="nowrap">5 March</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Argentina+Releases+Debt-Swap+Details&rft.date=2010-04-16&rft.aulast=Moffett&rft.aufirst=Mathew&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052702303950104575185772669803524%3Fmod%3Dgooglewsj&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.allenovery.com/SiteCollectionDocuments/The%20pari%20passu%20clause%20and%20the%20Argentine%20case.pdf">"The pari passu clause and the Argentine case"</a> <span class="cs1-format">(PDF)</span>. <i>Overy and Allen Global Law Intelligence Unit</i>. Web<span class="reference-accessdate">. Retrieved <span class="nowrap">5 March</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Overy+and+Allen+Global+Law+Intelligence+Unit&rft.atitle=The+pari+passu+clause+and+the+Argentine+case&rft_id=http%3A%2F%2Fwww.allenovery.com%2FSiteCollectionDocuments%2FThe%2520pari%2520passu%2520clause%2520and%2520the%2520Argentine%2520case.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-[2010]_EWCA_Civ_41-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-[2010]_EWCA_Civ_41_32-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bailii.org/ew/cases/EWCA/Civ/2010/41.html">"Republic of <i>Argentina v. NML Capital</i>"</a>. Royal Courts of Justice. April 2, 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">October 19,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Republic+of+Argentina+v.+NML+Capital&rft.pub=Royal+Courts+of+Justice&rft.date=2010-04-02&rft_id=http%3A%2F%2Fwww.bailii.org%2Few%2Fcases%2FEWCA%2FCiv%2F2010%2F41.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-NYT101812-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-NYT101812_33-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEmily_Schmall2012" class="citation news cs1">Emily Schmall (October 19, 2012). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/10/19/world/americas/seizure-of-argentine-ship-forces-shake-up.html">"Seizure of Ship From Argentina Forces Shake-Up"</a>. <i>The New York Times</i><span class="reference-accessdate">. Retrieved <span class="nowrap">October 19,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Seizure+of+Ship+From+Argentina+Forces+Shake-Up&rft.date=2012-10-19&rft.au=Emily+Schmall&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2012%2F10%2F19%2Fworld%2Famericas%2Fseizure-of-argentine-ship-forces-shake-up.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></span> </li> <li id="cite_note-au.finance.yahoo.com-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-au.finance.yahoo.com_34-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://au.finance.yahoo.com/news/argentina-makes-debt-case-us-063530886.html">"Argentina makes debt case in US newspapers"</a>, AFP wire, June 23, 2014</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Main, Alexander, <a rel="nofollow" class="external text" href="http://www.cepr.net/index.php/blogs/the-americas-blog/us-on-its-own-once-again-at-oas-meeting-on-argentinean-sovereign-debt">"U.S. on Its Own, Once Again, at OAS Meeting on Argentinean Sovereign Debt"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140714131501/http://www.cepr.net/index.php/blogs/the-americas-blog/us-on-its-own-once-again-at-oas-meeting-on-argentinean-sovereign-debt">Archived</a> 2014-07-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, CEPR website, July 9, 2014</span> </li> <li id="cite_note-FOOTNOTESlater2014-36"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTESlater2014_36-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTESlater2014_36-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFSlater2014">Slater 2014</a>.</span> </li> <li id="cite_note-FOOTNOTELevitin2014-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTELevitin2014_37-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFLevitin2014">Levitin 2014</a>.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman1990" class="citation cs2">Altman, Edward I. (April 1990), <i>The Altman-Foothill Report on Investing in Distressed Securities: The Anatomy of Defaulted Debt and Equities</i>, Foothill Corporation</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Altman-Foothill+Report+on+Investing+in+Distressed+Securities%3A+The+Anatomy+of+Defaulted+Debt+and+Equities&rft.pub=Foothill+Corporation&rft.date=1990-04&rft.aulast=Altman&rft.aufirst=Edward+I.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span> This report was the basis so Altman's 1991 publication entitled <i>Distressed Securities.</i></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman1992" class="citation cs2">Altman, Edward I. (October 1992), <a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~ealtman/dynamics.pdf">"The Market for Distressed Securities and Bank Loans"</a> <span class="cs1-format">(PDF)</span>, <i>Foothill Corporation</i>, Los Angeles<span class="reference-accessdate">, retrieved <span class="nowrap">29 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Foothill+Corporation&rft.atitle=The+Market+for+Distressed+Securities+and+Bank+Loans&rft.date=1992-10&rft.aulast=Altman&rft.aufirst=Edward+I.&rft_id=http%3A%2F%2Fpages.stern.nyu.edu%2F~ealtman%2Fdynamics.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span> Altman was commissioned by The Foothill Group to prepare a series of "White Papers" on Distressed Debt Markets in 1990 and 1992.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman2000" class="citation journal cs1"><a href="/wiki/Edward_I._Altman" class="mw-redirect" title="Edward I. Altman">Altman, Edward I.</a> (July 2000). <a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~ealtman/Zscores.pdf">"Predicting Financial Distress of Companies"</a> <span class="cs1-format">(PDF)</span>: 15–22<span class="reference-accessdate">. Retrieved <span class="nowrap">28 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Predicting+Financial+Distress+of+Companies&rft.pages=15-22&rft.date=2000-07&rft.aulast=Altman&rft.aufirst=Edward+I.&rft_id=http%3A%2F%2Fpages.stern.nyu.edu%2F~ealtman%2FZscores.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman2002" class="citation cs2">Altman, Edward I. (2002), <i>The Market for Distressed Securities and Bank Loans, the Altman-Foothill Report II</i>, Los Angeles</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Market+for+Distressed+Securities+and+Bank+Loans%2C+the+Altman-Foothill+Report+II&rft.place=Los+Angeles&rft.date=2002&rft.aulast=Altman&rft.aufirst=Edward+I.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Citation" title="Template:Citation">citation</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltmanSwanson2007" class="citation report cs1">Altman, Edward I.; Swanson, Jeffrey (February 2007). <a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~ealtman/2006%20InvestPerf.pdf">The Investment Performance and Market Size of Defaulted Bonds and Bank Loans: 2006 Review and 2007 Outlook</a> <span class="cs1-format">(PDF)</span> (Report). Special Report. New York: New York University Salomon Center, Leonard N. Stern School of Business.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=The+Investment+Performance+and+Market+Size+of+Defaulted+Bonds+and+Bank+Loans%3A+2006+Review+and+2007+Outlook&rft.place=New+York&rft.series=Special+Report&rft.pub=New+York+University+Salomon+Center%2C+Leonard+N.+Stern+School+of+Business&rft.date=2007-02&rft.aulast=Altman&rft.aufirst=Edward+I.&rft.au=Swanson%2C+Jeffrey&rft_id=http%3A%2F%2Fpages.stern.nyu.edu%2F~ealtman%2F2006%2520InvestPerf.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman2012" class="citation cs2">Altman, Edward I. (17 October 2012), <a rel="nofollow" class="external text" href="http://commission.abi.org/sites/default/files/statements/17oct2012/Testimony_ABI_2012_Conference.pdf"><i>Testimony before the ABI Chapter 11 Reform Commission</i></a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">, retrieved <span class="nowrap">28 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Testimony+before+the+ABI+Chapter+11+Reform+Commission&rft.date=2012-10-17&rft.aulast=Altman&rft.aufirst=Edward+I.&rft_id=http%3A%2F%2Fcommission.abi.org%2Fsites%2Fdefault%2Ffiles%2Fstatements%2F17oct2012%2FTestimony_ABI_2012_Conference.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman2013" class="citation cs2">Altman, Edward I. (3 December 2013), <a rel="nofollow" class="external text" href="http://people.stern.nyu.edu/ealtman/The%20Role%20of%20Distressed%20Debt%20MarketsDec03-2013.pdf"><i>The Role of Distressed Debt Markets, Hedge Funds and Recent Trends in Bankruptcy on the Outcomes of Chapter 11 Reorganizations</i></a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">, retrieved <span class="nowrap">31 July</span> 2013</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Role+of+Distressed+Debt+Markets%2C+Hedge+Funds+and+Recent+Trends+in+Bankruptcy+on+the+Outcomes+of+Chapter+11+Reorganizations&rft.date=2013-12-03&rft.aulast=Altman&rft.aufirst=Edward+I.&rft_id=http%3A%2F%2Fpeople.stern.nyu.edu%2Fealtman%2FThe%2520Role%2520of%2520Distressed%2520Debt%2520MarketsDec03-2013.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlackmanMukhi2010" class="citation journal cs1">Blackman, Jonathan I.; Mukhi, Rahul (2010). <a rel="nofollow" class="external text" href="http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=3545&context=lcp">"The Evolution of Modern Sovereign Debt Litigation: Vultures, Alter Egos, and Other Legal Fauna"</a>. <i>Law and Contemporary Problems</i>. <b>73</b>: 47–61<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Law+and+Contemporary+Problems&rft.atitle=The+Evolution+of+Modern+Sovereign+Debt+Litigation%3A+Vultures%2C+Alter+Egos%2C+and+Other+Legal+Fauna&rft.volume=73&rft.pages=47-61&rft.date=2010&rft.aulast=Blackman&rft.aufirst=Jonathan+I.&rft.au=Mukhi%2C+Rahul&rft_id=http%3A%2F%2Fscholarship.law.duke.edu%2Fcgi%2Fviewcontent.cgi%3Farticle%3D3545%26context%3Dlcp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarclay_Hedge2013" class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.barclayhedge.com/research/educational-articles/hedge-fund-strategy-definition/hedge-fund-strategy-distressed-securities.html">"Understanding Distressed Securities"</a>. <i>Barclay Hedge</i>. 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">28 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Barclay+Hedge&rft.atitle=Understanding+Distressed+Securities&rft.date=2013&rft_id=http%3A%2F%2Fwww.barclayhedge.com%2Fresearch%2Feducational-articles%2Fhedge-fund-strategy-definition%2Fhedge-fund-strategy-distressed-securities.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCelarier2012" class="citation cs2">Celarier, Michelle (26 March 2012), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130402223527/http://finance.fortune.cnn.com/2012/03/26/paul-singer-mitt-romney/">"Mitt Romney's hedge fund kingmaker"</a>, <i>CNN Money</i>, archived from <a rel="nofollow" class="external text" href="http://finance.fortune.cnn.com/2012/03/26/paul-singer-mitt-romney">the original</a> on 2 April 2013<span class="reference-accessdate">, retrieved <span class="nowrap">28 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNN+Money&rft.atitle=Mitt+Romney%27s+hedge+fund+kingmaker&rft.date=2012-03-26&rft.aulast=Celarier&rft.aufirst=Michelle&rft_id=http%3A%2F%2Ffinance.fortune.cnn.com%2F2012%2F03%2F26%2Fpaul-singer-mitt-romney&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDebt_Advisory_International_(DAI)nd" class="citation cs2"><a rel="nofollow" class="external text" href="http://www.debtadvisory.com/about_dai/executive_team.html">"Executive team"</a>, <i>Debt Advisory International (DAI)</i>, nd<span class="reference-accessdate">, retrieved <span class="nowrap">29 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Debt+Advisory+International+%28DAI%29&rft.atitle=Executive+team&rft_id=http%3A%2F%2Fwww.debtadvisory.com%2Fabout_dai%2Fexecutive_team.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHotchkissMooradian1997" class="citation cs2">Hotchkiss, Edith; Mooradian, Robert (1997), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304103946/https://www2.bc.edu/~hotchkis/papers/vulture.pdf">"Vulture investors and the market for control of distressed firms"</a> <span class="cs1-format">(PDF)</span>, <i>Journal of Financial Economics</i>, <b>43</b> (3): 401–443, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fs0304-405x%2896%2900900-2">10.1016/s0304-405x(96)00900-2</a>, archived from <a rel="nofollow" class="external text" href="https://www2.bc.edu/~hotchkis/papers/vulture.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2016-03-04<span class="reference-accessdate">, retrieved <span class="nowrap">2014-07-31</span></span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Financial+Economics&rft.atitle=Vulture+investors+and+the+market+for+control+of+distressed+firms&rft.volume=43&rft.issue=3&rft.pages=401-443&rft.date=1997&rft_id=info%3Adoi%2F10.1016%2Fs0304-405x%2896%2900900-2&rft.aulast=Hotchkiss&rft.aufirst=Edith&rft.au=Mooradian%2C+Robert&rft_id=https%3A%2F%2Fwww2.bc.edu%2F~hotchkis%2Fpapers%2Fvulture.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span> This article investigated the role of vulture investors in a sample of 288 US firms that defaulted on their public debt from 1980-1993.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohn1993" class="citation cs2">John, Kose (22 September 1993), <a rel="nofollow" class="external text" href="https://www.questia.com/read/1G1-14793581"><i>Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda</i></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Managing+Financial+Distress+and+Valuing+Distressed+Securities%3A+A+Survey+and+a+Research+Agenda&rft.date=1993-09-22&rft.aulast=John&rft.aufirst=Kose&rft_id=https%3A%2F%2Fwww.questia.com%2Fread%2F1G1-14793581&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged July 2021">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrueger2002" class="citation cs2">Krueger, Anne O. (April 2002), "A New Approach to Sovereign Debt Restructuring", <i>International Monetary Fund</i>, Washington, D.C.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Monetary+Fund&rft.atitle=A+New+Approach+to+Sovereign+Debt+Restructuring&rft.date=2002-04&rft.aulast=Krueger&rft.aufirst=Anne+O.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGroenfeldt2013" class="citation news cs1">Groenfeldt, Tom (24 June 2013). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/tomgroenfeldt/2013/06/24/distressed-debt-fund-monitors-and-hedges-its-risks-for-low-volatility">"Distressed Debt Fund Monitors And Hedges Its Risks For Low Volatility"</a>. <i>Forbes</i><span class="reference-accessdate">. Retrieved <span class="nowrap">8 August</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Distressed+Debt+Fund+Monitors+And+Hedges+Its+Risks+For+Low+Volatility&rft.date=2013-06-24&rft.aulast=Groenfeldt&rft.aufirst=Tom&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Ftomgroenfeldt%2F2013%2F06%2F24%2Fdistressed-debt-fund-monitors-and-hedges-its-risks-for-low-volatility&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIneichen2002" class="citation book cs1">Ineichen, Alexander M. (2002). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/absolutereturnsr0000inei"><i>Absolute Returns: the risks and opportunities of hedge fund investing</i></a></span>. John Wiley & Sons. p. 528. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-25120-8" title="Special:BookSources/0-471-25120-8"><bdi>0-471-25120-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Absolute+Returns%3A+the+risks+and+opportunities+of+hedge+fund+investing&rft.pages=528&rft.pub=John+Wiley+%26+Sons&rft.date=2002&rft.isbn=0-471-25120-8&rft.aulast=Ineichen&rft.aufirst=Alexander+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fabsolutereturnsr0000inei&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="lemke,_lins,_hoenig,_rube" class="citation book cs1">Lemke, Thomas P.; Lins, Gerald T.; Hoenig, Kathryn L.; Rube, Patricia S. (2014). <i>Hedge Funds and Other Private Funds: Regulation and Compliance</i>. Thomson West.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+Funds+and+Other+Private+Funds%3A+Regulation+and+Compliance&rft.pub=Thomson+West&rft.date=2014&rft.aulast=Lemke&rft.aufirst=Thomas+P.&rft.au=Lins%2C+Gerald+T.&rft.au=Hoenig%2C+Kathryn+L.&rft.au=Rube%2C+Patricia+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLevitin2014" class="citation cs2">Levitin, Adam (29 July 2014), <a rel="nofollow" class="external text" href="https://blogs.wsj.com/bankruptcy/2014/07/29/the-examiners-adam-levitin-on-argentina-and-distressed-investors/">"Adam Levitin on Argentina and Distressed Investors"</a>, <i>The Wall Street Journal</i>, The Examiners<span class="reference-accessdate">, retrieved <span class="nowrap">30 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Adam+Levitin+on+Argentina+and+Distressed+Investors&rft.date=2014-07-29&rft.aulast=Levitin&rft.aufirst=Adam&rft_id=https%3A%2F%2Fblogs.wsj.com%2Fbankruptcy%2F2014%2F07%2F29%2Fthe-examiners-adam-levitin-on-argentina-and-distressed-investors%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoore2014" class="citation cs2">Moore, Jina (22 March 2014), <a rel="nofollow" class="external text" href="http://america.aljazeera.com/articles/2014/3/22/the-end-of-vulturefunds.html"><i>The end of vulture funds: Businessmen call them 'distressed debt' investments. Critics say they exploit poor countries</i></a>, Lusaka, Zambia<span class="reference-accessdate">, retrieved <span class="nowrap">29 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+end+of+vulture+funds%3A+Businessmen+call+them+%27distressed+debt%27+investments.+Critics+say+they+exploit+poor+countries&rft.place=Lusaka%2C+Zambia&rft.date=2014-03-22&rft.aulast=Moore&rft.aufirst=Jina&rft_id=http%3A%2F%2Famerica.aljazeera.com%2Farticles%2F2014%2F3%2F22%2Fthe-end-of-vulturefunds.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Citation" title="Template:Citation">citation</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThe_Guardian2011" class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.theguardian.com/global-development/2011/nov/15/vulture-funds-key-players?intcmp=122">"Vulture funds – the key players"</a>. <i>The Guardian</i>. London, UK. 15 November 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">10 June</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Vulture+funds+%E2%80%93+the+key+players&rft.date=2011-11-15&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fglobal-development%2F2011%2Fnov%2F15%2Fvulture-funds-key-players%3Fintcmp%3D122&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSeager2007" class="citation cs2">Seager, Ashley (25 April 2007), <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2007/apr/25/debt.development">"Court cuts vulture fund's claim: Zambia's debt repayment reduced by $40m; Judge says much of firm's evidence was dishonest"</a>, <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i><span class="reference-accessdate">, retrieved <span class="nowrap">29 July</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Court+cuts+vulture+fund%27s+claim%3A+Zambia%27s+debt+repayment+reduced+by+%2440m%3B+Judge+says+much+of+firm%27s+evidence+was+dishonest&rft.date=2007-04-25&rft.aulast=Seager&rft.aufirst=Ashley&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2007%2Fapr%2F25%2Fdebt.development&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSeveg2003" class="citation cs2">Seveg, Alon (2003), "Investment: When Countries go Bust: Proposals for Debtor and Creditor Resolution", <i>International Business and Trade</i>, Asper Review, <b>25</b></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Business+and+Trade&rft.atitle=Investment%3A+When+Countries+go+Bust%3A+Proposals+for+Debtor+and+Creditor+Resolution&rft.volume=25&rft.date=2003&rft.aulast=Seveg&rft.aufirst=Alon&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFForbes2012" class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.forbes.com/profile/paul-singer/">"Paul Singer"</a>. <i>Forbes</i>. 18 April 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">28 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Paul+Singer&rft.date=2012-04-18&rft_id=https%3A%2F%2Fwww.forbes.com%2Fprofile%2Fpaul-singer%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSlater2014" class="citation news cs1">Slater, Joanna (8 July 2014). <a rel="nofollow" class="external text" href="https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20140728/RBIBARGENTINAFINAL">"Paul Singer's determined stance"</a>. <i>Globe Advisor</i><span class="reference-accessdate">. Retrieved <span class="nowrap">28 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Globe+Advisor&rft.atitle=Paul+Singer%27s+determined+stance&rft.date=2014-07-08&rft.aulast=Slater&rft.aufirst=Joanna&rft_id=https%3A%2F%2Fsecure.globeadvisor.com%2Fservlet%2FArticleNews%2Fstory%2Fgam%2F20140728%2FRBIBARGENTINAFINAL&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmith1776" class="citation cs2">Smith, Adam (1776), <i>Wealth of Nations</i></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Wealth+of+Nations&rft.date=1776&rft.aulast=Smith&rft.aufirst=Adam&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSteger2013" class="citation news cs1">Steger, Isabella (7 August 2013). <a rel="nofollow" class="external text" href="https://blogs.wsj.com/moneybeat/2013/08/07/distressed-debt-investors-look-toward-asia/?mod=e2tw">"Distressed-Debt Investors Eye Asia"</a>. <i>The Wall Street Journal</i><span class="reference-accessdate">. Retrieved <span class="nowrap">8 August</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Distressed-Debt+Investors+Eye+Asia&rft.date=2013-08-07&rft.aulast=Steger&rft.aufirst=Isabella&rft_id=https%3A%2F%2Fblogs.wsj.com%2Fmoneybeat%2F2013%2F08%2F07%2Fdistressed-debt-investors-look-toward-asia%2F%3Fmod%3De2tw&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSuncorp2014" class="citation web cs1">"Group Overview". <i>Suncorp</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Suncorp&rft.atitle=Group+Overview&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Missing or empty <code class="cs1-code">|url=</code> (<a href="/wiki/Help:CS1_errors#cite_web_url" title="Help:CS1 errors">help</a>)</span></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=14" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltman1991" class="citation cs2">Altman, Edward I. (1991), <i>Distressed Securities</i>, Chicago: Probus Publishing</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Distressed+Securities&rft.place=Chicago&rft.pub=Probus+Publishing&rft.date=1991&rft.aulast=Altman&rft.aufirst=Edward+I.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOwsleyKaufman2005" class="citation book cs1">Owsley, Henry F.; Kaufman, Peter S. (2005). <a rel="nofollow" class="external text" href="https://archive.org/details/distressedinvest00henr"><i>Distressed Investment Banking: To the Abyss and Back</i></a>. Beard Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-587-98267-6" title="Special:BookSources/1-587-98267-6"><bdi>1-587-98267-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Distressed+Investment+Banking%3A+To+the+Abyss+and+Back&rft.pub=Beard+Books&rft.date=2005&rft.isbn=1-587-98267-6&rft.aulast=Owsley&rft.aufirst=Henry+F.&rft.au=Kaufman%2C+Peter+S.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fdistressedinvest00henr&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoyer2004" class="citation book cs1">Moyer, Stephen G. (2004). <a rel="nofollow" class="external text" href="https://archive.org/details/distresseddebtan00moye"><i>Distressed Debt Analysis: Strategies for Speculative Investors</i></a>. J. Ross Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-932-15918-5" title="Special:BookSources/1-932-15918-5"><bdi>1-932-15918-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Distressed+Debt+Analysis%3A+Strategies+for+Speculative+Investors&rft.pub=J.+Ross+Publishing&rft.date=2004&rft.isbn=1-932-15918-5&rft.aulast=Moyer&rft.aufirst=Stephen+G.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fdistresseddebtan00moye&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhitmanDiz2009" class="citation book cs1">Whitman, Martin J.; Diz, Fernando (2009). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/distressinvestin00whit"><i>Distress Investing: Principles and Technique</i></a></span>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-48865-2" title="Special:BookSources/978-0-470-48865-2"><bdi>978-0-470-48865-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Distress+Investing%3A+Principles+and+Technique&rft.pub=John+Wiley+%26+Sons&rft.date=2009&rft.isbn=978-0-470-48865-2&rft.aulast=Whitman&rft.aufirst=Martin+J.&rft.au=Diz%2C+Fernando&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fdistressinvestin00whit&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRosenberg1992" class="citation cs2">Rosenberg, H. (1992), <i>The Vulture Investor</i>, New York: Wiley and Sons Inc.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Vulture+Investor&rft.place=New+York&rft.pub=Wiley+and+Sons+Inc.&rft.date=1992&rft.aulast=Rosenberg&rft.aufirst=H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADistressed+securities" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Distressed_securities&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.barclayhedge.com/research/educational-articles/hedge-fund-strategy-definition/hedge-fund-strategy-distressed-securities.html">Understanding Distressed Securities</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20040229214703/http://vcexperts.com/vce/library/encyclopedia/glossary_view.asp?glossary_id=287">Distressed Debt Articles</a> from VCExperts.com</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style></div><div role="navigation" class="navbox" aria-labelledby="Corporate_finance_and_investment_banking" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_finance_and_investment_banking" title="Template:Corporate finance and investment banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_finance_and_investment_banking" title="Template talk:Corporate finance and investment banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_finance_and_investment_banking" title="Special:EditPage/Template:Corporate finance and investment banking"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_finance_and_investment_banking" style="font-size:114%;margin:0 4em"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> and <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Hedge_funds" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Hedge_funds" title="Template:Hedge funds"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Hedge_funds" title="Template talk:Hedge funds"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Hedge_funds" title="Special:EditPage/Template:Hedge funds"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Hedge_funds" style="font-size:114%;margin:0 4em"><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge funds</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment<br />strategy</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:7em"><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrage</a> /<br /><a href="/wiki/Relative_value_(economics)" title="Relative value (economics)">relative value</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_structure#Arbitrage" title="Capital structure">Capital structure arbitrage</a></li> <li><a href="/wiki/Convertible_arbitrage" title="Convertible arbitrage">Convertible arbitrage</a></li> <li><a href="/wiki/Market_neutral#Equity-market-neutral" title="Market neutral">Equity market neutral</a></li> <li><a href="/wiki/Fixed_income_arbitrage" title="Fixed income arbitrage">Fixed income arbitrage</a> / <a href="/wiki/Fixed-income_relative-value_investing" title="Fixed-income relative-value investing">fixed-income relative-value investing</a></li> <li><a href="/wiki/Statistical_arbitrage" title="Statistical arbitrage">Statistical arbitrage</a></li> <li><a href="/wiki/Volatility_arbitrage" title="Volatility arbitrage">Volatility arbitrage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em"><a href="/wiki/Event-driven_investing" title="Event-driven investing">Event-driven</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Shareholder_activism" title="Shareholder activism">Shareholder activism</a></li> <li><a class="mw-selflink selflink">Distressed securities</a></li> <li><a href="/wiki/Risk_arbitrage" title="Risk arbitrage">Risk arbitrage</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Directional</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convergence_trade" title="Convergence trade">Convergence trade</a></li> <li><a href="/wiki/Commodity_trading_advisor" title="Commodity trading advisor">Commodity trading advisors</a> / <a href="/wiki/Managed_futures_account" title="Managed futures account">managed futures account</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Dedicated short</a></li> <li><a href="/wiki/Global_macro" title="Global macro">Global macro</a></li> <li><a href="/wiki/Long/short_equity" title="Long/short equity">Long/short equity</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fund_of_funds#Fund_of_hedge_funds" title="Fund of funds">Fund of hedge funds</a> / <a href="/wiki/Multi-manager_investment" title="Multi-manager investment">Multi-manager</a></li></ul> </div></td></tr></tbody></table><div></div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:Chicklet-currency.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/60px-Chicklet-currency.jpg" decoding="async" width="60" height="54" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/90px-Chicklet-currency.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/120px-Chicklet-currency.jpg 2x" data-file-width="279" data-file-height="250" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Day_trading" title="Day trading">Day trading</a></li> <li><a href="/wiki/High-frequency_trading" title="High-frequency trading">High-frequency trading</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokerage</a></li> <li><a href="/wiki/Program_trading" title="Program trading">Program trading</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trading</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related<br />terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:7em">Markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodities</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivatives</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Equity</a></li> <li><a href="/wiki/Bond_market" title="Bond market">Fixed income</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a></li> <li><a href="/wiki/Money_market" title="Money market">Money markets</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Misc</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Absolute_return" title="Absolute return">Absolute return</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Assets_under_management" title="Assets under management">Assets under management</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a> (<a href="/wiki/Greeks_(finance)" title="Greeks (finance)">Greeks</a>: <a href="/wiki/Delta_neutral" title="Delta neutral">delta neutral</a>)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (<a href="/wiki/Alpha_(finance)" title="Alpha (finance)">alpha</a> / <a href="/wiki/Beta_(finance)" title="Beta (finance)">beta</a> / <a href="/wiki/Security_characteristic_line" title="Security characteristic line">security characteristic line</a>)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Vulture_fund" title="Vulture fund">Vulture funds</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Financial endowments</a></li> <li><a href="/wiki/Fund_of_funds#Fund_of_hedge_funds" title="Fund of funds">Fund of hedge funds</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individual</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Governance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Standards_Board_for_Alternative_Investments" title="Standards Board for Alternative Investments">Standards Board for Alternative Investments</a></li> <li><a href="/wiki/Managed_Funds_Association" title="Managed Funds Association">Managed Funds Association</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Alternative_investment_management_companies" title="Category:Alternative investment management companies">Alternative investment management companies</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Hedge_funds" title="Category:Hedge funds">Hedge funds</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Hedge_fund_managers" title="Category:Hedge fund managers">Hedge fund managers</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_hedge_funds" title="List of hedge funds">List of hedge funds</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Distressed_securities&oldid=1252133815">https://en.wikipedia.org/w/index.php?title=Distressed_securities&oldid=1252133815</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Fixed-income_securities" title="Category:Fixed-income securities">Fixed-income securities</a></li><li><a href="/wiki/Category:Debt" title="Category:Debt">Debt</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:All_articles_with_vague_or_ambiguous_time" title="Category:All articles with vague or ambiguous time">All articles with vague or ambiguous time</a></li><li><a href="/wiki/Category:Vague_or_ambiguous_time_from_September_2012" title="Category:Vague or ambiguous time from September 2012">Vague or ambiguous time from September 2012</a></li><li><a href="/wiki/Category:CS1_errors:_missing_periodical" title="Category:CS1 errors: missing periodical">CS1 errors: missing periodical</a></li><li><a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">CS1 maint: location missing publisher</a></li><li><a href="/wiki/Category:All_articles_with_dead_external_links" title="Category:All articles with dead external links">All articles with dead external links</a></li><li><a href="/wiki/Category:Articles_with_dead_external_links_from_July_2021" title="Category:Articles with dead external links from July 2021">Articles with dead external links from July 2021</a></li><li><a href="/wiki/Category:CS1_errors:_requires_URL" title="Category:CS1 errors: requires URL">CS1 errors: requires URL</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 19 October 2024, at 23:29<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Distressed_securities&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-j7v4x","wgBackendResponseTime":213,"wgPageParseReport":{"limitreport":{"cputime":"0.979","walltime":"1.121","ppvisitednodes":{"value":5036,"limit":1000000},"postexpandincludesize":{"value":134450,"limit":2097152},"templateargumentsize":{"value":5396,"limit":2097152},"expansiondepth":{"value":15,"limit":100},"expensivefunctioncount":{"value":5,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":144700,"limit":5000000},"entityaccesscount":{"value":0,"limit":400},"timingprofile":["100.00% 972.201 1 -total"," 20.23% 196.641 2 Template:Reflist"," 18.97% 184.391 40 Template:Sfn"," 15.47% 150.389 5 Template:Navbox"," 13.21% 128.410 1 Template:Corporate_finance_and_investment_banking"," 13.13% 127.653 6 Template:Cite_web"," 11.83% 115.020 17 Template:Citation"," 9.09% 88.332 1 Template:Short_description"," 7.16% 69.611 12 Template:Cite_news"," 5.98% 58.159 2 Template:Fix"]},"scribunto":{"limitreport-timeusage":{"value":"0.658","limit":"10.000"},"limitreport-memusage":{"value":7643899,"limit":52428800},"limitreport-logs":"anchor_id_list = table#1 {\n [\"CITEREFAltman1990\"] = 1,\n [\"CITEREFAltman1991\"] = 1,\n [\"CITEREFAltman1992\"] = 1,\n [\"CITEREFAltman2000\"] = 1,\n [\"CITEREFAltman2002\"] = 1,\n [\"CITEREFAltman2012\"] = 1,\n [\"CITEREFAltman2013\"] = 1,\n [\"CITEREFAltmanSwanson2007\"] = 1,\n [\"CITEREFBarclay_Hedge2013\"] = 1,\n [\"CITEREFBlackmanMukhi2010\"] = 1,\n [\"CITEREFCelarier2012\"] = 1,\n [\"CITEREFDebt_Advisory_International_(DAI)nd\"] = 1,\n [\"CITEREFEmily_Schmall2012\"] = 1,\n [\"CITEREFForbes2012\"] = 1,\n [\"CITEREFGroenfeldt2013\"] = 1,\n [\"CITEREFHotchkissMooradian1997\"] = 1,\n [\"CITEREFIneichen2002\"] = 1,\n [\"CITEREFJohn1993\"] = 1,\n [\"CITEREFJones2010\"] = 1,\n [\"CITEREFJones2012\"] = 1,\n [\"CITEREFKrueger2002\"] = 1,\n [\"CITEREFLevitin2014\"] = 1,\n [\"CITEREFMoffett2010\"] = 1,\n [\"CITEREFMoore2014\"] = 1,\n [\"CITEREFMoyer2004\"] = 1,\n [\"CITEREFOwsleyKaufman2005\"] = 1,\n [\"CITEREFPalastO\u0026#039;KaneMadlena2011\"] = 1,\n [\"CITEREFRosenberg1992\"] = 1,\n [\"CITEREFSeager2007\"] = 1,\n [\"CITEREFSeveg2003\"] = 1,\n [\"CITEREFSlater2014\"] = 1,\n [\"CITEREFSmith1776\"] = 1,\n [\"CITEREFSteger2013\"] = 1,\n [\"CITEREFStewart2009\"] = 1,\n [\"CITEREFSuncorp2014\"] = 1,\n [\"CITEREFThe_Guardian2011\"] = 1,\n [\"CITEREFWhitmanDiz2009\"] = 1,\n [\"lemke,_lins,_hoenig,_rube\"] = 1,\n}\ntemplate_list = table#1 {\n [\"Citation\"] = 17,\n [\"Cite book\"] = 5,\n [\"Cite journal\"] = 2,\n [\"Cite news\"] = 12,\n [\"Cite report\"] = 1,\n [\"Cite web\"] = 6,\n [\"Corporate finance and investment banking\"] = 1,\n [\"Div col\"] = 1,\n [\"Div col end\"] = 1,\n [\"Dl\"] = 1,\n [\"Hedge funds\"] = 1,\n [\"Reflist\"] = 2,\n [\"See\"] = 1,\n [\"Sfn\"] = 40,\n [\"SfnRef\"] = 5,\n [\"Short description\"] = 1,\n [\"Webarchive\"] = 1,\n [\"When\"] = 1,\n}\narticle_whitelist = table#1 {\n}\n"},"cachereport":{"origin":"mw-web.codfw.main-f69cdc8f6-7ztkk","timestamp":"20241122142752","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Distressed securities","url":"https:\/\/en.wikipedia.org\/wiki\/Distressed_securities","sameAs":"http:\/\/www.wikidata.org\/entity\/Q3024792","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q3024792","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2005-01-24T22:00:08Z","dateModified":"2024-10-19T23:29:50Z","headline":"tradable financial asset from legal status"}</script> </body> </html>