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Distressed Debt Analysis: Strategies for Speculative Investors by Stephen Moyer

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LEGAL OVERVIEWOF DISTRESSED DEBTRESTRUCTURINGS1

In the last chapter, the concept of a balance sheet restructuring was introduced as an integral part of the process of distressed debt analysis. Put simply, since a restructuring of some type will very often be a part of the resolution of a firm’s financial distress, the implications of that restructuring must be part of the investor’s investment calculus.

The process can be analogized to purchasing a rundown home in a foreclosure sale. The investor might believe that expanding and remodeling the property could result in a substantial profit. However, before bidding, the prudent buyer would check, ...

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