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Distressed Debt Analysis: Strategies for Speculative Investors by Stephen Moyer

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CAUSES OF FINANCIALDISTRESS AND THERESTRUCTURINGIMPLICATIONS

Thus far, financial distress has been simplistically viewed as the asset box becoming smaller than the debt box (see Figure 3-7). Logically, the asset/liability asymmetry can also arise from ballooning liabilities. Moving from the conceptual to the practical, the reasons behind the asymmetries have significant implications for investment analysis. This chapter considers many of the more common causes of financial distress and how they affect the analysis of the investment. First, however, some general indicators of financial distress are described as tools to help identify which situations ...

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