February 2012
Intermediate to advanced
288 pages
5h 25m
English
book
A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt
by Robert S. Kricheff
Content preview from A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank DebtBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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23. Distressed Credits, Bankruptcy, and Distressed Exchanges
What’s in this chapter:
• Examining liquidity in distressed credits
• Why bankruptcy analysis matters, even if a company is not filing bankruptcy
• How to look at rankings, claims, and subordination of claims
• The impact of valuation on bankruptcy and restructuring
• How companies restructure without bankruptcy
Companies sometimes get into financial trouble, and this can lead to default. This is more common for below-investment-grade companies than for investment-grade companies. However, the risk of default is part of the reason why yields are higher on leveraged debt instruments. Many studies show that over the long term, across a diverse portfolio, investors are actually more than ...
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