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A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt by Robert S. Kricheff

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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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