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Investing in Hedge Funds, Revised and Updated Edition by Joseph G. Nicholas

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CHAPTER 8
Distressed Securities
DISTRESSED SECURITIES MANAGERS both invest in and sell short the securities of companies wherein the security’s price has been or is expected to be affected by a distressed situation. A distressed security may be defined as a security or other obligation of a company that is encountering significant financial or business difficulties, including companies that (1) may be engaged in debt restructuring or other capital transactions of a similar nature while outside the jurisdiction of federal bankruptcy law, (2) are subject to the provisions of federal bankruptcy law, or (3) are experiencing poor operating results due to unfavorable operating conditions, overleveraged capital structure, catastrophic events, extraordinary ...

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