Distressed Debt and Turnaround Investing - PEI Media

Distressed Debt and
Turnaround Investing
Second Edition
NEW FOR
2010
Harvest the profits
from distressed
assets
u 26 experts share profound industry insight
and analysis
u 70-page directory of distressed investors
and active funds
Edited by Kelly DePonte,
Probitas Partners
www.peimedia.com/distressed2

The Definitive Guide to Distressed Debt and Turnaround Investing
A brave new world
Conditions are arguably perfectly right for distressed debt and turnaround investing.
The financial crisis has left many companies weakened and has proven that credit markets
can run dry, albeit with more than $1 trillion of leveraged loans and high yield bonds
outstanding as of April 2010. But the opportunity for profit from distressed assets can
only be maximised through deft execution and knowledge of developments in the capital
markets and bankruptcy and reorganisation processes. This second edition of The Definitive
Guide to Distressed Debt and Turnaround Investing will provide you with the intelligence and
highly useful tools necessary to navigate this new terrain in a post-financial-crisis world.
Key features
u Kelly DePonte of Probitas Partners leadedits
this timely and practical publication at
an interesting time for distressed debt and
turnaround investing
u Each chapter is written by well-respected
experts in distressed private equity, hedge fund
and real estate, providing you with trenchant
insights and experience in their respective fields
u Current and practical advice for navigating the
regulatory, valuation and ratings landscape in
distressed debt investing
u Lessons from the credit crisis and
the outlook for distressed debt investing in the
face of the impending wall of debt maturities
u Case studies on some of the biggest
and most important distressed debt deals
globally, including Chrysler, Shinsei Bank and
Stuyvesant Town
u Over 70 pages of detailed contact information
of investors in distressed assets globally, putting
key players at your fingertips
u Learn what appetites and expectations investors
have for distressed assets by type, region and
industry, as well as what funds are in the market
Who should buy?
u Fund Managers
u Investors
u Investment Advisers
u Lawyers
u Consultants
u Bankers
u Asset Managers

The Definitive Guide to Distressed Debt and Turnaround Investing
Contents
Preface by Howard Marks, Chairman of Oaktree Capital Management
Section I: In-depth,
Incisive Chapters
1. An overview of the
private equity distressed
debt and restructuring
markets
Kelly DePonte, Probitas Partners
2. The new dynamics
of distressed situations:
Is everything old 'new
again'?
Henry Miller and James Doak, Miller
Buckfire & Co.
3. Insolvency law
in perspective:
An introduction
Kelly DePonte, Probitas Partners
4. Overview of
chapter 11 of the US
bankruptcy code
David Eaton, Kirkland & Ellis
5. Overview of the UK
insolvency regime
Stewart Perry and Jonathan Richards,
DLA Piper UK
6. Insolvency
proceedings in Germany
Peter Jark, DLA Piper
7. Bankruptcy
provisions in the
People's Republic of
China
Graham Ridler, DLA Piper
8. Middle market
restructuring
Rob Ware, KPMG UK
9. Distressed debt
trading
Gary Klesch, Klesch & Company
10. Hedge fund
vs. private equity
approaches to distressed
investing
Duran Curis, Drum Capital
11. Lessons from
the great credit
crisis including
implications for the
wall of impending debt
maturities
Michael Cerminaro, Sound Harbor;
Mark Liscio, Kaye Scholer; and Steven
Miller, Standard & Poor's
12. Rating implications
of distressed debt
Steven Oman,
Moody's Investors Service
13. Investing in
distressed real estate
assets
Mark Grinis, Ernst & Young
14. Role of distressed
debt and restructuring
funds in an institutional
portfolio
Réal Desrochers (formerly head of
alternatives, CalSTRS)
15. Valuing distressed
debt
Daniel Patracuolla, Duff & Phelps
Section II: Survey –
Conducted in February
2010
Private equity distressed
debt and restructuring
market survey
PEI Media and Probitas Partners
Section III: Case Studies
u Chrysler
Christopher Witkowsky, PEI Media
u Diamond Innovations
Brian Ramsay, Littlejohn & Co.
u GeoLogistics
Mike Madden, BlackEagle Partners
u Korea Exchange
Bank
Peter Hoflich, The Asian Banker
u Parmalat
Dominic McCahill,
Weil, Gotshal & Manges
u Shinsei Bank
David Snow, PEI Media
u Stuyvesant Town
Zoe Hughes, PEI Media
Section IV: Listings
u Selected distressed
debt and restructuring
funds
u Directory of investors
in distressed funds
Appendix:
From the PEI Archives

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distressed2
Distressed debt investing
occasionally provides
investment opportunities
with great potential, but
the outcome will always
be dependent on skilful
execution.”
– Howard Marks, Oaktree Capital Management
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