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Distressed Debt Analysis

Distressed Debt Analysis

Strategies for Speculative Investors
By Stephen G. Moyer
Hardcover, 6x9, 448 pages
ISBN: 1-932159-18-5
November 2004

Availability: In stock

Retail Price: $119.95
Direct Price: $99.95
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About the Item

Providing theoretical and practical insight, Distressed Debt Analysis: Strategies for Speculative Investors presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The book covers the broader financial environment of the reorganization and the basic process of investment analysis and investment strategies. The author uses numerous real-world examples and case studies to emphasize important concepts and critical issues.

The developments that have created these extraordinary investment opportunities have also created tremendous demand for professionals with experience and knowledge in the restructuring process. Distressed Debt Analysis: Strategies for Speculative Investors addresses the complete knowledge needs of investors and professionals in the burgeoning world of financially distressed companies. It is perfect for financial analysts, portfolio managers, bankruptcy departments of law firms, restructuring advisory groups, turnaround consulting firms, and reorganization and distressed securities departments of investment banks.

Key Features
  • Provides investment techniques to profit from reorganizations, restructurings, and bankruptcies, including appropriate hedging and exit strategies for either short- or long-term investment horizons
  • Explains how to determine whether the investment objective is feasible given the capital structure of a target company and where in the capital structure to invest to achieve the investment goal
  • Identifies when a restructuring can be accomplished outside of a bankruptcy process and the most effective strategies and techniques to effect such change
  • Details the legal and financial due diligence issues that affect investment returns to appropriately identify and quantify the investment risks
  • Illustrates basic investment strategies and analytical techniques with case studies and references to numerous real-world examples to emphasize important concepts and critical issues
  • WAV offers downloadable due-diligence checklist, comprehensive glossary, and example of "big-boy" letter, confidentiality agreements, reorganization plans and key covenant provisions — available from the Web Added Value™ Download Resource Center upon publication at www.jrosspub.com/wav
  • About the Author(s)

    Stephen G. Moyer has been a Portfolio Manager and Analyst in the Distressed Credit Group at Pacific Investment Management Company (PIMCO). Mr. Moyer has over 25 years of experience in investment analysis and corporate finance. His interest in distressed securities analysis began when he was a member of the High Yield Research Group at Drexel Burnham Lambert. He has also been affiliated with many other leading securities firms and investment managers including Tennenbaum Capital Partners, The First Boston Corporation (now Credit Suisse), Banc of America Securities, Kemper Securities (now Wells Fargo) and Imperial Capital. He began his career as a lawyer at Jones Day and later with Riordan & McKenzie. He is a recognized speaker and writer on the subject of distressed securities and a frequent lecturer at industry events and graduate business programs.

    Mr. Moyer received a J.D. from Stanford University Law School, an M.B.A. from the University of Chicago Business School, and a B.A. from Grinnell College. He is a member of the California and Texas bars, holds the Chartered Financial Analyst designation, and has passed the Uniform Certified Public Accounting Examination.

    Table of Contents

    The Distressed Debt Investment Opportunity
    Conceptual Overview of Financial Distress and the Restructuring Process
    Legal Overview of Distressed Debt Restructurings
    Overview of the Valuation Process
    Leverage and the Concepts of Credit Support and Capacity
    Capital Structures and the Allocation and Management of Credit Risk
    Causes of Financial Distress and the Restructuring Implications
    Options for Alleviating the Financial Distress—The Company’s Perspective
    Profiting from Financial Distress—The Investor’s Perspective
    Practical Aspects of the Investment Process and Due Diligence
    Dynamics of the Workout Process: The End Game
    Post-Reorganization Considerations
    Literature Survey and Selected References

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