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Distressed Debt Case Study
I am looking to prepare for an interview for a private market distressed corporate/special situations shop (secondaries, value investing, etc.) and I was wondering if anyone could help me out with what to expect? Does anyone have any case studies that they would care to share or any valuable tips on...
How to move to a larger Special Sit. / Distressed Debt Fund?
For background, I'm working at a 1st time MM Distressed and Special Sits Fund. Associate 3 currently and likely to be promoted to VP this year. Joined the fund straight after MBA and I wanted to explore opportunities at a larger fund now. Any guidance on how to begin the process? Which recruiters...
Does Elliot Management Distressed Exist Anymore?
Curious if anyone has seen Elliot in distressed corporate names at all lately? And if not, wonder why the firm has shifted away from distressed if this really is a good time to be investing in the asset class? Seems like I only hear about them in activist campaigns (primarily tech and industrial...
Cerberus Distressed
What is life like at Cerberus in the distressed group? Culture? Comp? Insight from any level is appreciated.
HY/Distressed Credit desk analyst - modelling case study
Hi all - currently an IB analyst and am currently the to move to a HY/Distressed credit desk analyst role. As part of the process I will need to complete a case study. While I am competent in my modelling skills and understand debt repayment dynamics, i have little experience in the more specific...
Target return for distressed strategies
What is the typical target return for the distressed strategies? Any insights would be appreciated.
GS Specialty Situations Group / Private Credit Inquiry
Hey, new guy on here (in college with both PE and PC internship experience - one more year after this since I am getting an MS in Finance) who is interested in working in opportunistic/distressed debt. preface: ignoring the feasibility of entering the space or my stats, not looking at if I can get...
Ironshield
Can anyone please share their experience working with the team at Ironshield Capital, the European stressed/distressed hedge fund manager founded in 2007 by David Nazar? Have only come across their name in various relevant lists on WSO, but nothing detailed.
Any insights into Bain Capital Corporate Special Sits team
Hi everyone Curious to hear about Bain Capital Corporate Special Sits / Distressed franchise (mandate, culture, track-record, etc), especially in London Understand mandate is broad, typically include loan to own, minorities, pull to par, pure PE plays, even long equities Also know they have several...
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Which roles in CRE has the most upside opportunity in 2023?
My firm recently downsized, and I'm trying to determine a next move. Within multi/mixed use, I have 3.5 yrs of Agency/Balance sheet debt lending, 3 yrs in acquisitions/dispositions, and most recently 1 yr of development. Acquisitions - I imagine headwinds for 2023. Could have opportunity is acquire...
High-yield, Distressed Debt, and Special Situations Groups
Does anyone know who the most well-regarded High-yield/ distressed debt/ special situations groups are on the street? I know that Oaktree, Centerbridge, and Angelo Gordon all have very strong teams and track records. Who else am I missing?
[Help Needed] Case Study w/ Special Situations / Distressed Generalist
All: I have been prepping for a case study this weekend and could use a hand in how to best approach the material. There was no prior context given for the case study so am going solely on the focus area of the HF. Issue is, they do everything across the capital structure both private and public -...
Restructuring Interview Question
Hi Monkeys, I got a quirky question in one of my interviews and wanted to hear your thought process / approach on the below question: "A company is about to go into liquidation. The enterprise value of the company is $1 billion and there is face value $600 million of senior secured debt (with 1L on...
Publicly traded distressed debt firms
I still think we have plenty of ways to go for the market to bottom, but would like to put my money to work opportunistically now. Do you guys know of any distressed debt firms that are publicly traded? I am specifically looking to invest in the equities of pure play distressed or funds with...
Q&A: Direct Lending to Associate at $5bn Distressed Hedge Fund
Open to any questions from people curious about the switch and my path to a distressed hedge fund. Background: graduated with a 3.7 from a semi-target state school, spent 2 years in direct lending then 1 year in restructuring before joining a public markets distressed debt fund. Also going to self...
Restructuring/Distressed Debt Modeling
I've been procrastinating my final exam studying by trying to build a loan-to-own pitch for a (currently) distressed company, but putting together the operating, liquidity, recap, and waterfall models has helped me realize that there is a staggering amount of uncertainty in these situations. Just to...
Trading price for distressed debt after a PIK event
Hi All, Question around how a PIK capitalization will impact the trading price of a distressed security. In most cases I would assume it will trade down due to distressed nature & fact no cash actually exchanged, market will not attribute additional value to the capitalised amount. As a example:...
Rothschild (LDN) M&A or Debt Advisory/Restructuring?
Hi guys, I've been fortunate enough to get a summer internship at Rothschild and I have to choose between either M&A or Debt Advisory/Restructuring (Rothschild put DCM and restructuring under the same group), but I don't know what to pick! I'm drawn towards restructuring as I find the debt analysis...
For Distressed/Special Sits - which group is better? GS TMT vs. 2nd Tier RX
Yes, it's another question about exit opps. For those who's interested in distressed credit/pe/special sits, GS TMT (or any other top groups in BB that are known to attract top talents for top exits to buyside) vs. non-PJT/Laz restructuring group (more relevant experience but less known for top...
Thoughts on Beach Point Capital
Anyone have any insights into Beach Point, deal flow, culture, returns, etc. Mostly interested on the distressed debt side
Distressed Note Acquisition
Would anyone be able to provide a distressed note acquisition model that includes scenario analysis? I currently work in acquisitions and asset management at a value-add multifamily shop but am interested in how opportunities like these would be valued.
Q&A: Distressed credit HF
I’ve learned a ton from this forum over the years. I want to give back with this Q&A – no private messages. Background: European, STEM undergrad, analyst at a distressed PE, MBA, Ivy League alumnus. Current: associate at a distressed credit HF (20%+ per annum since inception). Secured,...
HY outlook & recovery?
What are people's thoughts on the recovery path for the HY and LL markets (2021-2023). Are there still pockets of value? Keeping the question broad but would love to hear from those in the opportunistic credit space
"What if" from Liar's poker & joining the dots to generate trade ideas
Trying to improve my trade/investment generating ideas by learning different asset classes & reading macroeconomic books. But obviously, this process is long, tedious and I am not very sure the right one for that matter. Any suggestions for books/tutorials/videos/ on how people in S&T generate...
Gordian Group?
Does anyone know anything about this firm? Deal flow, culture, comp, exit ops, etc? I have been looking online and can't find much. Seems to be RX focused with a decent amount of deals done recently.
BAML HY Index vs Bloomberg Data for Bond Yields, Prices, OAS
Why is it said in the HF world (for screening) that the BAML HY Index is much superior data when compared to data pulled from Bloomberg to track credit /distressed credit in regards to YTM, prices, and OAS?
Law/Biz dual: Finance opportunities for when I'm not in my second-to-last year of studies?
Not a JD/MBA, but I'm starting year 4/6 of an accelerated dual program where I'll graduate with an undergrad business degree and a JD. The important part is that I'm not graduating until 2023, which makes it impossible for me to accept a full-time offer at the end of 2021 summer. My business program...
Distressed Fund Exit To Equity Investing Possible?
Hi all, I'm currently a restructuring analyst at a boutique thinking about where to recruit on the buyside over the coming months. My thinking is that as of right now, I like the distressed space and will aim for distressed HF roles. However it's hard to say for sure whether at some point I'd want...
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Restructuring vs Credit Research for DD HF
Which of the two best prepares you for a career in distressed debt investing at a hedge fund? I'm aware both backgrounds usually end up in DD HFs but if you had a choice between the two coming out of college, which would you prefer?
J.P. Morgan Global Special Situations Group
Anyone have any info on this team? Interested to learn where on the risk/reward spectrum they invest (or plan to), what investments (if any) they've made so far, how large the group is, how JPM in general is regarded in the alternatives space, and any other info you have. Also, what do the exit opps...
Europe - Most Active / Top Distressed Debt Funds?
Hi all, Looking to move in the space and I'm trying to map out a comprehensive landscape for distressed debt funds (both HF & PE) in Europe and while there are discussions on that for the US, I can't seem to find updated info for Europe. From what I can gather the topical/top/most active names...
Unit Corp Distressed Debt
Anybody have a view on Unit Corp? In the last few months it's attempted to exchange $650mm of subordinated notes for 73 cents on the dollar of 2nd lien debt with a 10% coupon or 100 cents on the dollar of 3rd lien debt with a 7% coupon in an attempt to term out its maturities to 2024 from 2021 or it...
Please Advise: Never-Ending Job Hunt
I’ve been sitting on this post for a while. I was waiting for it to turn into a success story; started-from-the-bottom-now-we’re-here kind of story. But it’s been so long I’m going to post it anyway. ###My Background: Finance degree from non-target, super involved on campus,...
S&T to Distressed Debt Investing
The title probably says it all. I was chatting with a buddy about S&T exit opportunities and we had a good debate about the possibility of moving from S&T ( credit sales and trading) to a distressed debt fund. So I thought I should throw the question here and hear what the experienced folks have to...
Q&A: BB LevFin - Mezzanine - Opportunistic PE
About I have been a longtime WSO reader (6-7 years) and some years down the track, I thought it would be helpful to do a quick Q&A I think this could be helpful in particular for (i) those looking to switch over from credit to equity investing, (ii) those interested in mezzanine / sub debt, and...
Direct Lending --> Distressed/Special Situations Investing
Hey guys, I've been interested in distressed / special situations investing for over a year now, did an RX banking internship this last summer and didn't get a return offer, decided to post-pone a year to recruit for summer internships again. Given the accelerated nature of summer recruiting, I...
Restructuring - Communities?
I've been reading the forums here, using the search, and following general news sources but I am not familiar with a forum that is specific to restructuring. Can anyone recommend a forum/community similar to WSO that is more specific to the restructuring/turnarounds space?
Distressed HF - RE group, questions
Hey all, Have come across a role as an analyst/associate with the RE group of a very large Distressed HF . Fund has a broad mandate for public and private markets, mainly various debt and structured instruments, but potential for PE type lending as well. Was wondering if anyone could shed any light...
The Iceland bet - How some hedge funds made huge money
Hello guys, I'm an Economics graduate from the University of Iceland. I thought I'd share with you some information that I believe has never been made public before, at least not in English. It's a story about some brilliant investments that made a select few hedge funds A LOT of money. This post...
Thoughts on Silverpoint Capital?
How are SPC's performance and culture/comp in recent years? And their investment mandate? I noticed they have several guys in Chicago for direct lending or MM PE , and they also hired some analysts with real estate debt background? Also, it's one of the few distressed funds hiring undergrad kids....
Distressed News - Is Reorg Research worth the price ?
Hi Monkeys, I am an analyst at a French turnaround management consultancy company that is currently considering to start a distressed investment practice. My firm is looking at various information solutions on Distressed Debt, and trying hard to understand what's the best solution. Given that we're...
Distressed Debt Analysis - Moyer
Hey Guys, Anyone have a pdf copy of distressed debt analysis by stephen moyer they'd be willing to send me? I am very interested in the distressed space and want to learn as much as I can. If any are willing, it'd be much appreciated.
Megafund Credit to Bschool
I'm planning on joining the Credit team (looking at HY specifically) for a MF firm (GSO, Apollo, Ares, Bain Capital) as a first year analyst out of undergrad. I'm obviously aware of PE placement from these firms but are Credit analysts/associates looked at in the same manner? My goal is to...
EM/Macro Distressed Trading
Hi all, I was wondering, do distressed trading desks at BBs deal only with corporates or also with sovereigns (ex. Argentina, Peru, Greece). Also, what portion of their business deals with debt from developed markets vs in EM? I'm looking to rotate on the distressed debt trading desk at the shop I'm...
Distressed debt analysis examples
Hi - does anyone have a good source on sample writeups of distressed debt investment ideas? I am in a unique situation but I'd like to try to teach myself how to do distressed investment analysis (I work in a legal capacity right now on the periphery and I deal with distressed funds on a regular...
Distressed Debt Investing Is really lucrative
Here is a recent article on annualized returns of some of the biggest hedge funds in the world today. going through the list in detail, it dawned on me that for fundamental investors, the ones with annualized returns north of 18% per annum AND being around for at least 10 years are funds that have...
Working at a Distressed / Credit HF - What next?
Hi there, for those of you working at distressed & credit funds or have worked there, could you shed some light on what people do after (if) they leave their jobs? I know that most people just stay in the industry or even at their current firm, but I was wondering what other opportunities arise for...
Distressed Debt - Moyer
Does someone have a PDF copy of Distressed Debt Analysis by Moyer? Saw other threads from a couple years ago about this book and copies were passed along via PM - hoping to get this going again.
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