Recovery Hasn't Killed Distressed Exchanges

Colter, Allison Bisbey
March 2011
High Yield Report;3/14/2011, Vol. 22 Issue 11, p11
The article discusses the mechanics of distressed exchanges. A background on the growth of the practice of exchanging debt at a discount to face value is provided along with statistics on defaults. The theory on distressed exchanges in relation to consequences of bankruptcy and greater losses is discussed in terms of actual occurrences in 2010. The article references a paper by Edward Altman with Brenda Keuhne explaining the nature of distressed exchanges and its share of the transactions in the credit market.


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