Distressed debt: Clever ways to do the dumbest things
Private distress is most profitable
| Old term |
New term |
| Distressed |
Stressed |
| Vulture fund |
Special situations fund |
| Re-leveraged |
Recapitalized |
| Equity |
HoldCo PIK note |
| Bank |
Institutional investor |
| Dumb money |
CLO |
| Default risk |
Refinancing risk |
| Creditworthiness |
Liquidity |
| Cram down |
Consensual restructuring |
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