This course covers distressed debt analysis and investing, focusing primarily on corporates but also including financial institutions and sovereign debt as special topics.
The programme begins with the foundations of the distressed debt market, causes of and early warning signals, possible outcomes and how to evaluate the probability of outcomes in different scenarios.
Restructuring is reviewed in detail, as well as estimation of sustainable debt levels, business valuation and the importance of capital and group structure. Differences between active control and passive non-control investments are highlighted, including stakeholder tactics and due diligence.
Real case studies cover a variety of companies across sectors and geographies, challenging delegates to make investment decisions on real distressed debt situations.