A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models
This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.
The go-to guide to understanding leveraged finance and high yield markets, corporate restructuring and bankruptcy, credit risk modeling, and default prediction, as applied in modern finance in the U.S. and abroad
Corporate Financial Distress, Restructuring, and Bankruptcy, Fourth Edition, brings an up-to-date and comprehensive look at distressed debt markets and bankruptcy, building on the seminal work of thought leader Edward Altman. Partnering with Ed for this edition are Edith Hotchkiss, who has contributed for more than 20 years as a scholar and advisor to the development of the distressed debt field, and Wei Wang, known for his distinguished record as both a scholar and authoritative lecturer to global audiences in the field of distressed debt and the global bankruptcy process. The new and expanded material reflects dramatic changes and lessons learned since the global financial crisis of 2008. The authors provide an accessible guide and all-new case studies illustrating topics including:
- Processes for debt restructuring in the U.S.
- Analysis of the U.S. Bankruptcy Code and International Insolvency Regimes
- The growth of the high-yield and distressed debt markets
- The latest techniques for analyzing and predicting default and bankruptcies and investing in distressed firms' securities
As the restructuring industry and the high yield and distressed markets continue to evolve, the methodologies and research findings described in this text will serve as a key reference for practitioners, academic researchers, policy makers, and students seeking a broad understanding of the world of distressed restructurings.
