Monday, April 27, 2009

Distressed Debt Exchanges

Here is a link to a very good (and interesting) paper on distressed debt exchanges by Professor Ed Altman of the Stern School of Business.

Professor Altman is widely recognized as one of the leading authorities on bankruptcy and default risk. When his book Investing in Junk Bonds: Inside the High Yield Debt Market came out in 1987, the campus bookstore was sold out before some of his students could purchase it for class. The rumor was that someone came over from Salomon Brothers and purchased the remaining stock. Luckily, I got there early enough to get my copy.

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