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.

Case studies cover a variety of companies across sectors and geographies, challenging delegates to make investment decisions on real distressed debt situations.

• Distressed debt investors, Loan portfolio managers and Private equity investors
• Hedge fund managers
• High yield credit analysts and Equity analysts
• High yield asset managers and Mergers and acquisitions bankers
• Debt capital markets/leveraged finance bankers
• Business turnaround/restructuring accountants/corporate finance professionals
• Lawyers
• Strategy consultants

• Basic understanding of financial statements
• Basic familiarity with Excel
• Familiarity with high yield debt useful but not essential