Modern / relevant distressed debt book recommendations?
Hey, long time lurker here eventually hoping to move to a distressed credit fund. Would love any tips on recent books anyone's read on this that they found insightful / enjoyed reading. To pass time with a coffee and all that fun stuff.
I prefer something more technically oriented if anyone has something like that in mind. Just finished Michael Gatto's book, would love to see if anyone has any other books that are a similar read, ideally reflective of current market conditions (LMEs or anything like this is cool). Thanks!
For modern and technically oriented books on distressed debt, here are some top recommendations based on the most helpful WSO content:
"Distressed Debt Analysis" by Stephen Moyer
"Distressed Investing" by Martin Whitman & Fernando Diz
"Bankruptcy Investing" by Ben Branch & Hugh Ray
"The Executive Guide to Corporate Bankruptcy" by Salerno, Kroop & Hansen
"Leveraged Buyouts: A Practical Introductory Guide to LBOs" by David Pilger
"Distress to Success" by Bobby Guy
For staying updated on current market conditions, you might also consider following the Distressed Debt Investing blog (http://www.distressed-debt-investing.com/), which offers technical insights and keeps you informed about the latest distressed opportunities in the market.
These books and resources should provide a mix of technical depth and practical insights to help you prepare for a role in a distressed credit fund.
Sources: Books on Distressed Management, https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1
There hasn't been anything really covering post-2020 LME or current market trends really other than the epilogue for Caeser's Palace really. The below are the only narrative style books I've come across on distressed
Caeser's Palace by Sujeet Indap, Max Frumes
Default by Greg Makoff
Damsel in Distressed by Dominique Mielle
I second Default, that’s a fascinating read and it makes you appreciate how orderly the bankruptcy process is.
Thank you!
I just picked up the Distressed Debt Playbook by Sarachek that was published in June 2025. Not all the way through it yet, but it does seem to cover distressed debt investing well. It has some weird graphics throughout the book that seem a bit out of place for the topic, but otherwise it's good.
Also, High Yield Debt by Rajay Bagaria is good but a bit dated. I think it came out in 2018 but it covers a lot of credit market investing including distressed, but probably not exactly what you're looking for.
Appreciate it, will take a look.
Bump on Sarachek's book, very up-to-date with info on new trends / LME
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