Hi,
I know there are old threads on distressed debt / restructuring books but thought it had been a while. Are there any books that would be great reads to understand how distressed companies might restructure or how some loan to own shops do their analysis. I know recently Envision was in the market to restructure its debt and Travelport has been in the news for a J "Screwed" like trap door. Just hoping to do some reading.
Thanks.
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Hi Analyst 2 in IB - DCM, check out these resources:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
Hey, happy to give my thoughts. First and foremost, I'd read the Houlihan Lokey guide to see if you're interested in the topics. (This is prob more applicable to other people reading this, not to OP)
Books:
Distressed Debt Analysis by Moyer
Distress Investing by Whitman
Primers
CIT Group and Oaktree - HBR Case
Search "Applied Corporate Finance" by Morgan Stanely - Gilson and Moyer have contributed good articles in '12
Newsletters
Free: Petition 11 - this will talk about the J Screwed topics you mentioned
Debtwire and Reorg
If you're trying to go further, read Distressed Debt Investing blog and Distressed M&A by WLRK. Good luck!
bump
Not a textbook, but I just ordered a new book called "The Caesars Palace Coup" by Frumes & Indap. It's about Apollo's buyout of Caesars and the subsequent restructuring. Looks really good
As someone who was heavily involved in Caesars over the years, it was a refreshing read. Good reporting.
It is really really good. Loved it.
Comment to come back
A lot of these are from another poster here and more turnaround focused than distressed. Probably generally useless if HF.
Corporate Turnaround Artistry, fix any business in 100 days by Jeff Sands, Wiley 2020.
Distressed Debt Analysis by Stephen Moyers
The Art of Distressed M&A by: Peter Nesvold, Jeffrey Anapolsky, Alexandra Lajoux
How to Buy a Great Business with No Cash Down by Arnold Goldtstein.
Structuring and Negotiating Reorganization Plans.
The Vulture Investors by Hilary Rosenberg.
The Middle Market Leverage Financing Directory and Sourcebook by David Silver.
Up Front Financing by David Silver.
The Executive Guide to Corporate Bankruptcy by Salerno, Kroop & Hansen.
Distress to Success by Bobby Guy, attorney.
Bankruptcy Investing – Ben Branch, Hugh Ray.
Credit Executive’s Guide to Business Restructuring by Elliot Fuhr & Dewey Imhoff.
Distressed Investing by Martin Whitman & Fernando Diz.
Buying & Selling of Distressed Companies by Michael Tang.
Corporate Turnaround by Donald Bibeault.
Turnaround by Arnold Goldstein.
The Phoenix Effect by Carter Pate and Harlan Platt.
The Six-Month Fix by Gary Sutton.
Be Your Own Turnaround Manager by Bob Foster
The Turnaround Kid by Steve Miller.
Taking Charge by John Whitney.
The Turnaround Survival Guide by David Silver.
Bankruptcy Fundamentals for the Financial Services Industry by Debra Lee Hovatter published but the American Bankruptcy Institute.
How Not to Hire a Guy Like Me by Lee Katz.
Take No Prisoners by Marvin Davis.
Reversing the Slide by James Shein.
Confessions of a Union Buster by Martin Jay Levitt.
How to Turnaround a Financially Troubled Company by Ronald Kibel.
The Small Business Turnaround Guide by Sandy Steinman.
Failure is Not an Option by Philip Varley.
Business Turnaround Methods by Andre Larabie.
Redesign to Turnaround Underperforming Small and Medium-Sized Businesses by Regis Quirin.
Corporate Turnaround, Managing Companies in Distress by Stuart Slatter and David Lovett.
Inside the walls of One of the Greatest Turnaround Stories of the 21st Century by J. Dough Pruitt and Richard Condit.
Business Turnaround Blueprint by Fred Herbert.
Credit Executive’s Guide to Corporate Restructuring by Elliot Fuhr and Dewy Imhoff.
How to Settle with the IRS for Pennies on The Dollar by Arnold Goldstein.
Turnaround, Saving a Troubled Business by Bob Papes.
Strategic Alternatives for Distressed Businesses by Jonathan Frieland.
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