How to prep for distressed debt/special sits internship?

Wassup everyone, I landed an internship at a decent sized buy-side shop that does distressed debt/special situations investing as well as some direct lending. How can I best prepare for this? Books? Other resources? Any advice would be greatly appreciated, as I would love to learn more about this area before I get started. 

 
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Many congratulations on landing your internship. Sounds like it is going to be an interesting experience, and I am sure, given the economic backdrop, you will be busy. 

If you don't have it already, I would buy a fairly recent book by Roberto Ippolito called Private Capital Investing. I would focus on Chapter 2 (Debt Products), Chapter 11 (Private Debt), Chapter 12 (Legal Documentation) and Chapter 13 (Distress Symptoms and Remedies). The middle of the book also has useful sections on due diligence and valuation

Another amazing resource is a book by Howard Marks called The Most Important Thing. This books has perhaps less actionable information, but absolutely unique perspective on what matters in investing. This is the most highlighted book I own. 

I would also watch any YouTube videos you can find (there are very few) of Seth Klarman talking about any topic.

Good luck!

 

Thank you for your kind words. 

I would definitely recommend Private Capital Investing for anything private debt-related, as - in my mind - this is the only book that properly addresses hybrid debt situations. I also like Applied M&A by Bruner. Even though the title says M&A, I actually find that there is plenty of useful material for principal investors. In terms of pure private equity books, the most complete and useful in my mind is International Private Equity by Talmor and Vasvari. For industry analysis, I would seek a 1990's edition of Competitive Advantage by Porter, it is unbelievably good. Contemporary Strategy Analysis by Grant is a nice update to Porter. 

Good luck!

 

Moyers distressed debt analysis

corporate turnaround artistry 

Petition 11 (blog)

get a debt wire trial and download as much as possible, they have a podcast too

find freebie preqin reports 

Get the Turnaround Management Association books on legal principles and turnaround management. More so legal principles 

Petition 11 and a Debtwire sub are probably your best bet. To get the debtwire sub trial make up a fake corporate email via google domains and gmail. $10 for a 4 week trial that way..

 

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