Distressed Credit 2020 | CFA Institute | 13 February 2020 | CFA Society of New York, 1540 Broadway #1010, New York, NY 10036, USA

Investors are facing off in the midst of the longest bull market in history. Accommodative monetary policy and an unprecedented period of easy money has led to companies taking on record levels of debt. Times like these leave distressed credit investors eager for what is to come.

As the economic cycle progresses, the next recession draws inevitably closer. The next downturn in the credit cycle will open the door for distressed investors to do what they do best, find opportunity in that trouble.

The fortunes for distressed credit and restructuring funds are generally counter-cyclical to the broader economy. Onset of economic weakness or some other igniter creates increased investment opportunities.

Adverse conditions can create a favorable set of opportunities for distressed investors, with bargain prices for attractive assets after a market dislocation.

Learning Outcomes:
• Understand how investors extract rewarding opportunities from circumstances of turmoil, distress, or turnaround situations.
• Learn the fundamental methods that underpin distressed debt. Discover common characteristics and approaches of some of the most successful investors in the distressed debt arena.
• Appreciate bankruptcy and restructuring dynamics used by distressed investors to turn troubled companies into attractive assets

Michael A. Addeo, CFA
Principal and Head of Restructuring, GSO Capital Partners

Robert Koenigsberger
Founder, Chief Investment Officer and the Managing Partner, Gramercy