Disclaimer xi
Foreword xiii
Acknowledgments xv
About the Author xxi
About the Editor xxiii
Preface: My Story xxv
Introduction: Structure of the Book xxxi
Part One Building Blocks of the Leveraged Credit Markets 1
Chapter 1 Description and History of the Leveraged Finance Markets 3
Chapter 2 Credit Cycles 13
Chapter 3 A Primer on Leveraged Credit Trading Terminology 29
Chapter 4 A Primer on Leveraged Buyouts (LBOs) 39
Part Two The Seven- Step Process of Evaluating a Debt Investment 49
Chapter 5 Step 1 of the Credit Analysis Process: Sources and Uses 51
Chapter 6 Step 2 of the Credit Analysis Process: Qualitative Analysis 57
Chapter 7 Step 3(a) of the Credit Analysis Process: Financial Statement Analysis— Profitability 75
Chapter 8 Step 3(b) of the Credit Analysis Process: Financial Statement Analysis—Cash Flow and Liquidity 103
Chapter 9 Step 3(c) of the Credit Analysis Process: Financial Statement Analysis— Capital Structure 121
Chapter 10 Step 4 of the Credit Analysis Process: Forecasting 147
Chapter 11 Step 5 of the Credit Analysis Process: Corporate Valuation 171
Chapter 12 Step 6 of the Credit Analysis Process: Structuring and Documentation 189
Chapter 13 Step 7 of the Credit Analysis Process: Preparing an Investment Recommendation and Credit Committee Memo 203
Part Three Distressed Debt Investing 265
Chapter 14 Introduction to Distressed Debt Investing 267
Chapter 15 Bankruptcy 101 271
Chapter 16 Bankruptcy Fights 283
Chapter 17 How Subordination Works in Bankruptcy 301
Chapter 18 Liability Management and Creditor- on- Creditor Violence 317
Chapter 19 Making Money in Distressed Situations 329
Closing Comment
Chapter 20 My Closing Comment 365
Appendix Appendix The Quinn Case Study 369
Index 375
