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Predict, Avoid, Manage—and Even Profit From—bankruptcy With This New Second Edition Of The First Definitive Guide This New Edition Of The Premier Business Failure, Insolvency, Default, And Bankruptcy Guide Provides Financial Professionals Of Every Stripe With A Master Reference To The Latest Banking, Credit, Investment, Legal, Financial, And Management Thought And Practice. To Help Readers Combat Corporate Distress In The ’90s And Beyond, Distinguished Author Edward I. Altman Includes Coverage Of... Unique Statistical Tools—author-developed Techniques For Assessing Firms’ Distress Potential, Measuring Debt Price Movements, Benchmarking Debt Investor And Market Performance, Establishing The Present Value Of Loans, And So Much More. Junk Bonds—altman Revisits This Market To Provide An In-depth Analysis Of The Role And Risk-return Trade-offs Of This Controversial Source Of Finance Emerging Trends—complete Explorations Of Debtor-in-possession Lending, Prepackaged Bankruptcy, And The Epidemic Of Fraudulent Conveyance Suits Resulting From Ill-conceived Restructurings An Evaluation Of The Chapter 11 Process, Now Under Public Scrutiny And Criticism Bankruptcy Reorganization Case Histories—real-world Data To Help Readers Carry Out Debtor Valuation Analyses And Restructurings, Featuring Duplan Corporation And Wheeling Pittsburgh Steel Corporation With This Wealth Of Authoritative Information And Practical Guidelines, Bankruptcy Creditors, Debtors, Investors, And Third Party Professionals Will Have Everything They Need To Predict, Avoid, Manage, And Profit From Corporate Distress. Corporate Financial Distress And Bankruptcy Is An Excellent Analysis Of An Increasingly Important Topic. Professor Altman Is The Premier Scholar In This Area, And This Book Is A Fitting Reflection Of That Scholarship. —ben Branch, Trustee Bank Of New England Corporation Professor Of Finance, University Of Massachusetts Corporate Financial Distress And Bankruptcy Is An Indispensable Resource For All Who Are Interested In Bankruptcy. Ed Altman Has Collected, In A Single Volume, The History, Legislative Facts, Statistics And Analytic Methods That I Search For Time And Time Again. This Book Is Outstandingly Comprehensive And Up-to-date. —martin S. Fridson, Managing Director Securities Research And Economics, High Yield Research Group Merrill Lynch The number of billion-dollar-plus firms filing for bankruptcy in the 1981 to 1983 recession was seven. Thirty-three filed from 1988 to 1992! Predicting, avoiding, managing, and profiting from corporate distress has never been bigger business. Leading international authority Edward I. Altman's Second Edition of Corporate Financial Distress and Bankruptcy describes a vast range of tools and techniques for anticipating financial crisis ... managing turnarounds ... and dealing with the complex legal, accounting, and investment consequences of bankruptcy. You'll find updated information on distressed firm investing - a unique, author-developed index that measures defaulted debt price movements and benchmarks market and investor performance; distress assessment - a range of robust and practical statistical models for classifying and assessing the distress potential of firms; credit assessment - a powerful statistical framework for bank loan valuation that establishes criteria for loan or investment loss reserves and even gives pricing guidelines for the commercial loan provider; present value assessment - an innovative technique for deriving the present value of loans that enables banks to keep up with accounting standards that require assets and liabilities to be marked at market or "fair" values; turnaround techniques - how to apply this book's failure prediction models to help corporations return to financial health, including an illustrative case history featuring the GTI Corporation; literature review - throughout the book, the author evaluates the latest scholarly investigations into theoretical, empirical, and normative issues surrounding distressed firms; and international dimension - a bibliography of failure prediction models applied outside the U.S. with a large number of industrialized and even third-world economy examples. If the bankruptcy business is booming - and a record number of defaults in 1991 suggests it surely is - then this new edition of Corporate Financial Distress and Bankruptcy is the best business news for quite some time A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more. Edward I. Altman (New York, NY) is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He received his MBA and PhD in finance from the University of California, Los Angeles. Edith Hotchkiss (Chester Hill, MA) is Associate Professor of Finance at Boston College. She received her PhD from the Stern School of Business and her BA from Dartmouth College.