Corporate Financial Distress and Bankruptcy

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Edward I. Altman

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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 - abibliography 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.