Take the stress out of the distressed M&A process! These days, opportunities in distressed mergers and acquisitions abound-and the trend will continue into the foreseeable future. If you're in the business of M&A, this book is what you need to make confident decisions that will pay off handsomely in the end. Distressed mergers and acquisitions-encompassing a wide array of transactions related to bankruptcies, restructurings, recapitalizations, and liquidations-involve seemingly innumerable issues typically not present in more traditional M&A of going concerns. The Art of Distressed M&A answers every question and addresses every challenge of the process. Whether it's describing the unique fiduciary duties a board of directors faces when contemplating a distressed sale, or the valuation of a business in financial distress, or the legal framework a bankruptcy court will apply toward valuation during a Chapter 11 proceeding, this book will help you make the right decisions the first time around. TABLE OF CONTENTS Preface and Acknowledgments Section I: The Big Picture Chapter 1: Why Do Businesses Fail? Chapter 2: Alternatives for the Distressed Business Chapter 3: Trends in Distressed M&A and Investing Section II: The Bankruptcy Players Chapter 4: A Debtor & Creditor Overview Chapter 5: Secured Creditors Chapter 6: Unsecured Creditors Chapter 7: Advisors & Other Parties Section III: Avoiding Common Pitfalls Chapter 8: Accounting for Workouts: TDRs, Extinguishments, and Modifications Chapter 9: Accounting for Bankruptcy: NOLs and Fresh Start Reporting Chapter 10: Mitigating Legal Risks in Distressed M&A Section IV: Deal Structures That Work Chapter 11: Principles of Distressed Company Valuation Chapter 12: The Plan of Reorganization Chapter 13: 363 Sales and Loan-to-Own Transactions Chapter 14: Financing and Refinancing Considerations Conclusion