As a result of the global economic malaise that has paralyzed bank lending, companies throughout Asia are in desperate need of cash. Struggling companies are often willing to dispose of non-core assets and businesses at well-below fair value to raise liquidity.
When capital markets are functioning properly, we tend to focus more on defaulted borrowers, as the distressed debt market tends to be the most inefficient, providing the greatest bargains. When the global market is dysfunctional, any leveraged borrower is a potential counterparty.
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