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Title:Distressed debt in Germany: What's next? Possible innovative exit strategies PDF Logo
Authors:Dickler, Robert A.
Schalast, Christoph
Issue Date:2006
Series/Report no.:Working paper series // HfB - Business School of Finance & Management 73
Abstract:During the past two years, private equity funds have acquired substantial portfolios of nonperforming loans from banks in Germany. Typically a private equity investor does not commit funds unless exit strategies are clearly defined. The usual exit strategies for distressed debt investors are fix it (restructuring and turnaround), sell it (sale of debt or equity), or shut it down (liquidation). A new alternative exit strategy for NPL investors considered here is the transfer of credit recovery risk.
Subjects:Focus
diversification
specialization
monitoring
bank returns
bank risk
Non Performing Loans
Distressed debt investing
Synthetic securitization
Collateralized debt obligations
Credit risk transfer
Credit derivatives
Credit default swaps
Credit recovery swaps
Credit portfolio management
Credit portfolio risk
Credit portfolio returns
Efficiency of credit risk portfolio allocations
Learning effects
JEL:G22
G28
G32
Persistent Identifier of the first edition:urn:nbn:de:101:1-2008082793
Document Type:Working Paper
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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