Distressed-debt deals in 2009 reach $84.4 billion: report
(Reuters) - The total value of distressed-debt deals, where creditors use their debt positions to take ownership of troubled companies, has touched $84.4 billion this year, the Wall Street Journal said, at a pace close to double that of 2008.
The newspaper, citing data compiled by data provider Dealogic, said 140 distressed-debt deals have been struck during 2009, compared with 102 for all of 2008.
It said the deals involved every sector of the U.S. economy from auto parts maker Delphi Corp to retailer Eddie Bauer and included corporate takeovers, covering several kinds of transactions related to bankruptcies, restructurings, recapitalizations or liquidations.
The total value of distressed-debt deals in 2008 was about $20 billion, according to the paper.
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