I sometimes peruse Reddit's /r/SecurityAnalysis (link) to see what other people are discussing, and Distressed Debt Forums came up this morning. This lead me to the following:
Reddit's Distressed Debt subreddit (decent resources) link
They have some interesting articles in their sidebar and are just active enough to be worth subscribing to.
Motley Fool - How Distressed Debt Investing Works link
This article provides a brief overview, and some different use cases (i.e. vanilla distressed debt investing versus the benefits of distressed debt over equity as an entrance to turnaround investing).
Buyside Focus - How to Value Distressed Debt - the Practical Guide to Distressed Investing link
This article was linked in the subreddit, and claims to be written by someone in JPM Special Situations in 2008. He even includes an excel model in the body of the article, and provides a great hypothetical case study.
There were also a couple books which I saw mentioned in this post. They are:
Distressed Debt Analysis by Stephen Moyer (Amazon)
Leveraged Financial Markets by William Maxwell (Amazon)
Corporate Financial Distress and Bankruptcy by Edward Altman (Amazon)
Hopefully this is of some use and worth referring back to!
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