The Special Opportunities team seeks to allocate capital to distressed securities and special situations in the global high yield debt universe. This universe includes all levels of corporate debt and equity including bank loans, senior secured debt, senior unsecured debt and subordinated debt, convertible bonds, bridge loans, debtor-in-possession financing and mezzanine debt. Investment opportunities are identified using a diversified and highly disciplined investment approach that includes intensive credit analysis and on-going due diligence.

Intensive credit analysis includes fundamental and quantitative review of industry trends in pricing, supply and demand, competitive conditions and analysis of all the key factors driving the historical and future-projected operating performance of the company. All components of the capital structure are evaluated, including an intensive review of covenants, redemption provisions and other relevant provisions in order to evaluate the various levels of debt, from the senior most debt to the most subordinated securities. This process may include discussions with management, a comprehensive review of the balance sheet and financial statements, as well as a review of the industry trends in pricing, supply and demand, and competitive conditions.

In addition, an analysis of key factors driving the company's historical and future-projected operating performance is conducted. Regulatory, legal, accounting rules, political and economic conditions unique to a specific industry are also analyzed. Once an investment decision is made, positions are monitored on an ongoing basis through oversight of news, financial analysis and general research.