Wall of Stall

摘要

Over the past sixrnmonths, distressed-debtrninvestors have been wait-rning for a tidal wave of badrndebt to wash their way.rnBut the surge, which wasrnsupposed to have startedrnthis year and swell to $1 trillion in the next four years, has yet to appear. Its absence has left many firms that started distressed funds last year-including Alvarez & Marsal, Cerberus Capital Management, Citadel Investment Group, GLG Partners, Oak Hill Advisors and Sankaty Advisors-waiting like stranded surfers.