After a stellar year in 2003, distressed investors found life tough in 2004. But the smartest investors still found a way to make money. Record low defaults, a mass of new money and the subsequent rising prices forced buyers to look to Europe, middle-market companies, power projects and more obscure parts of the capital structure. Regardless of the industry, the very best trades this year involved creditors playing a proactive role in the restructuring and taking equity in the reorganized companies. Timing and luck though also played critical roles in turning a 50% return into a 500% return. For the best distressed trades of the year, click on the link below.
>> Year In Review - Quotes Of The Year
>> Year In Review - On The Move: The Comings & Goings In The Loan Market