Sentences with phrase «fare in a reorganization»
To us, credit analysis is not so much a process of measuring the probabilities of whether money defaults will or will not occur, but rather measuring how the creditor will fare in a reorganization or liquidation if a money default does occur.
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TAVF restricts its investments in credit instruments to issues containing strong protective covenants; where the prospects of a money default are remote, where the Fund would fare at least okay in the subsequent reorganization in the event of a money default; and where the cash return appears to be at least 500 basis points better than can otherwise be obtained from a credit of comparable quality.