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The restructuring market has developed dramatically since the recession of the early 1990s and the first edition of this book. Several factors have contributed to a trend for increasingly complex workouts, including the sophistication of financial products, the diverse nature of providers of debt and equity, and the willingness of financial institutions to see distress as an opportunity for profit, and not just a damage limitation exercise. As a result, the adviser community has developed imaginative solutions to assist those that have an exposure to businesses in distress. These tools have been created to maximise value in restructuring situations and the current market is providing ample opportunities for their use. This fully updated second edition, written by experts in the field, analyses these tools and the context in which they can be utilised. It explores the commercial agenda that dictates the use of technical procedures such as debt-for-equity swaps, pre-packaged administration sales and schemes of arrangement. The book also examines the specific ramifications for structured finance and real estate restructuring. The international nature of this area of practice is examined in detail. This book provides advisers and principals with the information they need to navigate their way through the challenges of the workout marketplace.