Distressed managers to feel the pinch as deals dry up after stellar 2003

Distressed debt

Distressed is no longer the land of opportunities it was last year and is set to become an increasingly difficult strategy to operate, according to managers in the strategy.

It is overcrowded with buyers, with opportunities lacking and decreasing, say managers.

But the situation could improve for dedicated players towards year's end and into 2005 as opportunist managers who entered distressed to capitalise on 2003 fail or move to other strategies.

Pure distressed is a rare thing right now,

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