At Third Avenue’s 17th Annual Value Conference, Third Avenue’s Credit team presented some of the very unique work they are doing in the event driven space, particularly within distressed credit and restructurings. The team walked us through their participation in the restructuring of five different companies in different countries and sectors: Ideal Standard, Codere, Energy Future Holdings, Momentive Performance Materials and 21st Century Oncology.
On Third Avenue’s value approach to credit investing, Lead Portfolio Manager of the Third Avenue Focused Credit Fund, Tom Lapointe commented: “On the Equity side of Third Avenue’s business, we focus on what we believe are good companies, undervalued with little debt, and the fulcrum security here is the equity. On the Credit side at Third Avenue, we are looking to invest with good companies with bad balance sheets, and where we have the opportunity to participate in their restructuring process.”
