A special situation?
The ongoing credit crisis is prompting distressed debt investors and private equity specialists to plough into Asia. But experts say it is more difficult than ever to assess whether such assets will turn out to be worthwhile purchases. William Rhode reports
A week doesn't seem to go by without the unveiling of a new distressed debt fund or specialist situation group being set up in Asia. And for nearly every firm that is shutting up shop or losing personnel, a start-up is quickly announced - usually by the former head of the desk.
Edwin Wong, former head of special situations at Lehman Brothers in Hong Kong, has set up a new distressed debt hedge fund called SSG Advisory with $50 million. Lehman Brothers prop traders Paul Penkett and Stephen Cheng
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