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Europe Strategy
Overview
The Avenue Europe Strategy invests in the distressed debt and undervalued securities of European companies. In addition, the Avenue Europe Strategy seeks to create investments in the securities of both public and private European companies.
The Avenue Europe Strategy generally focuses on:
- Companies in financial distress or undergoing a turnaround
- Companies in bankruptcy, reorganization or liquidation
- Companies that are undervalued because of discrete extraordinary events
As of June 30, 2010, the firm's assets under management allocated to the Avenue Europe Strategy were estimated to be approximately $3.3 billion.
Approach
Avenue's experienced investment team generally seeks "good companies with bad balance sheets" - firms with sustainable businesses and positive cash flow but whose financial outlook has become uncertain due to endogenous or exogenous factors. The firm will typically make a non-controlling investment in the troubled business. The firm's investment professionals generally focus on pre-investment research and analysis rather than post-investment operating issues.
The strategy generally targets:
- Maximizing risk-adjusted returns through senior debt
- Creating investments at low valuations
- Purchasing securities denominated in benchmark currencies
- Pursuing non-control investments
Senior Management Team
The Avenue Europe Strategy is managed by a team of senior investment professionals who have spent virtually their entire careers in the distressed debt and securities markets. In addition, numerous investment professionals support the senior investment team.The senior management team includes:
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