Distressed Total Return

PENN seeks to identify “special situation credit.” We look for undervalued, mispriced securities of companies with improving fundamentals and credit metrics. In most cases these securities are trading at stressed or distressed levels and offer significant total return potential. In many cases, these companies are current on interest payments. In other cases, the opportunity may involve a defaulted security that offers strong value on a post-restructuring basis.

Unlike other distressed credit strategies, PENN will maintain “non-control” status in order to maintain liquidity and have an opportunity to exit when relative value no longer exists.