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Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition
by Edward I. Altman, Edith Hotchkiss
from Wiley
Customer Reviews:
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Avg. Customer Rating: 4.5 / 5.0 
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Excellent research & source book 
High quality data and right up to date (Autumn 2006). The book is helpfully divided into two parts ~ the first half explains many of the useful topics needed to understand restructured debt and corporate distress and the second half gives detailed advice on building or understanding typical models on default probablities and the risk return assessment of distressed debt together with practical examples of valuing distressed companies and their debt. It also includes summaries of the legal implications, but... more info
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More relevant than you think. 
Most people in the investing world don't read this book. But they should. It's a textbook so not something to breeze through at the beach. However, the techniques described in the book are very applicable to any company, not just those in disress or bankruptcy. In fact I did some work on EMC many years ago when they *appeared* to be growing rapidly but in reality they were getting into trouble. This was way back in the early 1990's when the stock collapsed from $78. Having shared my analysis with Wall... more info
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