Distressed-credit trading at Wall Street banks has been a small, quiet corner of the market over the past decade. But everything's changed in the last two months amid the worldwide tumult from the coronavirus pandemic. Now, firms including J.Crew, JCPenney, Neiman Marcus, and Hertz have filed for bankruptcy, and massive funds like Oaktree and Pimco are raising billions to go bargain-shopping as corporations head toward fire-sales. Wall Street's distressed-debt desks vary in approach — some...
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