CONTRARIAN CAPITAL MANAGEMENT LLC

Thesis

Contrarian Capital Management LLC, founded in 1995 and based in Greenwich, Connecticut, is an investment firm specializing in distressed securities and complex claims across global markets. Their core strategy involves identifying undervalued, often underfollowed or misunderstood, 'off-the-run' opportunities with high barriers to entry. They provide capital solutions to companies in financial distress or bankruptcy proceedings, employing a rigorous in-house research process that combines bottom-up company analysis with market and legal context. The firm maintains a long-term view, prioritizes downside protection, and focuses on quality over quantity. Their investment universe includes corporate debt, real estate, non-U.S. securities, high-yield securities, senior secured obligations, trade claims, and equities. They operate across the United States, Western Europe, and emerging markets, with a specific focus on distressed real estate acquisitions, developments, and private funds. Contrarian Capital Management is known for its disciplined approach, avoiding leverage and maintaining capital through portfolio diversity and conservative valuation. While primarily focused on distressed debt, their strategy is multi-faceted, encompassing special situations, corporate events, and other undervalued assets. They manage approximately $4.6 billion to over $5 billion in regulatory AUM, with 14 private funds holding $4.1 billion in gross assets. The firm does not identify as an active ESG investor.