Investors in distressed companies may find more opportunities in 2015. The number of covenant-lite or pure cash-flow loans are likely building the supply of distressed debt, says Tom Kim of Denver restructuring firm R2 LLC. A potential increase in interest rates would also increase the amount of distressed companies. Kim expects retail, health care and crude oil companies to be at risk.

Strategic Value Partners LLC, an investment firm that focuses on the distressed space, closed a $1.31 billion fund on Dec. 10 that will focus on distressed investments, especially in Europe. 

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