Distressed debt hedge funds took control of many companies that filed for bankruptcy during the credit crisis in 2009. They are now seeking the traditional avenues for their exit such as an IPO or selling the business. They include Cooper Standard (Silver Point Capital and Oak Hill Advisors), Delphi Corporation (Silver Point Capital and Elliott Management), Dura Automotive (Patriarch Partners) and Lear Corporation (Goldman Sachs) in the auto sector. In the media sector, companies include Vertis Holdings (GE and Avenue Capital), Source Interlink (JP Morgan Chase) and Charter Communications (Apollo Management). While in bankruptcy re-organization, the companies managed to close unprofitable divisions, reduce expenses and resolve issues with unions.
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