This category consists of investments in companies experiencing financial distress or whose credit is poor but expected to improve, including companies experiencing a liquidity crisis, defaulting on their debt obligations or filing for Chapter 11 bankruptcy protection. Investments typically are made in anticipation of a strengthening credit, a recapitalization, reorganization, liquidation or a repayment or refinancing. This category comprises mainly debt securities and instruments such as bonds, bank debt, trade or vendor claims, as well as other contractual and legal obligations such as defaulted swap claims or judgments. Our investments in reorganizing or restructuring companies generally anticipate a projected value in new debt securities or instruments, cash or equity at the conclusion of the restructuring process.