A special situation?

Distressed debt

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A week doesn't seem to go by without the unveiling of a new distressed debt fund or specialist situation group being set up in Asia. And for nearly every firm that is shutting up shop or losing personnel, a start-up is quickly announced - usually by the former head of the desk.

Edwin Wong, former head of special situations at Lehman Brothers in Hong Kong, has set up a new distressed debt hedge fund called SSG Advisory with $50 million. Lehman Brothers prop traders Paul Penkett and Stephen Cheng

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