Mudrick Draws Up List of 100 Beaten-Down Distressed-Debt Targets

As an investor in troubled companies, Jason Mudrick is accustomed to assuming the worst -- recessions, debt defaults, bankruptcies. The coronavirus pandemic has redefined his sense of dismal.

“Never in my career have I looked at an income statement and plugged a zero into the revenue line,” Mudrick said in an interview.

That’s the grim reality for dozens of companies shuttered by government fiat or shunned by people afraid of getting ill. Mudrick, 45, and his colleagues at Mudrick Capital Management in New York have scoured the credit markets and drawn up a list of more than 100 borrowers likely ...