Exploring strategies for distressed debt market in the upcoming year, including stress investing opportunities, debt costs impact on liquidity, upcoming maturities, and potential central bank influences. Detailed case study of Ideal Standard's bond challenges, highlighting value considerations and successful sale to Villaroy and Poch. Insights into liability management dynamics, debt-to-equity swaps, and lessons learned in restructuring situations, emphasizing clarity, creditor understanding, and strategic planning.