Distressed-debt deal values are growing at a pace close to double that in 2008, according to a report in the Wall Street Journal. Such deals occur when banks exchange debt for ownership in the companies, and according to the article, which cites Dealogic, are happening in all industries. One quote in the article: "The new cliché among restructuring professionals: Bankruptcy is the new M&A."

I recently spoke with a few investment bankers and private equity professionals focused on the distribution industry for the article M&A Market Shows Signs of Life in the latest issue of MDM. …