{
  "docId": "019dd923-5ca1-7489-b633-dd0013a63889",
  "docSlug": "444c2570e8f0ee01",
  "documentTitle": "European Distressed Credit Watch List",
  "authorId": "AlvarezMarsal",
  "authorName": "Alvarez & Marsal",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.445,
  "pageNumber": 22,
  "pageCount": 42,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "case_study",
  "function": "illustrate_case",
  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "The slide provides a snapshot of a company in financial distress, detailing its business segments, debt restructuring situation, and key financial metrics.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "kpi_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5ca1-7489-b633-dd0013a63889/22",
  "deckHref": "/decks/019dd923-5ca1-7489-b633-dd0013a63889",
  "deckJsonHref": "/decks/019dd923-5ca1-7489-b633-dd0013a63889.json",
  "deckAnchorHref": "/decks/019dd923-5ca1-7489-b633-dd0013a63889#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Jun 16 - Dryships defaulted on its debt and is in discussions with lenders about a restructuring",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd951-a674-768f-a07b-ab1996243deb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Debt / EBITDA: 1.2x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd951-a674-768f-a07b-ae18fd789d9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.42,
        "x": 0.07,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes, and offshore deepwater drilling services. The company operates through the Drybulk, Tanker, and Drilling segments.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "608963af-4fec-4927-ba05-56f9ac22c56c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.52,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Feb 16 - The company announced that it is in discussions with its lenders to restructure its debts... Mar 16 - Dryships announced that it had not made the final balloon installments... Jun 16 - Dryships defaulted on its debt.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "820d204a-5214-4d8d-a552-86bee4978762",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.29,
        "x": 0.07,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Debtwire, Company website",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9042839-fbfc-40f3-b967-96b9211effee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.07,
        "y": 0.52
      },
      "kind": "table",
      "text": "Capital Structure (EUR m) table including Debt, Out, Maturity, Rate, Seniority, Total Debt, Cash, Net Debt, Net Debt/EBITDA, Debt/EBITDA",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "586a7900-bbe7-4890-a4a8-4137eaca8ab9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.52,
        "y": 0.52
      },
      "kind": "table",
      "text": "Financial Summary (EUR m) table including Total Revenue, % Growth, EBITDA, % Margin, Net Income, EBITDA/Interest, (EBITDA-CapEx)/Interest",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "efb233ff-75e8-4efa-995f-9f3f675e53fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.44,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "E. TRANSPORTATION – DRYSHIPS INC.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e1b8fec-8af5-43cd-a4c1-70f327e8e94a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [
    {
      "metricRaw": "Net Debt / EBITDA",
      "numberRaw": "1.2x",
      "numberKind": "multiplier",
      "actionTitle": null,
      "calloutText": "Jun 16 - Dryships defaulted on its debt and is in discussions with lenders about a restructuring",
      "numberScale": null,
      "numberValue": 1.2,
      "metricFamily": "margin_return",
      "numberCurrency": null
    }
  ],
  "tools": [
    {
      "name": "Annotation",
      "slug": "annotation",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a962-3e64ffd19bcc",
      "evidence": "Situation Overview annotates timeline: Feb-16, Mar-16, Jun-16 default.",
      "confidence": 65
    },
    {
      "name": "Gestalt Principles",
      "slug": "gestalt-principles",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a962-317b7b54c606",
      "evidence": "Same 4-quadrant template; verified via image.",
      "confidence": 85
    },
    {
      "name": "Law of Proximity",
      "slug": "law-of-proximity",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a962-35d6bfc4b15e",
      "evidence": "Capital structure rows tightly grouped in lower-left quadrant.",
      "confidence": 80
    },
    {
      "name": "Visual Hierarchy",
      "slug": "visual-hierarchy",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a962-396631a77070",
      "evidence": "Navy header bars dominate each quadrant per image.",
      "confidence": 78
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 39,
      "from": 17,
      "beatId": "019dd95a-0682-776c-8e36-7d201575a6df",
      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Core Insight",
      "beatSlug": "onion-core-insight",
      "evidence": "23 issuer-level case studies on a uniform 4-quadrant template.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    },
    {
      "to": 39,
      "from": 17,
      "beatId": "019dd95a-0682-776c-8e36-92975c768eca",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Per-issuer dossiers with capital structure and situation.",
      "position": 4,
      "confidence": 55,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 39,
      "from": 16,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019dd95a-07fe-70ce-8d3f-26e0d0a94f1a",
      "evidence": "Aggregate table (p16) followed by 23 same-template issuer cases reads as Evidence A, B, C → pattern.",
      "position": 3,
      "objective": "Stack 24 distressed-credit dossiers as cumulative evidence for the watch-list thesis.",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 84,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}