2021's Top Distressed-Asset Trades Show How Much Market Has Changed – Bloomberg

To get ahead this year, distressed investors found themselves looking at increasingly unusual opportunities for returns, a trend that’s set to continue in 2022. 
Many of the juiciest opportunities this year illustrated how the distressed debt business is evolving: Supply chain crises plunged new companies into chaos but also helped Hertz Global Holdings Inc. redefine bankruptcy success. Retail stock investors essentially tore up the playbook for trading troubled companies like AMC Entertainment Holdings Inc. Late this year, panic in China’s property market sucked U.S. funds into unexplored territory.