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Invesco fund treads untested path as major investor in distressed debt

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When a unit of a Texas power giant filed for bankruptcy this year, investors did not go looking for bargains.

New York

WHEN a unit of a Texas power giant filed for bankruptcy this year, investors did not go looking for bargains. Because the company was saddled with US$40 billion in debt from a boom-era buyout in 2007, the virtual "buyer beware" tag on its leveraged loans kept even the most brazen

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