In order to monitor the performance of defaulted debt securities, a measure called the Altman-NYU Salomon Center Index of Defaulted Debt Securities (A-NYU Index) was developed. 4 The Index is comprised of the publicly traded bonds of companies which have defaulted on their interest and/or principal payments. In almost all cases, the companies are operating at various stages of the Chapter 11 bankruptcy-reorganization process - from just after default up to when the bankrupt firm either emerges from Chapter 11, is liquidated, or until the default is "cured" or resolved through an exchange. The index includes issues of all seniorities, from senior-secured to junior-unsecured debt
