The past year and a half was many things, but not business as usual. In a matter of weeks, distressed debt skyrocketed to levels not seen since 2008, rewarding those who were prepared. But while strategies in distressed and special situations offer outsized returns, they also require a unique skillset and experience. What changes and pitfalls are expected as ample liquidity and low-interest rates return to pre-COVID levels? Will a return to normal coincide with a significant uptick in defaults?