Fitch:Low recovery rts for U.S. second-lien debt in default scenarios | Reuters

Fitch:Low recovery rts for U.S. second-lien debt in default scenarios
| Reuters

Ten of the 33 second-lien facilities recovered 100% of par value, while 13 received distributions of less than 10% of par value. The seniority mix of debt and relative position of the second-lien debt within a capital structure significantly affected recovery rates and also influences the recovery prospects of existing second lien issuers that have speculative grade Issuer Default Ratings. 

My comment:

Funny I would have thought most second Liens would have either been settled or written off at this stage. Those with a second Liens wake up, if you have a little cash call the investor or who ever service's the loan and offer to settle, trust me they want out of those seconds just as much as you do.I have seen settlements as low as 3% of the loan balance, the norm seems to be around 10% pending your over head. Start low and haggle, its a bussiness transaction and treat it as such.

Good luck