Counterparty risk is an inevitable component of any financial transaction. Organizations faced with a financially distressed debtor are wise to have defenses in place before issues arise. With proper protection in place, those organizations also have the opportunity to capitalize on the distress of the debtor. Arm yourself with the weapons that your organization will need to protect itself when dealing with an insolvent or bankrupt corporate group, as well as deal protection measures to consider when managing distressed merger and acquisition transactions in an international context.