"At that point, we were out of time and we were in a distressed situation," Mr. Garrick said.

They continued: "This agreement we cheerfully come into, as we believe the very distressed situation of our country requires it."

Thank Heaven, I remained but a short time in this distressed situation.

Analysts' reports reveal the firm maintains a focus on transitional, distressed and complex situations in the middle market.

In 1586, Oxford petitioned the queen for an annuity to relieve his distressed financial situation.

On board the Jane Guy we were treated with all the kindness our distressed situation demanded.

Bankers say that when financial institutions wind up in distressed situations like this one, they are usually eager to sell and move on.

"I was looking for a real distressed situation," he said.

If we can buy very high-quality businesses or distressed situations very cheaply, that's what we're going to do.

Shareholders can extend the loan in distressed or near-default situations to save the company.