Michel Lowy co-founded the Hong Kong-based firm SC Lowy in 2009, having spent the earlier part of his career at Deutsche Bank. He is the chief executive officer at a firm that invests in so-called ‘distressed debt’ — bonds issued by companies that have fallen into severe financial difficulty. The company also provides other forms of lending, known as "alternative credit," to mid-sized companies, primarily in Asia and Europe. In this lightly edited interview, we began by discussing the prob