Distressed companies can be attractive acquisition targets, as their values often reflect the difficulties they face. It is not hard to imagine that the circumstances surrounding COVID-19 will lead to 1. an unprecedented wave of distressed mergers and acquisitions transactions and 2. a meaningful shift of relative bargaining power to favor buyers (in contrast to the last 10+ years where sellers have generally enjoyed a stronger negotiating position). A distressed environment impacts both the way in which deals get done and the considerations that influence the execution of transactions.