Major declines in asset values and unprecedented de-leveraging will cause a massive inflow of debt onto the global market. During the 1991–1994 market shakeout, savvy investors achieved outstanding returns from their purchase of distressed debt, including the bulk purchase of loans out of Resolution Trust Corporation (RTC) portfolios. Once again we find the market presenting extraordinary opportunities. This panel discusses the current state of commercial real estate debt. In particular, the panel reviews the main players actively engaged in doing deals, the types of deals that are being made in the distressed debt arena, and the most effective strategies for making investments in such debt.