Terms of Use

This web site is offered to you in English, Japanese and Korean.  For legal purposes, the text in English is to be given priority of interpretation.

By accessing this web site, you confirm your agreement with and understanding of the following conditions of use without limitation or qualification. Please read these conditions carefully before using this web site. This web site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Your use of this web site constitutes your agreement to all such terms, conditions, and notices. GoldenTree Asset Management LP ("GoldenTree") reserves the right to, and may at any time, change the terms, conditions and notices under which this web site is offered. You are bound by any such revisions and should therefore periodically visit this page to review the then current terms and conditions to which you are bound. References to GoldenTree shall be deemed to include GoldenTree Asset Management LP and any of its affiliated entities. The contents herein may not be copied, quoted or referenced without GoldenTree’s permission.

Assets Under Management

Total assets, with respect to the structured product portfolios, such as CLOs, include the effects of leverage and available capital to invest. With respect to managed funds and accounts that have “private equity” type terms, assets under management include investors’ committed capital until such time as the applicable investment period has terminated.

No Offer of Securities

The material on this web site does not constitute an offer to sell, or the solicitation of an offer to buy, advisory services or any securities or any interests in investment funds managed by GoldenTree. Offerings of securities are made only by prospectus or private offering memoranda by persons who are registered, or not required to be registered as broker-dealers or agents in the particular jurisdiction. Such offerings are made, and such investment advisory services are offered, only to persons who are "accredited investors" as defined in Rule 501(a) under the Securities Act of 1933, as amended. Responses to any inquiry which may involve rendering of personalized investment advice for compensation effecting or attempting to effect transactions in securities will not be made absent compliance with state broker-dealer, investment advisor, broker-dealer agent or investment advisor representative registration requirements, or applicable exemptions or exclusions from such requirements. This web site is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. GoldenTree makes no representations or warranties that the content of this web site is applicable or appropriate for use in locations outside of the United States of America.

Limitation of Liability

While GoldenTree uses reasonable efforts to include accurate and up to date information on this web site, errors or omissions sometimes occur. All information and content on this web site is furnished "as is" and GoldenTree makes no warranties or representations as to the accuracy of this web site, and makes no other warranty of any kind, implied or expressed. Under no circumstances shall GoldenTree nor any party or person involved in creating, producing, or delivering the web site be liable for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the inability to use, the materials on this web site, even if a GoldenTree authorized representative has been advised of the possibility of such damages.

GoldenTree also assumes no responsibility, and shall not be liable for, any damages to, or viruses that may infect, your computer equipment or other property on account of your access to, use of, or browsing in the web site or your downloading of any materials, data, text, images, video, or audio from this web site.

Performance Data

Any performance data quoted on this web site represents past performance and is no guarantee of future results. The value of an investment may fall as well as rise. Investor principal is not guaranteed, and investors may not receive the full amount of their principal at the time of redemption if asset values have fallen. Investors should understand that performance results will be reduced by investment advisory fees and other expenses which may be incurred in connection with the account.

GoldenTree defines a distressed asset as an investment in the debt or equity of an issuer that, for reasons that may include operational, financial or market-related stress, has seen its value decline to a level that in its analysis was materially below the fundamental value of the asset. For debt investments this typically includes securities trading at 75 cents on the dollar or below.

A structured product is a securitization of financial debt instruments ranging from high yield bank loans, student loans, commercial real estate, residential mortgages, auto loans, credit card receivables, trust preferred notes, emerging market debt.

Account Access

If you or any of your employees or agents access or use this web site for account access, you acknowledge and agree that such ELECTRONIC SERVICE IS BEING MADE AVAILABLE TO YOU OR SUCH OTHER PERSON WITHOUT ANY WARRANTY WHATSOEVER, EITHER EXPRESS OR IMPLIED, and you agree that any such access or use will be solely at your own risk, and GoldenTree will have no liability whatsoever relating to or arising out of any such access or use or any inaccuracies, errors, delays, omissions or other problems or failures of any such electronic service. Moreover, you agree that if you or any of your employees or agents are given any digital certificate(s), user name(s), and/or password(s) which may be required to access or use any electronic services (collectively, "User Codes"), (a) you shall take all necessary actions to preserve the confidentiality of such User Codes; (b) you shall restrict access to the User Codes to those persons who are duly authorized to act on your behalf; (c) you shall notify GoldenTree immediately in the event any such User Code is lost, stolen, or the confidentiality of any such User Code has been compromised in any way or the authority of any person to act on your behalf has been revoked or limited; and (d) you are responsible for and will be bound by all statements made and instructions, assents and consents communicated under any such User Code, to the same extent that the same was under your duly signed writing.

Restrictions on Use of Materials and Trademarks

GoldenTree owns and maintains this web site. Nothing contained within this web site shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any image, trademark, logo or service mark contained within the web site. No act of downloading or otherwise copying from this web site will transfer title to any software or material contained within this web site to you. Anything that you transmit to this web site becomes the property of GoldenTree, may be used by GoldenTree for any lawful purpose, and is further subject to disclosure as deemed appropriate by GoldenTree, including to any legal or regulatory authority to which GoldenTree is subject. GoldenTree reserves all rights with respect to copyright and trademark ownership of all material contained within this web site, and will enforce such rights to the full extent of the law. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products, or services obtained from this site without GoldenTree's written permission.

Images displayed on this web site are either the property of, or used with permission by, GoldenTree. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted herein. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.

Material to be Consulted in its Entirety

All materials contained within this web site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.


The information on this website is issued in the United Kingdom by GoldenTree Asset Management UK LLP (“we”, “us” and “our”). GoldenTree Asset Management UK LLP is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). The funds whose details are featured on the website (the “Funds”) are unregulated collective investment schemes for the purposes of the UK Financial Services and Markets Act 2000 (“FSMA”). This website may make reference to a number of other GoldenTree entities, including Golden Tree Asset Management, L.P (“Other Entities”). Activities carried on by, and the services provided by, Other Entities are not authorised or regulated by the FCA.

Some or all of the information on this website may be a financial promotion for the purposes of the Handbook of Rules and Guidance issued by the FCA (the “FCA Rules”). Where such information relates to one or more Funds, it is exempt from the restriction in section 238(1) of the FSMA on the communication of an invitation or inducement to participate in a collective investment scheme, on the basis that this document is issued by us only to and/or is directed by us only at persons who are categorised as either professional clients or eligible counterparties (within the meaning of the FCA Rules) in respect of interests in the relevant Fund(s). The investments and investment services to which the information on this website relates are not available to other persons and such other persons should, therefore, not act or rely on it. In particular, any investment or service to which the information on this website may related is not intended for retail clients and will not be made available to retail clients.

Investments in hedge funds such as the Funds are speculative and involve a high degree of risk. Investors could lose their entire investment. We neither provide investment advice to, nor receive and transmit orders from, investors in any Fund, nor do we carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules. It is the responsibility of all persons under whose control or into whose possession the materials on this website come, to inform themselves about and to ensure observance of all applicable provisions of the FSMA in respect of anything done in relation to the Funds referenced herein, from or otherwise involving the United Kingdom.

For EEA Residents

In relation to member states of the European Economic Area (“EEA”) that have implemented the EU Directive on Alternative Investment Fund Managers (Directive (2011/61/EU)) (“AIFMD”), interests in the funds whose details appear on this website will only be offered or sold to investors in any such member state to the extent that the relevant fund: (i) is permitted to be marketed into the relevant member state pursuant to Article 42 of the AIFMD (as implemented into applicable local law); or (ii) where any marketing, offer and sale of interests of the fund occurs exclusively at the initiative of the relevant investor.

Commitment to the UK Stewardship Code

Under the Financial Conduct Authority’s (“FCA”) Conduct of Business Rules 2.2.3R, GoldenTree Asset Management UK LLP is required to make a public disclosure on its website in relation to the nature of its commitment to the Financial Reporting Council’s (“FRC”) Stewardship Code.

The Code was first published by the FRC in July 2010 and was updated in September 2012. Subsequently, the FRC published the new UK Stewardship Code 2020 (“2020 Code”), which took effect from 1 January 2020, and consists of 12 Principles for asset managers and asset owners, and six Principles for service providers.

The Code applies on a ‘comply or explain’ basis and is voluntary, aiming at enhancing the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and provide for the efficient exercise of governance responsibilities by setting out good practice on engagement with investee companies that institutional investors should aspire to. 

The FRC defines ‘stewardship’ as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.’

The 2020 Code Principles are:
1. Signatories’ purpose, investment beliefs, strategy, and culture enable stewardship that creates long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
2. Signatories’ governance, resources and incentives support stewardship.
3. Signatories manage conflicts of interest to put the best interests of clients and beneficiaries first
4. Signatories identify and respond to market-wide and systemic risks to promote a well-functioning financial system.
5. Signatories review their policies, assure their processes and assess the effectiveness of their activities.
6. Signatories take account of client and beneficiary needs and communicate the activities and outcomes of their stewardship and investment to them.
7. Signatories systematically integrate stewardship and investment, including material environmental, social and governance issues, and climate change, to fulfil their responsibilities.
8. Signatories monitor and hold to account managers and/or service providers.
9. Signatories engage with issuers to maintain or enhance the value of assets.
10. Signatories, where necessary, participate in collaborative engagement to influence issuers.
11. Signatories, where necessary, escalate stewardship activities to influence issuers.
12. Signatories actively exercise their rights and responsibilities.

GoldenTree Asset Management UK LLP is an absolute return investor focusing on multiple investment strategies with an emphasis on high yield credit. While the Firm may invest in global equities, including UK equities, it is not a significant element in its investment strategies. While the 2020 Code is relevant to some aspects of the Firm's trading, and the Firm generally supports the objectives that underlie the 2020 Code, GoldenTree Asset Management UK LLP has chosen not to commit to the 2020 Code. The Firm invests in a variety of asset classes and in a variety of jurisdictions across Europe. The approach of the Firm in relation to engagement with issuers and their management are determined globally, on a group wide basis. The Firm, along with its U.S. affiliate, takes a global approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.

If the Firm’s approach should change in the future, GoldenTree Asset Management UK LLP will review its commitment to the 2020 Code and update this disclosure accordingly.

Regulation (EU) 2016/679 of the European Parliament and of the Council (General Data Protection Regulation) (“GDPR”)

Effective 25 May 2018, GDPR has replaced previous EU data privacy laws. Please click here to access and view GoldenTree’s European Privacy Policy Notice.

Notice to Residents of the State of California

Effective January 1, 2020, a resident of the State of California who has provided personal information to Goldentree Asset Management LP, or regarding whom GoldenTree Asset Management LP has collected Personal Information, may have rights under the California Consumer Privacy Act of 2018 ("CCPA"). Please click here to access and view GoldenTree's California Consumer Privacy Act Privacy Notice. This section applies only to individuals who are residents of the State of California, United States of America.

Public Disclosures pertaining to Specially Permitted Business for Qualified Investors, etc. in Japan

GoldenTree Japan Co. Limited is making public disclosure documents available for the public at its office specified below, on behalf of each of the below filing entity general partner, which has filed an Article 63 filing in connection with the below corresponding fund pursuant to the Financial Instruments and Exchange Act of Japan. GoldenTree Japan Co. Limited  is not engaged in any businesses as may be permitted under Article 63 filings submitted by such filing entity general partner.

General Partner, Filing Entity Name of Fund
GoldenTree Loan Management II GP, LLC GoldenTree Loan Management II (Offshore Feeder), LP
GoldenTree Distressed Fund III GP LLC GoldenTree Distressed Fund III (Cayman) LP
GoldenTree Distressed Fund IV GP LLC GoldenTree Distressed Fund IV (Cayman) LP
GT Private Credit Fund GP LLC GoldenTree Private Credit Fund (Cayman) FT LP

GoldenTree Japan Co. Limited
Address: Room No. 7, 2nd Floor of Marunouchi Nijubashi Building, 3-2-2, Marunouchi, Chiyoda-ku, Tokyo

Telephone: 03-6837-5950

Explanatory Documents - for Japanese Investors  

Standards Board for Alternative Investments

GoldenTree Asset Management is a member of the standards board for alternative investments (sbai). Please reach out to your GoldenTree representative for additional information with respect to GoldenTree 's compliance with the SBAI's standards and terms.


Inquiries concerning use of GoldenTree's trademarks, service marks, trade names, logos, icons copyrights or other intellectual property, or other inquiries regarding the terms and conditions of this web site should be addressed to GoldenTree Asset Management LP, Legal Department, 300 park avenue, 20th floor, New York, NY 10022.

Shareholder Rights Directive

GoldenTree Asset Management Uk LLP is currently considering whether it will adopt an engagement policy pursuant to article 3G of the amended EU shareholder rights directive (directive 2007/36/ec).  When that decision has been made, this webpage will be updated accordingly.

The Transparency in Coverage Rule 

This link leads to the machine-readable files that are made available in response to the federal Transparency in Coverage Rule and includes negotiated service rates and out-of-network allowed amounts between health plans and healthcare providers.

The machine readable files are formatted to allow researchers, regulators, and application developers to more easily access and analyze data.


Privacy Policy

This Privacy Notice sets forth our policies with respect to nonpublic personal information of Investors, prospective Investors and former Investors. These policies apply to individuals and Individual Retirement Accounts only and may be changed at any time, provided a notice of such change is given to you.

You provide us with personal information, such as your address, social security number, assets and/or income information, (i) in the Subscription Agreement and related documents, (ii) in correspondence and conversations with the our representatives and (iii) through transactions with or through us.

We do not disclose any of this personal information about our Investors, prospective Investors or former Investors to anyone, other than to our affiliates, and except as permitted by law, such as to our attorneys and auditors in order to service your investment. We will, however, release information about you if you direct us to do so or if compelled to do so by law. We may also disclose all of the information you provide to us to companies that perform services on our clients' behalf. If such a disclosure is made, the Fund will require such third parties to treat your private information with confidentiality.

We seek to carefully safeguard your private information and, to that end, restrict access to nonpublic personal information about you to those employees and other persons who need to know the information to enable us to provide services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.



Executive Committee

Steven Tananbaum

Founder, Managing Partner & Chief Investment Officer

Steven Tananbaum is Founder, Managing Partner and Chief Investment Officer of GoldenTree Asset Management, overseeing the firm’s investments across all fund offerings. In addition, Mr. Tananbaum is the Lead Portfolio Manager for the Master Fund and Distressed Fund Strategies, as well as a Lead Portfolio Manager for GoldenTree Loan Management and other fixed income oriented strategies. Mr. Tananbaum chairs GoldenTree Asset Management’s Executive Committee, and Distressed Committee. Mr. Tananbaum is also a member of GoldenTree's Private Credit Committee. A veteran of the credit markets with over 30 years of investing experience, Mr. Tananbaum founded GoldenTree in 2000 and was instrumental in building the firm into an organization that is highly regarded for its investment process and partnership culture. Known for its focus on fundamental and relative value analysis, GoldenTree has produced strong competitive returns across product lines since its inception. The firm has grown into an organization of 26 partners, over 300 employees and nearly $55 billion of assets under management. Prior to forming GoldenTree, Mr. Tananbaum spent over a decade at MacKay Shields. He was head of the firm’s high yield group beginning on June 1, 1991 and, in 1997, founded its hedge fund business and served as the lead portfolio manager. Under Mr. Tananbaum’s leadership, MacKay Shields’ high yield mutual funds were rated in the top 5% by Lipper from June 1, 1991 through December 31, 1999. Prior to joining MacKay Shields, Mr. Tananbaum worked primarily on high yield and merger & acquisition transactions in the corporate finance department of Kidder, Peabody & Co. He is a graduate of Vassar College with a B.A. in Economics. Mr. Tananbaum is a CFA charterholder. He is a Member of the Board of Trustees of The Museum of Modern Art and a Member of the Council on Foreign Relations.

Steven Shapiro

Founding Partner

Steven Shapiro is a Founding Partner at GoldenTree Asset Management and is a member of GoldenTree’s Executive Committee. Prior to joining GoldenTree, Mr. Shapiro was a Managing Director in the High Yield Group at CIBC World Markets, where he headed Media and Telecommunications Research. Prior to its acquisition by CIBC in 1995, Mr. Shapiro was a research analyst with The Argosy Group, a high yield investment-banking boutique in New York. Before joining Argosy, Mr. Shapiro was a bankruptcy attorney with Stroock & Stroock & Lavan in New York. Mr. Shapiro is a member of the board of various not-for-profit entities including the Board of Overseers of the University of Pennsylvania Law School. He is also President of the Board of Trustees of the Abraham Joshua Heschel School in New York. Mr. Shapiro is a graduate of The University of Pennsylvania Law School, where he served as Senior Editor of the Labor Law Journal. He graduated with Honors from the University of Pennsylvania College of Arts & Sciences with a major in Modern Diplomatic History and was a member of the History Honor Society.

Lee Kruter

Partner & Head of Performing Credit

Lee Kruter is a Partner and Head of Performing Credit at GoldenTree Asset Management. Mr. Kruter is the Lead Portfolio Manager for the Multi-Sector strategy, GoldenTree Loan Management and the firm's Corporate Credit and fixed income oriented Structured Credit strategies. Mr. Kruter is a member of GoldenTree Asset Management’s Executive Committee, and GoldenTree's Private Credit Committee. Mr. Kruter’s leadership has been instrumental in the performance and growth of the firm’s fixed income offerings. Prior to joining GoldenTree, Mr. Kruter was a Vice President at Credit Suisse and spent seven years in the Leveraged Finance Research group, where he was responsible for the healthcare and services sectors. During his time at Credit Suisse, Mr. Kruter also covered various other sectors including metals & mining and wireless & wireline telecommunications. Mr. Kruter holds a B.S. in Finance and Management Information Systems from New York University’s Leonard N. Stern School of Business. Mr. Kruter is also a CFA charterholder.

Ted S. Lodge

Partner & Global Head of Restructurings and Turnarounds

Ted Lodge is a Partner and Global Head of Restructurings and Turnarounds at GoldenTree Asset Management and is a member of GoldenTree’s Distressed Committee. In addition, Mr. Lodge is a member of GoldenTree’s Executive Committee. Mr. Lodge has extensive operational, financial and legal experience, and has worked in a broad array of industries, including media and telecommunications, oil and gas, manufacturing, distribution, travel and leisure and financial services. Prior to joining GoldenTree, Mr. Lodge spearheaded restructurings and turnarounds of businesses in his capacities as Chairman of the Board, Executive Chairman or President, and served on numerous Boards of Directors. Mr. Lodge is a graduate of the University of Pennsylvania Law School, where he served as Executive Editor of Comparative Business and Capital Markets Law Journal. In addition, Mr. Lodge earned a Master of Science degree in Economic History from the London School of Economics.  Mr. Lodge holds an A.B. in Political Economy (Magna Cum Laude) from Brown University. Mr. Lodge is a member of the Institute for Law and Economics of the University of Pennsylvania Law School (Board of Advisors), National Association of Corporate Directors (Board Leadership Fellow), Turnaround Management Association and American Bankruptcy Institute.

Kathy Sutherland

Partner & Chief Executive Officer

Kathy Sutherland is a Partner and the Chief Executive Officer of GoldenTree Asset Management. In addition, Ms. Sutherland is a member of GoldenTree’s Executive Committee. Ms. Sutherland oversees the firm’s global strategy, product and business development, and long-term planning. Prior to joining GoldenTree, Ms. Sutherland was a Managing Director at J.P. Morgan where she was responsible for Fund and Structured Credit Distribution across the Americas, Europe, the Middle East, and Asia from 2005 to 2008.  During that period, J.P. Morgan became recognized as a leading Fund and Structured Credit franchise, advising many of the most important asset managers and investors globally.  In her 12 years at J.P. Morgan, Ms. Sutherland held several management positions across Portfolio Management, Structured Credit and High Yield including Senior US CLO Structurer, Co-Head of European Secondary Loan Trading, Head of High Yield Credit Derivatives Marketing, and Global Head of Structured Syndicate.  Ms. Sutherland graduated from the University of Virginia with a B.A. in Chemistry and specialization in Biochemistry. She currently serves on the Board of Directors of the Susan G. Komen Foundation.

Christopher Hayward

Partner, President & Chief Financial Officer

Christopher Hayward is a Partner and the President and Chief Financial Officer of GoldenTree Asset Management. In addition, Mr. Hayward is a member of GoldenTree’s Executive Committee, Valuation Committee, Cybersecurity Review Committee and chairs the firm's Business Management Operating Committee. Mr. Hayward manages GoldenTree’s Business Management infrastructure, which provides operational and infrastructure support to GoldenTree’s investment products and client franchise.  Prior to joining GoldenTree, Mr. Hayward was Managing Partner and Co-Head of J.P. Morgan Global Alternatives. Within this Alternatives Group, Mr. Hayward was also a Managing Partner of Highbridge Capital Management and Chairman of the Highbridge Management Committee. Prior to joining J.P. Morgan, he was Managing Director and Chief Operating Officer for Global Equities Markets at Bank of America Merrill Lynch. Prior to this role, Mr. Hayward was Global Finance Director and Global Treasurer for Merrill Lynch. Before joining Merrill Lynch, he held senior positions in Risk Advisory Services and Global Risk Management for Bankers Trust. He began his career as a digital telecommunications engineer at AT&T Network Systems/Bell Labs. Mr. Hayward is a Board member and member of the Executive Committee of the Managed Funds Association (MFA), a global trade association representing the alternative investment industry. He is Board of Directors Chair of the New York non-profit organization, PENCIL, which supports public schools. In addition, he is Board of Trustees President of the non-profit organization, Westmoreland Sanctuary, a nature preserve in Westchester County, New York. Mr. Hayward earned his B.S. in Electrical Engineering from Illinois Institute of Technology and his M.B.A. in Finance and Public Policy from the University of Chicago Booth School of Business.

Simon Granger

Partner & Head of Restructurings & Turnarounds, EMEA

Simon Granger is a Partner and Head of Restructurings & Turnarounds, EMEA at GoldenTree Asset Management where he is responsible for restructurings and turnarounds in Europe, the Middle East and Africa. Mr. Granger is a member of GoldenTree’s Executive Committee and Distressed Committee. Mr. Granger has extensive experience in leading complex financial restructurings and operational turnarounds of distressed and underperforming businesses across many sectors and multiple geographies.

Prior to joining GoldenTree, Mr. Granger was a Senior Managing Director and Head of Corporate Finance & Restructurings EMEA at FTI Consulting where he was responsible for leading many notable and high profile restructurings as well as driving the growth of the FTI business in EMEA. Previously, Mr. Granger was a Director in the Restructuring & Transactions group at Deloitte LLP. Mr. Granger received a B.A. in Politics and International Relations at Warwick University. Mr. Granger is a chartered accountant and a member of the Institute of Chartered Accountants in England and Wales and Joint Insolvency Examinations Board (JIEB).

Our Organization

Extensive Institutional Infrastructure

Investment Team

Industry Specialists

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Capital Markets


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& Tax

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