China's transition to a modern, market-based economy combined with its complex PRC, provincial and municipal laws and courts, and its fragmented capital markets and industry infrastructures presents extraordinary opportunities and challenges for international distressed investors. The final panel of the 2008 Distressed Investing 2008 panel discussed these issues and more. The panel included: Moderator:George Kelakos, Crystal CapitalPanelists:Helena Huang, Kirkland & Ellis LLC Phil Groves, DAC Management, LLC Frank R. Mack, CTP, Conway, MacKenzie & Dunleavy Inc.Alan C.W. Tang, Grant Thornton Less