When it comes to investing, there's certainly more than one way to skin a cat. Some investors go for growth companies that will outperform in their sectors, while others look for value in stocks trading unjustifiably below their intrinsic value.

Another interesting strategy is to look for companies that have accumulated a lot of debt. While most investors are wary of debt because of the impact it can have on a company's financials, the stocks of these companies usually trade at a discount.

If management can figure out a clear way to pay off this debt then the company's valuation can rise as the payments become more manageable and the company can start generating free cash flow. Here are two stocks that currently have more than $1 billion of debt that could soar in 2023.

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Source Fool.com