Essays on Chapter 11 Bankruptcy Restructuring and Financial and Economic Distress PDF Download

Author: Yung-Yu Ma
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 260

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Author: Yungang Luh
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 406

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Author: Edward I. Altman
Publisher: Beard Books
ISBN: 9781893122000
Category : Business & Economics
Languages : en
Pages : 436

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Papers from a conference held March 1991 under the joint sponsorship of the New York University Salomon Center and a number of interested corporate contributors

Author: Michael L. Lemmon
Publisher:
ISBN:
Category :
Languages : en
Pages : 65

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Book Description
We use a simple proxy to distinguish between financial and economic distress and show that Chapter 11 outcomes and asset restructurings vary systematically across these firm types. The results from our sample of large bankruptcies from 1991 to 2004 are consistent with the view that the Chapter 11 process preserves the going concern value of financially distressed firms while redeploying the assets of economically distressed firms. These results hold for asset redeployments resulting both from liquidations or acquisitions and those resulting from partial asset liquidations of firms that reorganize in Chapter 11. The empirical findings run counter to concerns that inefficiencies and conflicts of interest severely compromise the Chapter 11 process. Further, we provide the first empirical evidence that the put option inherent in lease contracts is frequently exercised in Chapter 11, that the disposition of lease contracts in bankruptcy constitutes a large portion of asset restructurings, and that the ability to put lease contracts may mitigate the indirect costs of asset fire sales. We also find that unionized firms experience smaller job losses and debt reductions in Chapter 11 than do non-unionized firms.

Author: George Allayannis
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 26

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Author: Stuart C. Gilson
Publisher: John Wiley & Sons
ISBN: 0470503521
Category : Business & Economics
Languages : en
Pages : 852

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An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.

Author: Sris Chatterjee
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 21

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Author: Randall A. Heron
Publisher:
ISBN:
Category :
Languages : en
Pages : 35

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We find that firms substantially reduce their debt burden in ldquo;fresh-startrdquo; Chapter 11 reorganizations, yet they emerge with higher debt ratios than what is typical in their respective industries. While cross-sectional regressions reveal that post-reorganization debt ratios are more in line with the predictions of the static-tradeoff theory, they also reveal that pre-reorganization debt ratios affect post-reorganization debt ratios. Collectively, these results suggest that impediments in Chapter 11 prevent firms from completely resetting their capital structures. We also find that firms that reported positive operating income leading up to Chapter 11 emerge faster, suggesting that it is quicker to remedy strictly financial distress than economic distress.

Author: Kevin M. Stephenson
Publisher:
ISBN:
Category :
Languages : en
Pages : 308

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Author: Gerard Caprio (Jr.), Daniela Klingebiel
Publisher: World Bank Publications
ISBN:
Category : Bancos
Languages : en
Pages : 60

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