Corporate Restructuring : Lessons from Experience

Intro -- Contents -- Preface -- Acknowledgments -- Contributors -- Introduction: Toward Better Practices in Systemic Corporate Restructuring -- The Government's Role -- Monitoring -- Intervention -- Legal Framework for Corporate Restructuring -- Tax Issues -- Skills and Capacity -- Financial Engineering:Financial and Operational Restructuring -- Asset Management Companies -- Alternatives to Asset Management Companies -- Use of Financial Techniques -- References -- Notes -- Chapter 1 Synopsis of Conference Papers -- Overviews of the Crisis and General Principles -- War Stories from the Crises -- Technical Issues -- Note -- Part I: Overviews of the Crisis Experience -- Chapter 2 Policy Approaches to Corporate Restructuring around the World: What Worked, What Failed? -- Overview of Approaches -- Government-Sponsored Voluntary Workout Schemes -- Court-Supervised Restructuring and Bankruptcy -- Restructuring by Public Asset Management Companies and State-Owned Banks -- Voluntary Workouts outside Government-Sponsored and In-Court Frameworks -- Supporting Policy Changes -- Outcomes in Corporate Restructuring -- Nonperforming Loans and Financial Indicators -- Operational Restructuring Measures -- Policy Lessons -- An Efficient Insolvency System -- Adequate Loss-Absorption Capacity -- A Proper Framework of Incentives -- A Limited Role for Banks and the State -- A Menu of Approaches -- Corporate Governance and Other Reforms -- References -- Notes -- Chapter 3 Recent International Experiences in the Use of Voluntary Workouts under Distressed Conditions -- The London Approach -- Corporate Restructuring in Korea -- Initial Government Response -- Policy Measures -- Workout Program -- Daewoo: "Too Big to Fail?" -- Special-Purpose Vehicles, Restructuring Funds, and M&A Transactions -- Strengthening the Corporate Restructuring Process within the Banks.