This paper develops a new model of debt renegotiation in a structural framework, that accounts for both taxes and … coupon reduction to creditors, given that the new coupon is chosen such that debt value remains constant. Our result shows … firm without hurting the creditors. This model of debt renegotiation can be viewed as a way of passing from a junk bond to …

particular, the interplay between government debt and private leverage is attracting increasing attention in the current context …The policy focus on excessive leverage in the euro area has raised interest in developing comprehensive analytical … approaches to better understand the interrelationship between leverage and deleveraging processes across economic agents. In …

This paper develops a model with the novel feature that firms can renegotiate debt both in and outside distress. We … show that this feature is crucial for debt renegotiation models to explain corporate policies and debt prices. Specifically … debt control premiums, and predicts realistic renegotiation timing policies. Incorporating both renegotiation events also …

price them into the ex-ante credit spreads. Using a realistic dynamic bargaining model of reorganization, we show that the … off-equilibrium threat of costly renegotiation can lead to lower leverage, even with liquidation in equilibrium. If …

We study capital structure negotiation and cost of debt financing between sponsors and lenders using a sample of more … level of leverage …

I study the impact of bank loan renegotiation on the design of financial contracts. Debt renegotiation can be …

agreements in order to safeguard creditors' interest. Debt agreements with Financial covenants might sometimes be appealing for … borrowing firms as they offer better credit facilities that are not usually found in normal debt contracts. However, everything …

enhance its bargaining power during negotiations with non-financial stakeholders. I show that reimbursement rates negotiated … between a hospital and insurers for a specific procedure are higher when the hospital has more debt. I show that this effect … provide direct evidence that debt improves a firm's bargaining outcomes …

) which factors - country- or firm-specific - are more relevant in explaining leverage in Poland, (2) which theory - trade … itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the … importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage …