Galai, Dan; Raviv, Alon; Wiener, Zvi - EconWPA - 2003
bankruptcy codes stipulate an automatic stay of assets that prevent bondholders from triggering liquidation and thus impact many … reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many … liquidation driven by a liquidation trigger. This trigger accumulates with time and severity of distress. In addition, current …