We investigate the market impact of restructuring announcements made by distressed firms in China. We show that ownership structure is an important determinant of the strength of firms and their survival following distress. For example, mergers and acquisitions are value-enhancing only for...

Purpose – The purpose of this paper is to examine two contrasting financially distressed companies in China and their restructuring strategies. Chinese firms are selected as providing a context where bankruptcy law is in its infancy and where the state is still heavily involved as a...

Purpose – The purpose of this paper is to examine two contrasting financially distressed companies in China and their restructuring strategies. Chinese firms are selected as providing a context where bankruptcy law is in its infancy and where the state is still heavily involved as a...