This paper deals with project finance restructuring in the view of future or present financial distress. We treat the occurrences of negative cash flow and negative NPV as signs of potential project distress. The solutions offered for negative cash flow are (1) restructuring debt thereby making...

The financial crisis of 2009 affected markets all over the world, presenting an unprecedented challenge for international regulators. In emerging markets, firms began raising significant amounts of debt through corporate bonds only in recent years. When such markets crashed, and firms could no...

The use of a restructuring regime (the CCAA) to carry out going concern sales of insolvent firms is growing in Canada. Two critical questions must be addressed when considering this phenomena. The first is whether this provides support for the view that traditional restructurings are being...

Most bankruptcy procedures try to reorganize a financially-distressed firm's debts to a serviceable level through negotiations overseen by courts. Markets are an alternative to such negotiations. This paper develops a market-based approach that is appropriate if claimants are severely...