suffered by creditors. Using German small business data, the study finds that business closure due to financial problems is … creditors. The findings suggest that creditors are better off when entrepreneurs have a clear picture of their own abilities and … shortcomings, and don’t suffer from all-too-frequent over-optimism. Consequently, creditors stand to gain from helping clients to …

claimants call options to buy the firm back from senior creditors. Hausch and Ramachandran further develop such a market …-managers to remain in control. Under the ACCORD scheme - Auction-based Creditor Ordering by Reducing Debts - creditors remain … creditors but form a queue, to be serviced in sequence from the firm's operating cash flows. Creditors bid for their position in …