turning point in 2013 when, for the first time in the surveyed period, they started to diminish. The structure by creditors of …

In case of multiple creditors a coordination problem can arise when the borrowingfirm runs into financial distress …. Even if the project's value at maturity is enoughto pay all creditors in full, some creditors may be tempted to foreclose … creditors, and analyze the signalling effects of the largecreditor's investment decision on the subsequent behavior of the small …

creditors and that several interventions in sequence may be necessary to avert an impending crisis. Absent of the IMF …

creditors the option to delay their foreclosure decision rather than obliging them to simultaneous actions as suggested by …

other creditors. We find that the relationship bank's signaling ability enhances its incentives to engage in forbearance …