use of default clauses and their restrictiveness within the same type of lending contract but also across loans and bonds …

This Article studies the growing use of contract in bankruptcy. Sophisticated “distress” investors (for example, hedge … them.This Article develops a “relational” framework to explore this shift toward contract in bankruptcy. Relationalism …. Contract may be a better vehicle for institutional adjustment than Congress — if it is perceived as legitimate. A relationalist …

, because it rules out going concern sales for viable firms, and because it is, in essence, a twisted and truncated insolvency … the option to choose a ‘European Insolvency Regime' in their charter. This regime should be embodied in a European … by a specialised European insolvency court. This proposal would preserve horizontal regulatory competition between the …