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Resolution of Financial Distress Under Chapter 11
Annabi, Amira - 2016
We develop a contingent claims model for a firm in financial distress with a formal account for renegotiations under the U.S. bankruptcy procedure (known as Chapter 11). Shareholders and two classes of creditors (senior and junior) alternatively propose a reorganization plan subject to a vote....
Persistent link: https://www.econbiz.de/10013008089
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Restructuring an Insolvent Bank
Cetin, Nusret - 2014
to fail. Failure of a bank may trigger formal insolvency (resolution) proceedings, if there is no available option to … save it as a going concern. Bank insolvency proceedings comprise various mechanisms, instruments, and transactions to … enable resolution authorities to properly deal with a failed bank. Bank restructuring within insolvency proceedings means …
Persistent link: https://www.econbiz.de/10013052778
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Distressed firms, zombie firms and zombie lending : a taxonomy
Álvarez Román, Laura; Garcia-Posada, Miguel; … - 2021
-sheet insolvency whereas a zombie firm is a distressed company that has received new credit. We carry out several analyses to test the …
Persistent link: https://www.econbiz.de/10013314043
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Confronting the zombies : policies for productivity revival
Andrews, Dan; McGowan, Muge Adalet; Millot, Valentine - 2017
much scope to improve the design of insolvency regimes in order to reduce the barriers to restructuring of weak firms and … the personal costs associated with entrepreneurial failure. Insolvency regime reform can not only address the … markets. As the zombie firm problem may partly stem from bank forbearance, complementary reforms to insolvency regimes are …
Persistent link: https://www.econbiz.de/10011779088
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Acquisitions of Financially Distressed Firms : An Empirical Analysis
Huang, Qianqian - 2012
Acquisitions of financially distressed firms are usually associated with debt restructuring of the target debt, and the deals can be implemented with or without the aid of the bankruptcy court. We find target stakeholders generally prefer to complete the acquisition without court help, unless...
Persistent link: https://www.econbiz.de/10013112118
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The Effect of Bankruptcy Reform on the Number of Corporate Reorganization Proposals
Fisher, Timothy C. G.; Martel, Jocelyn - 2005
One of the major aims of the 1992 reform to bankruptcy law in Canada was to increase the number of reorganization proposals. The purpose of this paper is to analyze the number of reorganization proposals filed by companies in Toronto and Montreal before and after bankruptcy reform to see whether...
Persistent link: https://www.econbiz.de/10014138393
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It Takes Two to Tango : An Empirical Tale of Distressed Firms and Assisting Banks
de Jong, Abe; Couwenberg, Oscar - 2013
We study the restructuring process of small and medium-sized firms in financial distress. We have a unique dataset with firms in the Netherlands that are assisted in their restructuring effort by banks. Part of our dataset consists of firms that successfully restructure their operations and...
Persistent link: https://www.econbiz.de/10014050854
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Distressed Firms, Zombie Firms and Zombie Lending : A Taxonomy
Álvarez Román, Laura; García-Posada, Miguel; … - 2022
firm-level and bank-firm level information in Spain. A distressed firm exhibits both cash-flow and balance-sheet insolvency …
Persistent link: https://www.econbiz.de/10013405223
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Recovery and exit of zombie firms in Portugal : a remake
Carreira, Carlos; Teixeira, Paulino; Nieto-Carrillo, Ernesto - In: Aussenwirtschaft : schweizerische Zeitschrift für … 73 (2023) 1, pp. 91-108
Encouraged by the forbearance of creditors and exit barriers (e.g., inefficient insolvency regimes), the zombie …' recovery. The insolvency environment is also found to be a strong factor in stimulating business restructuring. …
Persistent link: https://www.econbiz.de/10014531057
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Bankruptcy Costs and the Design of Preventive Restructuring Procedures
Epaulard, Anne; Zapha, Chloé - 2021
A European directive requires Member States to give firms access to preventive restructuringprocedures. This paper assesses the interest of a procedure distinct from that for insolvent firms. Itis based on the French experience, where a preventive procedure has coexisted with the morecommon...
Persistent link: https://www.econbiz.de/10013229864