Asset sale, debt restructuring, and liquidation
نویسندگان
چکیده
منابع مشابه
Sovereign Debt Restructuring
nancial crises is one of the gravest threats to an open and liberal international economic order... Recent events in Turkey and Argentina demonstrate that financial crises with potentially profound consequences for economic and political stability are not a thing of the past. They also demonstrate the continued urgency of finding practical and concrete means to handle the crises that do occur.”...
متن کاملStrategic Debt Restructuring
We analyze a distressed firm indebted to many creditors. The firm’s owners have the option of choosing the sequence of restructuring negotiations with the creditors. We show that sequencing flexibility is beneficial to firm owners, and that the optimal sequencing of restructuring negotiations involves exploiting the firm’s liabilities to some creditors so as to moderate the demands of others. M...
متن کاملSovereign debt restructuring: the Judge,
What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. ...
متن کاملOut-of-Court Debt Restructuring
I. BACKGROUND TO OUT-OF-COURT DEBT RESTRUCTURING ................................................... 2
متن کاملOptimal Default and Liquidation with Tangible Assets and Debt Renegotiation
This paper proposes a new pricing model for corporate securities issued by a levered firm with the possibility of debt renegotiation. We take the structural approach that the firm’s earnings follow a geometric Brownian motion with stochastic collaterals. While equity holders can default the firm for their own benefits when the earnings become insufficient to go on the firm, they may want to liq...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2016
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2016.03.011