Bankruptcy Distressed Restructurings

Author : Edward I. Altman,Edith Hotchkiss,Wei Wang
Publisher : John Wiley & Sons
Page : 374 pages
File Size : 40,8 Mb
Release : 2019-03-26
Category : Business & Economics
ISBN : 9781119481805

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Corporate Financial Distress, Restructuring, and Bankruptcy by Edward I. Altman,Edith Hotchkiss,Wei Wang Pdf

A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.

Author : Edward I. Altman
Publisher : Beard Books
Page : 436 pages
File Size : 48,7 Mb
Release : 1999
Category : Business & Economics
ISBN : 189312200X

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Bankruptcy & Distressed Restructurings by Edward I. Altman Pdf

Papers from a conference held March 1991 under the joint sponsorship of the New York University Salomon Center and a number of interested corporate contributors

Author : Edward I. Altman,Edith Hotchkiss
Publisher : John Wiley & Sons
Page : 314 pages
File Size : 43,9 Mb
Release : 2010-03-11
Category : Business & Economics
ISBN : 9781118046043

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Corporate Financial Distress and Bankruptcy by Edward I. Altman,Edith Hotchkiss Pdf

A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.

Author : Sanford U. Mba
Publisher : Springer
Page : 285 pages
File Size : 51,7 Mb
Release : 2019-06-29
Category : Law
ISBN : 9783030197490

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New Financing for Distressed Businesses in the Context of Business Restructuring Law by Sanford U. Mba Pdf

This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.

Author : Edward I. Altman
Publisher : Unknown
Page : 417 pages
File Size : 45,7 Mb
Release : 1992
Category : Electronic
ISBN : OCLC:876022804

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Bankruptcy and Distressed Restructurings by Edward I. Altman Pdf

Author : Henry Furlow Owsley,Peter S. Kaufman
Publisher : Beard Books
Page : 236 pages
File Size : 48,6 Mb
Release : 2005
Category : Business & Economics
ISBN : 9781587982675

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Distressed Investment Banking by Henry Furlow Owsley,Peter S. Kaufman Pdf

The definitive work on the role of the investment banker in a troubled company situation.

Author : Dominic DiNapoli,Sanford C. Sigoloff,Robert Frank Cushman
Publisher : Irwin Professional Publishing
Page : 824 pages
File Size : 44,6 Mb
Release : 1991
Category : Business & Economics
ISBN : UOM:49015001279331

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Workouts and Turnarounds by Dominic DiNapoli,Sanford C. Sigoloff,Robert Frank Cushman Pdf

Author : Philipp Jostarndt
Publisher : Springer Science & Business Media
Page : 201 pages
File Size : 47,8 Mb
Release : 2007-11-17
Category : Business & Economics
ISBN : 9783835094376

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Financial Distress, Corporate Restructuring and Firm Survival by Philipp Jostarndt Pdf

Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms’ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany’s revised bankruptcy legislation.

Author : Stuart C. Gilson
Publisher : John Wiley & Sons
Page : 852 pages
File Size : 54,5 Mb
Release : 2010-04-05
Category : Business & Economics
ISBN : 9780470503522

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Creating Value Through Corporate Restructuring by Stuart C. Gilson Pdf

An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.

Author : Stephen G. Moyer
Publisher : J. Ross Publishing
Page : 387 pages
File Size : 47,9 Mb
Release : 2004-11-15
Category : Business & Economics
ISBN : 9781932159189

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Distressed Debt Analysis by Stephen G. Moyer Pdf

Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.

Author : H. Peter Nesvold,Jeffrey Anapolsky,Alexandra Reed Lajoux
Publisher : McGraw Hill Professional
Page : 400 pages
File Size : 42,9 Mb
Release : 2010-12-17
Category : Business & Economics
ISBN : 9780071750301

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The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies by H. Peter Nesvold,Jeffrey Anapolsky,Alexandra Reed Lajoux Pdf

Pessimists see distressed M&A . . . Optimists see distressed M&A Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies. The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to: Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts Navigate through complicated valuation, financing, legal, accounting, and tax issues Communicate effectively and make informed proposals in multiparty negotiations Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.

Author : Ontario Bar Association. Continuing Legal Education
Publisher : Unknown
Page : 128 pages
File Size : 46,9 Mb
Release : 2009
Category : Electronic
ISBN : 1551728427

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Restructuring Distressed Real Estate by Ontario Bar Association. Continuing Legal Education Pdf

Author : Wai Yee Wan
Publisher : Bloomsbury Publishing
Page : 379 pages
File Size : 49,7 Mb
Release : 2022-07-28
Category : Law
ISBN : 9781509952342

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Court-Supervised Restructuring of Large Distressed Companies in Asia by Wai Yee Wan Pdf

This book provides an in-depth analysis of 4 economically significant Asian jurisdictions: Mainland China, India, Hong Kong and Singapore. These jurisdictions have recently either reformed – or are considering reforming – their corporate restructuring laws to promote regimes conducive to restructuring financially distressed, but otherwise economically viable, companies. Mainland China, India, Hong Kong and Singapore continue to adhere to a framework that requires the court's final approval but draw references from Chapter 11 of the Bankruptcy Code 1978 in the United States and/or the schemes of arrangement in the United Kingdom. However, the institutional and market structures are very different in Asia; in particular, Asia has a far higher concentration in shareholdings among listed firms, including holdings by families and the state, and a different composition of creditors. The book explains how, notwithstanding the legal transplantation, corporate restructuring laws in these Asian jurisdictions have adapted and evolved due to the frictions in shareholder-creditor and creditor-creditor relationships, and the role of the state in resolving non-performing loans and financial distress of state-owned enterprises which are listed, or which issue public debt. The study argues that any reforms must go beyond professionalising the insolvency professionals and the judiciary but must be designed to address fundamental issues of corporate governance, bank regulation and enforcing non-bankruptcy rules. It offers invaluable insights for academics and policy makers alike.

Author : The World Bank
Publisher : World Bank Publications
Page : 103 pages
File Size : 49,8 Mb
Release : 2011-12-21
Category : Law
ISBN : 9780821389560

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Out of Court Debt Restructuring by The World Bank Pdf

This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank Principles for Effective Insolvency and Creditor Rights Systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. Thus, from the purely contractual or informal arrangements for debt rescheduling between the debtor and its creditors, to the fully formal reorganization or liquidation procedures, there are numerous intermediate solutions. In the study, these solutions are identified by the terms of enhanced procedures where the contractual arrangements are supported by norms or principles for workouts; and hybrid procedures where the contractual arrangements are supported by the intervention of the courts or an administrative authority. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. A substantial part of the study is devoted to the analysis of the enabling regulatory environment for out-of-court restructuring. It is evident that debt restructuring does not operate in a vacuum: in fact, the general legal system influences and to a certain extent determines the possibilities for debt restructuring in any given jurisdiction. The study provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities. The different characteristics of informal restructurings, and of enhanced and hybrid debt restructurings are covered by the study. The different approaches to debt restructuring aim at combining the advantages of an informal approach with the advantages of formal procedures: especially, the existence of a moratorium on creditor actions and the binding effects of creditor agreements concluded within the insolvency process.

Author : Martin J. Whitman,Fernando Diz
Publisher : John Wiley & Sons
Page : 277 pages
File Size : 53,6 Mb
Release : 2009-04-13
Category : Business & Economics
ISBN : 9780470117675

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Distress Investing by Martin J. Whitman,Fernando Diz Pdf

Financial innovation, new laws and regulations, and the financial meltdown of 2007–2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance. Nobody understands this better than Martin Whitman—the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets—and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world. Divided into four comprehensive parts—the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy—this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals—from Kmart to Home Products International—will give you a better perspective of the business. Critical topics addressed throughout these pages include: Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing The "Five Basic Truths" of distress investing The difficulty of due diligence for distressed issues Distress investing risks—from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy Valuing companies by both going concern as well as their resource conversion attributes In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.