Download or read book Out of Court Debt Restructuring written by The World Bank and published by World Bank Publications. This book was released on 2011-12-21 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Debt Restructuring written by and published by . This book was released on 1991 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Policy Options for Supporting and Restructuring Firms Hit by the COVID 19 Crisis written by Ms. Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2022-02-23 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.
Download or read book Business Bankruptcy written by Adam J. Levitin and published by Aspen Publishing. This book was released on 2018-09-25 with total page 1279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business Bankruptcy: Financial Restructuring and Modern Commercial Markets provides students with a contemporary stand-alone business bankruptcy text. Designed to teach financial restructuring law in a realistic twenty-first century commercial context, the book uses problem sets to explore not only Chapter 7 and 11 bankruptcy, but also out-of-court restructuring, modern financial products and transactions, and advanced in-court restructuring topics. New to the Second Edition: Clear thematic structure emphasizing the limitations on out-of-court restructuring and how bankruptcy attempts to address those limitations Reorganized chapter flow tracking traditional order of bankruptcy topics Substantially condensed text through elimination of extra cases and statutory excerpts Updated problem sets, including coverage of privacy issues in bankruptcy sales and capstone strategic issues Expanded coverage of out-of-court restructuring New chapters providing overview of bankruptcy process and summary comparing issues in out-of-court and in-court restructuring Professors and students will benefit from: Unique coverage of out-of-court restructuring providing students with realistic view of contemporary restructuring practice and showing what Chapter 11 adds to the financial restructuring toolkit Detailed coverage of modern financial products and markets—derivatives, securitization, loan syndications, and claims trading—familiarizing students with the dynamics of the modern restructuring landscape Comprehensive expository text clearly explaining the operation of the Bankruptcy Code and the policy issues involved In-depth case-studies contextualizing judicial decisions within the larger strategic picture Incorporation of actual deal documents, including a bond indenture, a loan syndication agreement, ISDA Master Agreement, and a restructuring support agreement Modular design enabling optional coverage of advanced topics
Download or read book In and Out of Court Debt Restructuring in the Presence of Credit Default Swaps written by Mascia Bedendo and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether the availability of credit insurance via credit default swaps (CDS) has inuenced the debt restructuring process in a sample of U.S. reference entities. Contrary to the predictions of the empty creditors theory, we do not find evidence that the presence of CDS favors bankruptcy over a private workout. The main determinants of the probability of filing for bankruptcy in the 2008-2009 crisis are leverage and short-term debt ratios, the proportion of secured debt, and a simplified debt structure concentrated on bank debt. A significant increase in private workouts follows the introduction of the 2009 Recovery Act.
Download or read book A Practical Guide to Out of court Restructurings and Prepackaged Plans of Reorganization written by Nicholas P. Saggese and published by Aspen Publishers. This book was released on 1993 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Debt Restructuring A Sad Tale for Those Left Out written by Francisco Vasconcelos Pimentel and published by Leya. This book was released on 2023-08-03 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Francisco Vasconcelos Pimentel - Debt Restructuring: A Sad Tale for Those Left Out Este artigo faz parte da Revista de Direito da Insolvência n.o 2 (2018)
Download or read book Bury the debt debt restructuring in business managing out of court settlement debt factoring or prepackaged bankruptcy proceedings written by Johann Hüthmair and published by . This book was released on 2004 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Financial Distress Restructuring and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2019-03-26 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Insolvency and Enforcement Reforms in Italy written by José Garrido and published by International Monetary Fund. This book was released on 2016-07-11 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate.
Download or read book Government Involvement in Corporate Debt Restructuring written by Mr.David A. Grigorian and published by International Monetary Fund. This book was released on 2010-11-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt workouts through reviewing six countries with large scale corporate debt workouts. Case studies reveal that the costs of corporate sector rescue are significant and in several cases on par with the costs of financial sector bailouts. The paper sheds light on the importance of contingent liabilities and associated risks to government balance sheet from the corporate debt side and emphasizes the need for improved contingency planning for corporations with potential systemic impact.
Download or read book Corporate Debt Restructuring in Emerging Markets written by Richard Marney and published by Springer Nature. This book was released on 2021-09-02 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic and businesses look to pick up the pieces, this is even more true. For many, the financial hangover of the lockdowns and market disruptions linger and threaten their independence, even their survival. This peril is more acute in the emerging and frontier markets. Weaker economic fundamentals and institutional resiliency often intensify the challenge to return to pre-COVID-19 operating levels and financial sustainability. In this context, borrowers invariably must address the imbalance of substantial existing debt with the “new reality” of their business operations and revenues. This book, using case studies, presents a full, detailed narrative of a fictitious troubled bank in an emerging market, with characters, dialogues, and negotiations. It also includes a series of discussion questions with suggested answers, to draw out key issues from the case. In doing so, this initial narrative offers a substantive analysis of the five main phases and principles of a restructuring: (1) pre-restructuring, (2) the decision to restructure, (3) the case set-up, (4) structuring and negotiation, and lastly (5) implementation. In each chapter, the book outlines the main elements of the phases and shows how the elements are applied in practice. The book also presents separate chapters on exogenous shocks (with a focus on the COVID-19 pandemic as an example of such shocks), macroeconomics, and legal issues present in cross-border restructurings. It will be of interest to the international professional financial and legal community, primarily junior-to mid-level financiers, business people, and lawyers.
Download or read book Taxes and Financial Restructuring written by Lorie Johnson (Ph. D.) and published by . This book was released on 2005 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox written by Ms.Yan Liu and published by International Monetary Fund. This book was released on 2013-02-20 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.
Download or read book Corporate Restructuring written by Michael Pomerleano and published by World Bank Publications. This book was released on 2005 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.
Download or read book Out of Court Restructuring versus Formal Bankruptcy in a Non Interventionist Bankruptcy Setting written by Philipp Jostarndt and published by . This book was released on 2012 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate debt restructurings in Germany for a sample of 116 financially distressed companies. About half of the firms succeed in restructuring their debt in a workout while the others file for bankruptcy. Our evidence suggests that firms which have higher leverage, owe more debt to banks, and exhibit higher going concern values are more likely to conduct a workout. Bankruptcy is more likely for firms with deficient lender coordination and a high fraction of collateralized debt.An analysis of stock returns suggests that the market uses similar information to predict workouts. 84% of the bankrupt firms were ultimately liquidated.
Download or read book Until Debt Do Us Part written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-02-13 with total page 655 pages. Available in PDF, EPUB and Kindle. Book excerpt: With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline. Such a quest is intertwined with a country’s historical, political, and economic context. The formal legal framework interacts with political reality to influence the dynamics of and incentives for reform. Often, the resolution of a subnational debt crisis unfolds in the context of macroeconomic stabilization and structural reforms. The book includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa. The book also presents a comprehensive review of how the United States developed its debt market for state and local governments, through a series of reforms that are path dependent, including the reforms and lessons learned following state defaults in the 1840s and the debates that shaped the enactment of Chapter 9 of the Bankruptcy Code in 1937. Looking forward, pressures on subnational finance are likely to continue—from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks. This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.
