Download or read book Financial Distress Corporate Restructuring and Firm Survival written by Philipp Jostarndt and published by Springer Science & Business Media. This book was released on 2007-11-17 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 Corporate Financial Distress written by Marisa Agostini and published by Springer. This book was released on 2018-05-16 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, divided into three main parts, will offer a complete overview of the concept of corporate financial distress, emphasizing the different typologies of corporate paths included in this broad concept. It will reorganize and update academic literature about the evaluation of corporate financial distress from the first studies about failure prediction to the most recent contributions. It will also provide evidence about the evolution of going concern standards in both international and U.S. contexts. Moreover, an in-depth analysis of this broad concept will permit the identification of a set of research questions to be investigated from both theoretical and empirical points of view, and will be of interest to academic researchers and doctoral students of accounting, auditing and finance, professionals, and standard setters.
Download or read book Sizing Up Corporate Restructuring in the COVID Crisis written by Robin Greenwood and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to be downsized or acquired. In normal times, this triage is supported by the court system, banks, and financial markets. The goal of this paper is to size up the coming surge of financial distress, list the challenges it presents in the current environment, and analyze potential policy solutions. Overall, our analysis suggests that the two key issues will be court congestion and excess liquidation and failure of small firms.
Download or read book The Financial Restructuring of a Company in Financial Distress written by Drago Dević and published by GRIN Verlag. This book was released on 2019-11-12 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2018 in the subject Business economics - Business Management, Corporate Governance, grade: 5.00 (very good), Josip Juraj Strossmayer University of Osijek (Faculty of Economics in Osijek), language: English, abstract: Every company has a unique life cycle. Throughout the life cycle, companies are tracking successes and failures, depending on the various factors that affect their business. Situations such as financial distress , idleness, or bankruptcy represent the fundamental levels of a company's life cycle. The purpose of the paper is to present the financial restructuring of the company in business problems on the example of the Agrokor Group. This paper describes the operations of the Agrokor Group from 2007 to 2017, ie it is divided into business analysis prior to the extraordinary administration and in the procedure of extraordinary administration. The characteristics of Agrokor Group's operations prior to extraordinary administration are: low liquidity and negative working capital over the observed period, extended payment of obligations to suppliers ranging from 110 to 211 days, ie 156 days on average, increased indebtedness and high indebtedness and insolvency in 2016, solid Group's activity ratios , positive profitability by 2015. With the advent of extraordinary administration , inappropriate corporate governance has been identified, and audit results show that accounting irregularities and potential illegal actions have been identified. Claims recognized amounted to HRK 31.04 b illion , while disputed claims amounted to HRK 10.4 b illio n. The Group has a financial arrangement of EUR 1.06 billion with super senior status. In addition, the complex structure of claims is emphasized. Bearing in mind all the above, the Group's financial restructuring is possible with the new corporate structure, the new capital structure, the allocation of financial instruments to stakeholders. Returns to creditors should be defined by the entity's priority model. Group value would be distributed among stakeholders based on their legal rights, ie the model's rank. The value of each claim claimed is determined by the fraction of the total distributable value that it needs to receive. After that, it will determine how many depositary receipts and the exchangeable bonds each creditor receives.
Download or read book Corporate Financial Distress written by Alberto Tron and published by Emerald Group Publishing. This book was released on 2021-01-21 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial distress and crises for businesses can be used to implement substantial organizational changes and turnaround the damage done to achieve financial equilibrium in the short term and financial stability in the long term. Plans, methodology and tools are provided here to examine how this turnaround can be achieved.
Download or read book Creating Value Through Corporate Restructuring written by Stuart C. Gilson and published by John Wiley & Sons. This book was released on 2010-04-05 with total page 852 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Corporate Financial Distress and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2010-03-11 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Survival of the Fittest Financial and Economic Distress and Restructuring Outcomes in Chapter 11 written by Michael L. Lemmon and published by . This book was released on 2009 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a simple proxy to distinguish between financial and economic distress and show that Chapter 11 outcomes and asset restructurings vary systematically across these firm types. The results from our sample of large bankruptcies from 1991 to 2004 are consistent with the view that the Chapter 11 process preserves the going concern value of financially distressed firms while redeploying the assets of economically distressed firms. These results hold for asset redeployments resulting both from liquidations or acquisitions and those resulting from partial asset liquidations of firms that reorganize in Chapter 11. The empirical findings run counter to concerns that inefficiencies and conflicts of interest severely compromise the Chapter 11 process. Further, we provide the first empirical evidence that the put option inherent in lease contracts is frequently exercised in Chapter 11, that the disposition of lease contracts in bankruptcy constitutes a large portion of asset restructurings, and that the ability to put lease contracts may mitigate the indirect costs of asset fire sales. We also find that unionized firms experience smaller job losses and debt reductions in Chapter 11 than do non-unionized firms.
Download or read book Corporate Restructuring written by Michael Blatz and published by Springer Science & Business Media. This book was released on 2006-05-28 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a current overview and discussion about the meaning of the financing of the companies. It discusses the related challenges and provides ways to overcome them. The focus is on increasing the company's value. The book uses case studies to show how financial restructuring can be implemented in practice, thus paving the way for successful expansion. The book is written for restructuring professionals.
Download or read book Corporate Restructuring written by John J. McConnell and published by . This book was released on 2005 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Corporate Recovery written by Stuart St. P. Slatter and published by Beard Books. This book was released on 1999 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: An insightful book filled with practical advice on what to do with a corporation that is about to fail unless corrective action is taken.
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 Restructuring and Turnaround of Distressed Manufacturing Firms written by Tobias Eichner and published by Schriften zur quantitativen Wirtschaftswissenschaft. This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author was awarded the Schmalenbach-Prize 2009 for this book. The study assesses the effectiveness of restructuring strategies as managerial countermeasures in financial distress situations. Employing an international sample (USA, UK, Germany) of 151 listed manufacturing firms facing economic peril, it applies a comprehensive research approach incorporating financial, managerial, operational, and portfolio-restructuring strategies as well as the process of their execution. The empiricism combines financial data, press statements, and publications articulating restructuring activity with a carefully selected set of statistical analysis techniques. The study finds both novel and robust evidence for the efficacy of appropriate restructuring strategies in achieving turnaround and derives a set of realizable implications for managerial practice.
Download or read book Essays on Financial Distress and Corporate Restructuring written by Kevin M. J. Kaiser and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financially Distressed Companies Answer Book 20134 written by Douglas P. Bartner and published by . This book was released on 2014-08-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to survive, a company in financial distress must approach its business and capital structure differently than a financially sound company. A company in financial distress may, for example, need to preserve cash by stretching accounts payable, to raise cash by selling assets, or to arrange for emergency liquidity from institutional lenders. The response of a company to its deteriorating financial condition will almost certainly affect, perhaps in material ways, a company's key constituents. Financially Distressed Companies Answer Book 2014 provides a broad overview of topics relating to financially distressed companies. It is intended to be an easy reference with respect to issues for the management of a company finding itself in financial distress, a vendor or other creditor trying to manage its exposure or understand a bankruptcy process, or a nonbankruptcy lawyer needing a description of the legal concepts relevant to distressed companies. The book provides answers detailed enough to provide a working understanding of concepts, and relevant statutory and case law cites to facilitate any necessary further reading. Examples and practice tips help illustrate concepts and provide practical guidance. Topics discussed in Financially Distressed Companies Answer Book 2014 include: The roles and fiduciary duties of directors and management in distress situations; Rights and limitations of creditors in dealing with companies in distress and in bankruptcy; Concepts and considerations relating to out-of-court restructurings; Cross-border reorganizations and issues in international restructurings; Key concepts in U.S. bankruptcy cases; and Special rules in bankruptcy for small businesses and single asset real estate companies. Financially Distressed Companies Answer Book 2014 also provides you with: Illustrative timelines to help guide strategic planning; References to sources of additional information, such as bankruptcy court websites; and Practice and cautionary tips to provide guidance on issues such as how to recognize financial distress, when the securities laws might require disclosure and what actions a creditor may take to protect its rights or limit its exposure.
