Bankruptcy and Distressed Restructurings: Analytical Issues and Investment Opportunities

Overview

In today's vulnerable and volatile business climate, corporate bankruptcy and Chapter 11 reorganization is a common occurrence at U.S. corporations of all sizes, in all sectors. As a result, the market for distressed firms' debt and equity securities has captured the interest and imagination of the investment community like never before. Bringing together some of the most prominent people in both the practitioner and academic communities, Bankruptcy & Distressed Restructurings includes the determinants of ...
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Overview

In today's vulnerable and volatile business climate, corporate bankruptcy and Chapter 11 reorganization is a common occurrence at U.S. corporations of all sizes, in all sectors. As a result, the market for distressed firms' debt and equity securities has captured the interest and imagination of the investment community like never before. Bringing together some of the most prominent people in both the practitioner and academic communities, Bankruptcy & Distressed Restructurings includes the determinants of successful distressed exchange issues and Chapter 11 proceedings, bankruptcy and liquidation costs and their impact on corporate values, investment opportunities in distressed and defaulted securities, management and competitor behavior related to distress, and an evaluation of investor priorities and market efficiencies. With contributions from more than 30 experts, this insightful look at corporate distress is must reading for anyone involved with corporate finance, financial markets, economics, and law.

Corporate bankruptcy and Chapter 11 reorganization is a common occurrence in U.S. corporations of all sizes, in all sectors. As a result, the investment community is looking at the market for distressed firms' debt and equity securities in a new light. This book shows readers bankruptcy and liquidation costs and their impact on corporate values and investment opportunities in distressed and defaulted securities.

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Product Details

  • ISBN-13: 9781893122000
  • Publisher: Beard Group Inc.
  • Publication date: 2/28/1999
  • Pages: 432
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.96 (d)

Table of Contents

Preface and Overview
Pt. 1 Distressed Restructurings
1 Corporate Control and the Politics of Finance 3
2 Firm Valuation and Corporate Leveraged Restructurings 45
3 Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default 77
4 Private versus Public Creditor Experience in Distressed Firm Debt Restructurings 125
5 Managing a Distressed Firm 139
Pt. 2 Bankruptcy Costs and Distressed Firm Values
6 Bankruptcy Costs and Violation of Claims Priority 157
7 A Market Assessment of Bankruptcy Costs and Liquidation Costs 191
8 Industry Contagion Effects of Bankruptcy and Firm Size 215
Pt. 3 Investing and Trading in HLT Bank Loans
9 HLT Bank Loans: A New Market for Relative Value Investors 223
10 Regulatory Issues in Secondary Trading of Distressed Bank Loans 231
Pt. 4 Strategic Issues for Distressed Firms and Investors
11 Financial Distress, Reorganization, and Organizational Efficiency 245
12 Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default 275
13 Management Turnover and Financial Distress 313
14 Equity Valuation and the Resolution of Claims in Bankruptcy 339
15 An Empirical Investigation of U.S. Firms in Reorganization 361
16 Are Stockholders Better Off When Debt Is Restructured Privately? 391
17 Emerging Trends in Bankruptcy Reorganization 401
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