Author : Johann Hüthmair
Publisher :
Page : 121 pages
File Size : 15,75 MB
Release : 2004
Category : Bankruptcy
ISBN : 9781920019013
Author : The World Bank
Publisher : World Bank Publications
Page : 103 pages
File Size : 40,2 MB
Release : 2011-12-21
Category : Law
ISBN : 0821389564
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 : Adam J. Levitin
Publisher : Aspen Publishing
Page : 1279 pages
File Size : 27,7 MB
Release : 2018-09-25
Category : Law
ISBN : 1543802842
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
Author : Aspatore Books Staff
Publisher :
Page : 439 pages
File Size : 29,7 MB
Release : 2006
Category : Business & Economics
ISBN : 9781596224728
Bankruptcy and Financial Restructuring Settlements and Negotiations is an authoritative, insider?s perspective on best practices for dealing with financially distressed companies. Featuring partners from some of the nation?s leading law firms, these experts guide the reader through the intricacies of bankruptcy and financial restructuring, from both a creditor's and debtor's perspective, detailing the various solutions and forums available to each party. These top lawyers give tips on negotiating, arriving at a settlement, and avoiding litigation, while outlining the federal and state laws that govern both in-court and out-of-court proceedings. The authors cover key topics such as: strategies for restructuring a balance sheet; methods of reducing debt and increasing capital; alternative solutions for paying off debt, such as liquidating assets and offering stock options; and valuable tips for educating creditors on their legal rights and options for collecting outstanding debts. Additionally, these leaders reveal their strategies for planning defensively, keeping abreast of change, and finding creative solutions in a variable area of law. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great legal minds of today as these experienced lawyers offer up their thoughts around the keys to success within this challenging area of law.Chapters include:1. Peter C. Blain, Partner and Head of Bankruptcy and Creditors? Rights Practice Group, Reinhart Boerner Van Deuren SC - "Steps to Helping the Client Define and Achieve Their Objective"2. Timothy F. Nixon, Shareholder, Godfrey & Kahn SC - "Staying in the Room When the Pin Has Been Pulled: Psychology and Strategy for Working with Financially Distressed Companies"3. John Burns, Partner, Baker & Daniels - "The Business Bankruptcy Process: Maximizing the Value of a Going Concern"4. Andrea Dobin, Shareholder and Director, Sterns & Weinroth - "Crafting an Agreement to Satisfy All Parties Involved"5. Patricia B. Fugee, Esq., Partner, Roetzel & Andress - "Getting and Keeping What Is Yours Without Burning Bridges"6. Michael Jankowski, Shareholder, Reinhart Boerner Van Deuren SC - "Keys to Success in Negotiation and Other Aspects of Bankruptcy Law"7. Jeffrey M. Sherman, Shareholder, Hall Estill Hardwick Gable Golden & Nelson PC - "From Insurers to Trustees: Offering Representation that Adds Value"Appendices:1. Appendix A: Forbearance Agreement 2. Appendix B: Composition and Extension Agreement 3. Appendix C: Accommodation Agreement 4. Appendix D: Plan of Restructuring 5. Appendix E: Plan of Liquidation 6. Appendix F: Plan of Restructuring for Debtor 7. Appendix G: Forbearance Agreement 8. Appendix H: Plan of Reorganization 9. Appendix I: Motion for Approval of Sale 10. Appendix J: Equity Security Holders Committee Memorandum 11. Appendix K: Bankruptcy Preference Demand Letter 12. Appendix L: New Value Analysis 13. Appendix M: Letter Regarding Preferential Payment 14. Appendix N: Letter Regarding Request for Documents 15. Appendix O: Reclamation Demand and Notice for Filing 16. Appendix P: Motion and Order Regarding Reclamation Rights 17. Appendix Q: Motion and Order for Essential Vendor Payments
Author : Mr.Patrick Bolton
Publisher : International Monetary Fund
Page : 37 pages
File Size : 20,6 MB
Release : 2003-01-01
Category : Business & Economics
ISBN : 145184302X
This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to prevent a costly run for the assets, broad enforcement of absolute priority, majority voting among creditors on the proposed reorganization plan, and new higher priority financing to keep the firm going while its liabilities are restructured. The paper argues that these components ought to be present in any sovereign debt restructuring procedure.
Author : Nicholas P. Saggese
Publisher : Aspen Publishers
Page : 834 pages
File Size : 13,62 MB
Release : 1993
Category : Business & Economics
ISBN :
Author : Edward I. Altman
Publisher : John Wiley & Sons
Page : 374 pages
File Size : 32,4 MB
Release : 2019-03-26
Category : Business & Economics
ISBN : 1119481805
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 : Shai Y. Waisman
Publisher : Oxford University Press, USA
Page : 535 pages
File Size : 19,56 MB
Release : 2011-04-07
Category : Business & Economics
ISBN : 0199583773
The Law and Practice of Restructuring in the UK and US is a practical guide to the restructuring of corporate debt and associated restructuring issues such as employees and pensions, from the perspective of both UK and New York law, the dominant systems of law in the world commercial and financial markets. At a time when many companies are looking at renegotiating and restructuring their debt agreements, this book provides a timely analysis of current techniques and likely developments in the field of corporate restructuring. An expert contributor team from both the US and UK combine their practical experience to cover all aspects of corporate restructuring. Through vivid exposure of the differences between the two jurisdictions, this book considers likely developments in the corporate restructuring landscape, for example the US Chapter 11 paradigm, as well as addressing lessons learned from past issues which are likely to feed into future develompents With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance and insolvency practitioners and their clients, both financial institutions and companies looking to restructure debt, as well as global accountancy firms and law and business schools worldwide.
Author : Sanford U. Mba
Publisher : Springer
Page : 285 pages
File Size : 17,56 MB
Release : 2019-06-29
Category : Law
ISBN : 3030197492
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 : Thomas J. Salerno
Publisher : Beard Books
Page : 737 pages
File Size : 50,34 MB
Release : 2001
Category : Corporate reorganizations
ISBN : 1587980266
The authors of this text are specialists in the area of reorganization and restructuring for the international law firm of Squire, Sanders & Dempsey, L.L.P., and have represented clients in the U.S. and abroad. Their guide explains the basics of the reorganization process from a business person's pe
