破产法第十一章的变化:从最近的趋势和研究的见解

IF 5 3区 经济学 Q1 BUSINESS, FINANCE
Edith Hotchkiss, Karin S. Thorburn, Wei Wang
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引用次数: 0

摘要

最近的几个趋势重塑了破产法第11章中讨价还价的本质。其中包括破产前的资本结构日益复杂,由于预先打包和预先谈判的计划,第11章的时间缩短,越来越多地使用重组支持协议(RSAs)和出售几乎所有资产,违约的私募股权公司数量增加,以及专门的不良债务投资者活动增加。这些趋势已经改变了权力平衡,有利于高级担保贷款机构,他们进一步塑造了庭外谈判的进程。我们研究了这些变化对重要利益相关者(包括债权人和工人)影响的证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Changing Face of Chapter 11 Bankruptcy: Insights from Recent Trends and Research
Several recent trends have reshaped the nature of bargaining in Chapter 11. These include increasingly complex prebankruptcy capital structures, decreasing time in Chapter 11 due to prepacks and prenegotiated plans, growing use of restructuring support agreements (RSAs) and sales of substantially all assets, an increased number of defaulting private equity–owned firms, and an increase in activity of specialized distressed debt investors. These trends have changed the balance of power in favor of senior secured lenders, who further shape the course of out-of-court negotiations. We examine evidence of the impact of these changes on important stakeholders, including creditors and workers.
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CiteScore
5.00
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