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
{"title":"破产法第十一章的变化:从最近的趋势和研究的见解","authors":"Edith Hotchkiss, Karin S. Thorburn, Wei Wang","doi":"10.1146/annurev-financial-100521-103241","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":47162,"journal":{"name":"Annual Review of Financial Economics","volume":"144 3","pages":"0"},"PeriodicalIF":5.0000,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Changing Face of Chapter 11 Bankruptcy: Insights from Recent Trends and Research\",\"authors\":\"Edith Hotchkiss, Karin S. Thorburn, Wei Wang\",\"doi\":\"10.1146/annurev-financial-100521-103241\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":47162,\"journal\":{\"name\":\"Annual Review of Financial Economics\",\"volume\":\"144 3\",\"pages\":\"0\"},\"PeriodicalIF\":5.0000,\"publicationDate\":\"2023-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Annual Review of Financial Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1146/annurev-financial-100521-103241\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Annual Review of Financial Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1146/annurev-financial-100521-103241","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
5.00
自引率
0.00%
发文量
26
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信