The goal of this paper is to define a model to assess the potential for unfairness in a freeze-out bond covenant exchange offer by highlighting the role played by coordination among bondholders. To avoid covenant violation as the covenant becomes tighter, a firm can propose an exchange offer to...

The aim of the paper is to assess the efficiency of public aid in form of a guarantee, given the EC State aid law. A State aid element valuation method for guarantee schemes, which highlights the effect of State aid on credit risk mitigation and takes into account the criteria for EC...