junior debt claims. In this paper, we show that the scope for sequential renegotiation may reduce and even eliminate the … premium for debt seniority. Our analysis also explains why companies may engage in repeated Chapter 11 bankruptcy filings (a …

This paper develops a new model of debt renegotiation in a structural framework, that accounts for both taxes and … coupon reduction to creditors, given that the new coupon is chosen such that debt value remains constant. Our result shows … firm without hurting the creditors. This model of debt renegotiation can be viewed as a way of passing from a junk bond to …

and borrowers ample reason to care whether nonperforming debts are restructured. One implication of the way in which debt … argument is moral hazard, but (unlike in much of the recent literature of emerging market debt problems) what is central here …

This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a … 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 …

different mechanisms exist which can be used to restructure the debt of distressed companies. The purpose of this paper is to … assess the debt restructuring mechanisms currently available to companies in English law and to consider whether reform is … needed. There have been a number of calls for the reform of English debt restructuring mechanisms in recent years, most …

system for debt restructuring and insolvency more generally; (iii) a blurring of the boundary between restructuring and … insolvency; and (iv) a more complex cross-border regime. In combination these amount to a seismic shift in the UK debt …UK debt restructuring is undergoing a period of immense change. Two developments in particular have contributed to this …