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Strategic debt restructuring

Abstract:

We analyze a distressed firm indebted to many creditors. The firm's owners have the option of choosing the sequence of restructuring negotiations with the creditors. We show that sequencing flexibility is beneficial to firm owners, and that the optimal sequencing of restructuring negotiations involves exploiting the firm's liabilities to some creditors so as to moderate the demands of others. Moderately distressed firms will eschew renegotiations with creditors in strong bargaining positions....

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Publication date:
2000-01-01
URN:
uuid:cbf3cf36-ef7d-4c86-b460-b32a3faffc5a
Local pid:
oai:eureka.sbs.ox.ac.uk:1123

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