Category Books

Bankruptcy and Distressed Restructurings: Analytical Issues and Investment Opportunities »

Authors: Edward I. Altman (Editor), Donald B. Bibeault
ISBN-13: 9781893122000, ISBN-10: 189312200X
Format: Paperback
Publisher: Beard Books, Incorporated
Date Published: February 1999
Edition: (Non-applicable)

Author Biography: Edward I. Altman

Book Synopsis

In today's vulnerable and volatile business climate, corporate bankruptcy and Chapter 11 reorganization is a common occurrence at U.S. corporations of all sizes, in all sectors. As a result, the market for distressed firms' debt and equity securities has captured the interest and imagination of the investment community like never before. Bringing together some of the most prominent people in both the practitioner and academic communities, Bankruptcy & Distressed Restructurings includes the determinants of successful distressed exchange issues and Chapter 11 proceedings, bankruptcy and liquidation costs and their impact on corporate values, investment opportunities in distressed and defaulted securities, management and competitor behavior related to distress, and an evaluation of investor priorities and market efficiencies. With contributions from more than 30 experts, this insightful look at corporate distress is must reading for anyone involved with corporate finance, financial markets, economics, and law.

	Preface and Overview
Pt. 1	Distressed Restructurings
1	Corporate Control and the Politics of Finance	3
2	Firm Valuation and Corporate Leveraged Restructurings	45
3	Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default	77
4	Private versus Public Creditor Experience in Distressed Firm Debt Restructurings	125
5	Managing a Distressed Firm	139
Pt. 2	Bankruptcy Costs and Distressed Firm Values
6	Bankruptcy Costs and Violation of Claims Priority	157
7	A Market Assessment of Bankruptcy Costs and Liquidation Costs	191
8	Industry Contagion Effects of Bankruptcy and Firm Size	215
Pt. 3	Investing and Trading in HLT Bank Loans
9	HLT Bank Loans: A New Market for Relative Value Investors	223
10	Regulatory Issues in Secondary Trading of Distressed Bank Loans	231
Pt. 4	Strategic Issues for Distressed Firms and Investors
11	Financial Distress, Reorganization, and Organizational Efficiency	245
12	Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default	275
13	Management Turnover and Financial Distress	313
14	Equity Valuation and the Resolution of Claims in Bankruptcy	339
15	An Empirical Investigation of U.S. Firms in Reorganization	361
16	Are Stockholders Better Off When Debt Is Restructured Privately?	391
17	Emerging Trends in Bankruptcy Reorganization	401