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| Author: | Noe, T.H. Wang, J. |
| Title: | Strategic debt restructuring |
| Journal: | Review of Financial Studies
2000 : WINTER, VOL. 13:4, p. 985-1015 |
| Index terms: | DEBT STRATEGIC PLANNING |
| Language: | eng |
| Abstract: | The authors analyze a distressed firm indebted to many creditors. The firm's owners have the option of choosing the sequence of restructuring with the creditors. The authors 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 moderte the demands of others. |
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