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| Tekijä: | Dahiya, S. (et al.) |
| Otsikko: | Debtor-in-possession financing and bankruptcy resolution: empirical evidence |
| Lehti: | Journal of Financial Economics
2003 : JUL, VOL. 69:1, p. 259-280 |
| Asiasana: | Bankruptcy Law USA |
| Kieli: | eng |
| Tiivistelmä: | Debtor-in-possession financing is unique secured financing available to firms filing for Chapter 11. Opponents of DIP financing argue that it leads to overinvestment. Using a large sample of bankruptcy filings, the authors find little evidence of systematic overinvestment. DIP financed firms are more likely to emerge from Chapter 11 than non-DIP financed firms. DIP financed firms have a shorter reorganization period; they are quicker to emerge and also quicker to liquidate. The reorganization period is even shorter when prior lenders provide the DIP financing. |
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