By Edward I. Altman
Prime quality information and correct brand new (Autumn 2006). The booklet is helpfully divided into components ~ the 1st part explains a number of the precious subject matters had to comprehend restructured debt and company misery and the second one part supplies distinct recommendation on construction or figuring out usual types on default probablities and the chance go back overview of distressed debt including functional examples of valuing distressed businesses and their debt. it's also summaries of the felony implications, yet there are far better books on that topic. i presumed this used to be economical for the money.
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Top of the range facts and correct modern (Autumn 2006). The booklet is helpfully divided into elements ~ the 1st part explains some of the invaluable subject matters had to comprehend restructured debt and company misery and the second one part offers distinctive recommendation on development or knowing usual versions on default probablities and the danger go back overview of distressed debt including functional examples of valuing distressed businesses and their debt.
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Extra resources for Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition
At the outset, the creditors, indenture trustees, and stockholders were permitted to file answers controverting the allegations of a voluntary or involuntary petition. While bankruptcy initiation action was curtailed by the 1938 Act, the ability to answer was enhanced. Another important participant in Chapter X proceedings was the SEC. ) Although the commission did not possess any decision-making authority, its involvement, via the SEC advisory reports, was a powerful objective force in the entire process.
It may provide for the satisfaction or modification of any lien, the waiver of any default, and the merger or consolidation of the debtor with one or more entities. The issuance of nonvoting equity securities is prohibited, and the plan must provide for distribution of voting powers among the various classes of equity securities. It may impair, or leave unimpaired, a class of claims, secured or unsecured; provide for the assumption or rejection of executory contracts or unexpired leases not previously rejected; and propose the sale of all or substantially all of the estate property and the distribution of the proceeds among creditors and equity security holders, making it a liquidating plan.
This bankruptcy process could be initiated voluntarily by the debtor or involuntarily by three or more creditors with total claims of $5,000 or more. The bankruptcy petition had to contain a statement of why adequate relief could not be obtained under Chapter XI. The aim of this requirement was to make Chapter X proceeding unavailable to corporations having simple debt and capital structures. However, the court had the right (and exercised it on several occasions) to refuse to allow a Chapter XI proceeding and to require that a reorganization be processed under Chapter X, usually when a substantial public interest was involved.
Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition by Edward I. Altman