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The Economic Impact of Chapter 11 Bankruptcy versus Out-of-Court Restructuring
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Companies in financial distress and unable to make payments due to creditors often face an important choice: whether to work out an agreement with debtholders to restructure their obligations on more manageable terms, or to enter formal Chapter 11 bankruptcy proceedings to suspend their debt obligations until creditors agree on a reorganization plan. In this paper, the authors examine the economic impact of these options.
This article originally appeared in the Journal of Applied Corporate Finance.
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