The economics of bankruptcy reform:
We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercis...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
NBER
1992
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
4097 |
| Zusammenfassung: | We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management. |
| Beschreibung: | 50, [8] S. |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 4097 | |
| 520 | |a We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management. | ||
| 700 | 1 | |a Hart, Oliver D. |d 1948- |e Verfasser |0 (DE-588)124080243 |4 aut | |
| 700 | 1 | |a Moore, John |d 1954- |e Verfasser |0 (DE-588)120974274 |4 aut | |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 4097 |w (DE-604)BV002801238 |9 4097 | |
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| indexdate | 2024-07-09T21:25:06Z |
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| spelling | Aghion, Philippe 1956- Verfasser (DE-588)124546706 aut The economics of bankruptcy reform Philippe Aghion ; Oliver Hart ; John Moore Cambridge, Mass. NBER 1992 50, [8] S. txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 4097 We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management. Hart, Oliver D. 1948- Verfasser (DE-588)124080243 aut Moore, John 1954- Verfasser (DE-588)120974274 aut National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 4097 (DE-604)BV002801238 4097 |
| spellingShingle | Aghion, Philippe 1956- Hart, Oliver D. 1948- Moore, John 1954- The economics of bankruptcy reform |
| title | The economics of bankruptcy reform |
| title_auth | The economics of bankruptcy reform |
| title_exact_search | The economics of bankruptcy reform |
| title_exact_search_txtP | The economics of bankruptcy reform |
| title_full | The economics of bankruptcy reform Philippe Aghion ; Oliver Hart ; John Moore |
| title_fullStr | The economics of bankruptcy reform Philippe Aghion ; Oliver Hart ; John Moore |
| title_full_unstemmed | The economics of bankruptcy reform Philippe Aghion ; Oliver Hart ; John Moore |
| title_short | The economics of bankruptcy reform |
| title_sort | the economics of bankruptcy reform |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT aghionphilippe theeconomicsofbankruptcyreform AT hartoliverd theeconomicsofbankruptcyreform AT moorejohn theeconomicsofbankruptcyreform |