Bankruptcy and the Resolution of Financial Distress*
Edith S. Hotchkiss Boston College
Kose John New York University
Robert M. Mooradian Northeastern University
Karin S. Thorburn Dartmouth College
Abstract
This chapter reviews empirical research on the use of private and court-supervised mechanisms for resolving default and reorganizing companies in financial distress. Starting with a simple framework for financial distress and a quick overview of the theoretical research in this area, we proceed to summarize and synthesize the empirical research in the areas of financial distress, asset and debt restructuring, and features of the formal bankruptcy procedures in the United States and around the world. Studies of out-of-court restructurings ...
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