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Business Risk Targeting and Rescheduling of Distressed Debt

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  • Franck Moraux
  • Patrick Navatte

Abstract

Cet article reconsidère le rééchelonnement de la dette en détresse et la période précédant la réorganisation financière. Il met en lumière le fait que la valeur des capitaux propres de la firme réorganisée est une fonction (quasi) concave de la volatilité des actifs de la firme. Il existe une stratégie optimale pour les actionnaires consistant à fixer adéquatement le niveau de risque des affaires. Des simulations montrent que la modification ne conduit pas nécessairement à des coûts d?opportunité pour les créanciers. Nous abordons également la question du timing de l?ajustement et celle du pouvoir de négociation des deux parties. Pour l?essentiel, ces extensions démontrent la robustesse de nos conclusions précédentes.

Suggested Citation

  • Franck Moraux & Patrick Navatte, 2007. "Business Risk Targeting and Rescheduling of Distressed Debt," Finance, Presses universitaires de Grenoble, vol. 28(2), pages 43-78.
    • Handle: RePEc:cai:finpug:fina_282_0043
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    Cited by:

    1. Moraux, Franck & Navatte, Patrick, 2015. "How do reservation prices impact distressed debt rescheduling?," Economic Modelling, Elsevier, vol. 46(C), pages 269-282.
    2. N. Letifi & J.-L. Prigent, 2014. "On the debt capacity of growth and decay options," Working Papers 2014-391, Department of Research, Ipag Business School.
    3. repec:ipg:wpaper:2014-331 is not listed on IDEAS

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