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Debt Restructuring with Multiple Creditors and the Role of Exchange Offers

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  • Detragiache, Enrica
  • Garella, Paolo G.

Abstract

Exploiting the analogy with the private provision of a public good, this paper studies debt restructuring with an arbitrary number of creditors using mechanism design.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Financial Intermediation.

Volume (Year): 5 (1996)
Issue (Month): 3 (July)
Pages: 305-336

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Handle: RePEc:eee:jfinin:v:5:y:1996:i:3:p:305-336

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Web page: http://www.elsevier.com/locate/inca/622875

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Cited by:
  1. Bazzana Flavio & Broccardo Eleonora, 2013. "The role of bondholder coordination in freeze-out exchange offers," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 51-65, January.
  2. Machauer, Achim & Weber, Martin, 1998. "Bank behavior based on internal credit ratings of borrowers," Journal of Banking & Finance, Elsevier, vol. 22(10-11), pages 1355-1383, October.
  3. Hege, U. & Mella-Barral, P., 1999. "Collateral, Renegotiation and the Value of Diffusely Held Debt," Discussion Paper 1999-94, Tilburg University, Center for Economic Research.
  4. Berlin, Mitchell & Mester, Loretta J., 2001. "Lender Liability and Large Investors," Journal of Financial Intermediation, Elsevier, vol. 10(2), pages 108-137, April.
  5. HEGE, Ulrich & MELLA-BARRAL, Pierre, 2002. "Repeated dilution of diffusely held debt," Les Cahiers de Recherche 751, HEC Paris.
  6. Patrick Bolton, 2003. "Toward a Statutory Approach to Sovereign Debt Restructuring," IMF Working Papers 03/13, International Monetary Fund.
  7. Claude Fluet & Paolo G. Garella, 2007. "Relying on the Information of Others: Debt Rescheduling with Multiple Lenders," Cahiers de recherche 0716, CIRPEE.
  8. Hege, Ulrich, 2003. "Workouts, court-supervised reorganization and the choice between private and public debt," Journal of Corporate Finance, Elsevier, vol. 9(2), pages 233-269, March.
  9. Ernst-Ludwig VON THADDEN & Erik BERGLÖF & Gérard ROLAND, 2003. "Optimal Debt Design and the Role of Bankruptcy," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 03.13, Université de Lausanne, Faculté des HEC, DEEP.

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