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Decision to Restructure

In: Corporate Debt Restructuring in Emerging Markets

Author

Listed:
  • Richard Marney
  • Timothy Stubbs

    (Dentons)

Abstract

Torrential rains (a negative credit shock) have caused flooding that threatens the fox’s life (a pending payment default). In flight, the stork is able to espy a path to refuge and points this out (the need to undertake remedial action, possibly including a debt restructuring). There is resistance. The fox’s predicament becomes more precarious as did that of the Bank of Commerce in the opening Tale. The chapter continues with an exposition of general topics of: (i) precedents and types of restructurings; (ii) differences across markets; and (iii) the distinction between judicial versus nonjudicial restructuring (aka workouts) and the conceptual framework and rationale for the latter. The question of the right “talent” is debated, before moving on to the circumstances and decision-making criteria leading to the choice to proceed to a restructuring. To reinforce these concepts, the chapter returns to the two case studies introduced in Chapter 3 . The chapter ends with a set of key learnings, using again the opening Bank of Commerce tale.

Suggested Citation

  • Richard Marney & Timothy Stubbs, 2021. "Decision to Restructure," Springer Books, in: Corporate Debt Restructuring in Emerging Markets, chapter 0, pages 111-138, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-81306-2_5
    DOI: 10.1007/978-3-030-81306-2_5
    as

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