Structuring and Negotiation

Richard Marney () and Timothy Stubbs ()
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Timothy Stubbs: Dentons

Chapter Chapter 7 in Corporate Debt Restructuring in Emerging Markets, 2021, pp 159-179 from Springer

Abstract: Abstract The fox threatens the group and is expelled from the refuge, ending up in a far less secure place. The animals were obliged to make a difficult decision for the good of the group. Like the animals, lenders must take hard decisions, often confronted with a series of negative outcomes and finding themselves forced to opt for the least bad alternative. The discussion in the chapter focuses on: (i) the main goals of a workout; (ii) elements of cost–benefit analysis in transaction structure analysis (including judicial versus nonjudicial restructurings); (iii) the building blocks of restructuring; and (iv) requisites of transaction leadership. Thorough and updated planning, maintaining control, dealing with detours, accepting compromise, but sticking to principles when necessary are amongst the key learnings that are reinforced through a return to the manufacturing case study and the opening Bank of Commerce Tale.

Keywords: Balance sheet; Bankruptcy; Borrower; Consensual restructuring; Coordinating committee; Corporate debt; Debt; Debtor; Cash flow; Cost-Benefit Analysis; Distressed debt; Foreign exchange; Emerging market; Frontier market; INSOL II; INSOL principles; Insolvency; Lender leadership; Non-performing loans; Pre-insolvency; Restructure; Restructuring; Restructuring plan; Standstill; Steering committee; Workout (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-81306-2_7

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DOI: 10.1007/978-3-030-81306-2_7

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