Implementation

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

Chapter Chapter 8 in Corporate Debt Restructuring in Emerging Markets, 2021, pp 181-201 from Springer

Abstract: Abstract In our fable, the fox regrets his behavior and is allowed back into the group, hence allowing the whole community is safe. As a moral of the story and of relevance to restructuring is the willingness of the group to stand up to the fox, whilst still allowing him a way back. As we saw in the Bank of Commerce tale, the lenders had to confront first JT and then Edinburgh Partners to lead an unruly lenders group through many execution challenges to what would become the only viable outcome—an orderly wind-down. The main elements of the implementation phase are reviewed, again with a reliance on the manufacturing case study as well as the opening Bank of Commerce tale to identify the governance and execution challenges and evaluate possible solutions. There are many important lessons, but perhaps foremost is that experienced, committed transaction leadership must take full ownership of the deal to ensure that it is executed properly. For this purpose, constant communication, pro-activeness, flexibility, and speed are essential.

Keywords: Balance sheet; Bankruptcy; Borrower; Consensual restructuring; Coordinating committee; Corporate debt; Credit monitoring; Debt; Debtor; Distressed debt; 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_8

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DOI: 10.1007/978-3-030-81306-2_8

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