Ten Observations Relevant to Corporate Debt Restructuring in the EMs

Richard Marney () and Timothy Stubbs ()

Chapter Chapter 3 in Emerging Markets Debt Restructuring, 2024, pp 105-186 from Springer

Abstract: Abstract The chapter presents ten principal observations regarding certain key differences in corporate debt restructurings between EMs and AEs and which impact directly on the processes and outcomes. These observations have been distilled from the authors’ years of work in EM restructurings based on their own experience, as well as that of fellow senior restructurers. The chapter surveys the explanatory factors for each observation, citing relevant literature and professional experience.

Keywords: Economic volatility; Recessions; Banking; debt; currency crises; Credit conditions; Default rates; Underdeveloped institutions; Rule of law; Regulatory supervision; Corporate governance; Power distance index (PDI); Diversity; Independent non-executive directors (NEDs); Altman Z-score; Tobin’s Q; Financial distress; Secured (collateral-based) lending; Unsecured (cash flow); Based lending; Judicial restructurings (hybrid or full); Bankruptcy court; Consensual restructuring; Local and foreign lenders; Enforcement; Stakeholder rights; Local and foreign shareholders and/or lenders; Politically connected interests; Corrupt actors; Equitable outcomes; Debt resolution; Transaction structuring; Access to capital; Legal structure; Corruption; Whistleblowing; Kleptocracy; Social norms; Culture; Market value; Power distance; Legal system; Independent directors; Internal audit; Bankruptcy; Business failure; Insolvency framework; INSOL II; Creditor aggregation; Subordination; Market concentration; Debtor in possession financing (DIP) (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-66838-8_3

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DOI: 10.1007/978-3-031-66838-8_3

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