作者：ASQUITH, P; GERTNER, R; SCHARFSTEIN, D
作者单位：National Bureau of Economic Research; University of Chicago
摘要：This paper analyzes the ways in which financially distressed firms try to avoid bankruptcy through public and private debt restructurings, asset sales, mergers, and capital expenditure reductions. Our main finding is that a firm's debt structure affects the way financially distressed firms restructure. The combination of secured private debt and numerous public debt issues seems to impede out-of-court restructurings and increases the probability of a Chapter 11 filing. In addition, we find tha...
