Xem 1-18 trên 18 kết quả Debt restructure
  • In this paper we develop a contingent valuation model for zero-coupon bonds with de- fault. In order to emphasize the role of maturity time and place of the lender’s claim in the hierarchy of debt of a Þrm, we consider a Þrm that issues two bonds with different ma- turities and different seniorage. The model allows us to analyze the implications of both debt renegotiation and capital structure of a Þrm on the prices of bonds.

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  • Tham khảo sách 'wiley cpa exam review', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

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  • Chapter 24 Bankruptcy, Reorganization, and Liquidation a. Informal debt restructuring is the agreement between the creditors and troubled firm to change the existing debt terms. An extension postpones the required payment date, while a composition is a reduction in creditor claims.

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  • The toxic assets currently plaguing the German banking system are for the most part complex mortgage-backed securities originating in the US housing market. The anonymity of the US-based original borrowers and the large number of intermediate institutions involved in the packaging and onward sale of these securities represent serious impediments to the identification of the relevant counterparties for debt restructuring. Hence, there are fewer instruments available for restricting the bad bank’s losses than in the past.

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  • Despite the fact that some distressed investors have abandoned the market in the last few years as the supply of new defaulted debt has diminished, there still exists an impressive number of investors who specialize in this rather unique asset class. The primary vehicle for investing is a limited partnership, whereby a particular distressed-asset investment manager raises funds from financial institutions and wealthy individuals.

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  • Much of the resistance in debt restructuring comes from the fear that restructuring will effectively be a bailout by countries of tighter fiscal discipline to countries with less fiscal discipline, and the moral hazard that this implies. The fear is that countries’ “bad” behavior in overspending and accumulating debt will be rewarded through a government bailout. In contrast to such a restructuring, there is no bailout associated with Trichet bonds. Old bonds will be exchanged at present market prices.

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  • 88 Understanding the Numbers EXHIBIT 2.35 Adjustment worksheet for sustainable earnings base: Baker Hughes Inc., years ended September 30 (in millions).

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  • Since 1993, the Socialist Republic of Vietnam has pursued a policy of restructuring its external debt in order to reduce its debt burden. In 2002, the Bretton Woods institutions prepared a debt sustainability analysis that concluded that the country was not eligible for the Enhanced Highly Indebted Poor Country (HIPC) Initiative. Furthermore, in 2003, the Vietnamese authorities approved a debt strategy for the period of 2001-2010 formulated by the Ministry of Planning and Investment (MPI).

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  • External finance is meant to supplement and support developing countries’ domestic resource mobilization. However, since the nineteenth century, developing countries have experienced repeated episodes of rapidly increasing external indebtedness and debt-service burdens that have brought slower growth or recession and eventually produced renegotiation and restructuring.

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  • Some proposals have been formulated in this paper. They cover home mortgage lending, which deals with the most important fixed asset for nearly all individual households. They deal with economic easing, which aims to close the income gap in demand. It also deals with bank restructuring and income generation out of government debt. The writer has no illusion that such proposals are exhaustive. There may be many more good ideas, hence the term used in the title: “draft”. The paper hopes to be instrumental in setting off a discussion between all parties involved.

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  • The U.S. newspaper industry is in the midst of a historic restructuring, buffeted by a deep recession that has battered crucial advertising revenues, long-term structural challenges as readers turn to free news and entertainment on the Internet, and heavy debt burdens weighing down some major media companies. Eight major U.S. newspaper companies filed for bankruptcy between 2008 and early 2010 (though nearly all have since emerged as reorganized companies), while hundreds of smaller papers went out of business or moved to Web-only publications.

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  • The present reality of the situation is that the ability of other, larger sovereigns to roll over maturing debt on their own is increasingly in doubt, and in any event, will involve very high, economically penalizing, interest rates. Under these circumstances, one or more sovereigns may be unable to issue new debt to redeem old debt at par value in the future.

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  • I have accumulated the usual academic debts in writing this book, but par- ticularly to the sta√ of the Public Record O≈ce and to Tom Green, who has administered encouragement and criticism in equal doses. The personal debts, however, are just as significant. I wrote this book while I was participating in a restructuring of the University of Houston; I was president of the U.H. Faculty Senate in 1998. Intense participation in academic politics and working on the book thus exacted a double cost on my children, who were then adolescents.

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  • This paper analyzes junk bond defaults during 1980 to 1991 to determine which factors affect the length of time spent in default. Bondholder holdouts are not a significant problem, as firms with proportionately more bonds have shorter default spells. In contrast, bank debt is associated with slower restructurings. Bargaining problems arising from contingent liabilities, lawsuits, and size delay the process, although multiple bond classes do not. Neither information problems nor firm value appear to matter. HLTs do not resolve their defaults at a significantly faster pace.

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  • The exchange is offered at market value, so current debt holders will experience a “haircut” from par value, and thus the exchange does not involve a “bailout.” However, present holders of sovereign debt will be exchanging low quality bonds with limited liquidity, for higher quality bonds with greater liquidity. Debt holders not accepting the exchange will be at risk of a forced restructuring at a later date at terms less favorable.

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  • Most of the sovereign bank debt likely to be exchanged, however, is held by larger German, French and Swiss banks with the capability (if not necessarily the desire) to take the write-offs required. The overhang of such future losses affects the entire European banking system at a time when it too is being restructured.

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  • Without a workable EU remedy for the sovereign debt problems, countries like Portugal, Spain and Italy are being treated by the market, which so far has ignored the European rescue fund and related efforts to calm the crisis, as potential defaulters. This could lead to some countries being forced by financial markets to “restructure” their debt (under the circumstances this would be effectively defaulting on their outstanding obligations) with potentially catastrophic consequences for those countries as well as for the future of the Euro and the EU....

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  • The debt repayment program was based on a bank restructuring system that introduced solvency measures into the banking market. As a result, a total of ten state-owned banks lost their business licenses and were subsequently closed. Those are: Slavija banka, Privredna banka Novi Sad, Valjevska banka, JIK banka, Pozarevacka banka, Sabacka banka, Beogradska banka, Beobanka, Jugobanka, and Investbanka. Later, two more banks were added to this list - Dafiment banka and Banka privatne privrede Crne Gore.

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