The Impact of Receiving Debtor‐in‐Possession Financing on the Probability of Successful Emergence and Time Spent Under Chapter 11 Bankruptcy
研究获得债务人持有资产融资是否有助于企业成功摆脱第11章破产并缩短破产程序时间，发现此类融资能降低清算概率、缩短破产时长。
The ability to obtain financing is a critical element in attempting to successfully reorganise a firm which has declared Chapter 11 bankruptcy. Debtor‐in‐possession (DIP) financing has become an increasingly popular method in recent years. This paper examines whether receiving DIP financing is related to successful reorganisations and a shortened duration under Chapter 11 bankruptcy proceedings. This study finds that there is an increase in realised returns to equity at the announcement of DIP loan agreements which is positive and statistically significant. It is also found that DIP‐financed firms have a reduced probability of liquidation, and shorter time spent under bankruptcy proceedings.