An Empirical Examination of Prepackaged Bankruptcy
分析49个预包装破产案例，发现其直接成本与传统破产相当，收益来自约束反对者和税收效应，对研究企业重组决策有参考价值。
Analysis of 49 prepackaged bankruptcies allows identification of the economic gains from this form of restructuring. Results show that the direct costs of prepacks are comparable to those previously reported for traditional bankruptcies. Firms routinely pay the pre-bankruptcy expenses of creditor groups, so most direct expenses are incurred prior to filing. The gains from prepack stem from binding holdouts to a negotiated agreement and from the tax effects of future use of net operating loss carry-forwards. Significant tax savings can result from completing a prepack instead of an exchange offer, indicating the importance of tax considerations in firms' restructuring decisions.