Anatomy of Financial Distress: An Examination of Junk-Bond Issuers
分析财务困境企业如何通过债务重组、资产出售等方式避免破产，发现债务结构影响重组方式，有担保私人债务与多笔公共债务组合会阻碍庭外重组、增加破产申请概率。
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 that, while asset sales are a way of avoiding Chapter 11, they are limited by industry factors: firms in distressed and highly leveraged industries are less prone to sell assets.