Secured Creditor Recovery Rates from Management Buy‐outs in Distress
基于42个失败管理层收购案例，发现英国破产程序中有担保债权人平均回收62%的债务；持续经营出售和管理因素提高回收率，而审计意见和收购规模则降低回收率。
Buy‐out literature suggests that secured creditors will recoup substantial proportions of the funds they extend to finance the initial buy‐out. This paper uses a unique dataset of 42 failed MBOs to examine the extent of credit recovery by secured lenders under UK insolvency procedures and the factors that influence the extent of this recovery. On average, secured creditors recover 62 per cent of the amount owed. The percentage of secured credit recovered is increased where the distressed buy‐out is sold as a going concern and where the principal reason for failure concerns managerial factors. The presence of a going concern qualification in the audit report and the size of the buy‐out reduce the recovery rate by secured creditors.