The Changing Face of Chapter 11 Bankruptcy: Insights from Recent Trends and Research
本文梳理了美国第11章破产程序的最新趋势，包括资本结构复杂化、预包装破产增多、重组支持协议普及等，并分析这些变化如何增强优先担保债权人的谈判地位，影响债权人及工人等利益相关方。
Several recent trends have reshaped the nature of bargaining in Chapter 11. These include increasingly complex prebankruptcy capital structures, decreasing time in Chapter 11 due to prepacks and prenegotiated plans, growing use of restructuring support agreements (RSAs) and sales of substantially all assets, an increased number of defaulting private equity–owned firms, and an increase in activity of specialized distressed debt investors. These trends have changed the balance of power in favor of senior secured lenders, who further shape the course of out-of-court negotiations. We examine evidence of the impact of these changes on important stakeholders, including creditors and workers.