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Recent News and Articles on the Keywords: new workout + financially troubled + paradigm  Related to the article below (Last Update: 5/5/2008)

The Next New Thing ? Distressed M&A
Mondaq News Alerts (subscription), UK - Apr 25, 2008
In the current reality, "Distressed M&A" - the management led sale of a financially distressed company as a going concern in a pre-plan, court-supervised ...
Borrowers falter despite lenient laws
DesMoinesRegister.com, IA - Apr 20, 2008
Many Iowa borrowers, those experts say, ultimately wind up in worse shape financially and lose homes in spite of the more lenient laws. ...
Downey Announces First Quarter 2008 Results and Dividend
Earthtimes, UK - Apr 21, 2008
We also modify loans for delinquent borrowers in mutually beneficial workout situations. In response to those situations where foreclosure is unavoidable, ...DSL
Loan rescues often can be a workout on both ends
Pittsburgh Post Gazette, PA - May 2, 2008
But they've both learned that efforts to save troubled mortgage loans can be painful and sometimes unproductive. Loan rescues, known in the industry as ...

In order to show you the most relevant results, we have omitted some entries very similar to the 4 already displayed.
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Source: Google News

[PDF] Financial and Corporate Sector Reform in South Korea: Towards a New Development Paradigm -
CY Ahn - kiep.go.kr
... frame, but only through the flow of new equity, asset ... Bank, which had been in the
worst trouble, were recapitalized ... Next, the Financial Supervisory Commission ...

Morgan Stanley Roundtable on Managing Financial Trouble -
E Altman - Journal of Applied Corporate Finance, 2007 - Blackwell Synergy
... the major changes in the US workout and bankruptcy ... be negative side effects from
other financial innova- tions ... us a brief overview of the new paradigm for reor ...
-

A Message from the Editor -
DH Chew - Journal of Applied Corporate Finance, 2007 - Blackwell Synergy
... Toward a New Corporate Reorganization Paradigm 8 ... through emer- gence from a private
workout or Chapter ... even in the case of the financially troubled deals, the ...

[PDF] A Newly Emerging Development Paradigm for the South Korean Economy -
CY Ahn - kiep.go.kr
... frame, but only through the flow of new equity, asset ... Bank, which had been in the
worst trouble, were recapitalized ... Next, the Financial Supervisory Commission ...

[PDF] Looking for Signs of Trouble: The Nature of Vigilant Investment -
DL Auchterlonie - INSTITUTIONAL INVESTOR-NEW YORK-, 2002 - scotlandgroup.com
... Ph.D., a financial economist and professor at New York University ... conditions or must
be assigned to the workout department of a financial institution, sub ...

[PDF] Poland -
S Process - www-wds.worldbank.org
... commercial banks, although other banks could use the workout process it ... under the
banks' command, a group of financially troubled enterprises, mostly ... While new ...

Rethinking Freedom of Contract: A Bankruptcy Paradigm -
SL SCHWARCZ - papers.ssrn.com
... every loan modification or business workout agreement drafted ... Role of Recourse in
the Sale of Financial Assets, 52 B ... See Robert K. Rasmussen, A New Approach to ...
-

[PDF] Financial System Reform and NPLs in South Korea
CT Ahn - College of Political Science and Economics, Chung-Ang …, 2001 - sri.or.jp
... frame, but only through the flow of new equity, asset ... Bank, which had been in the
worst trouble, were recapitalized ... Next, the Financial Supervisory Commission ...

Networks and Nonprofits: Opportunities and Challenges in an Era of Federal Devolution -
LC Keyes, A Schwartz, AC Vidal, RG Bratt - Housing Policy Debate, 1996 - fannymayfoundation.com
... ISG and the nonprofit owners of troubled properties ... producing extensive documentation
on their financial status, property ... must notify ISG of any new projects it ...


RE Mendales - Rutgers L. Rev., 1993 - HeinOnline
... Once the financial community learns that a workout is in progress, a company may
find it difficult to obtain new credit, whether from institutional lend ...

Source: Google Scholar

New Workout 'Paradigm' Promises to Preserve Value in Financially Troubled Companies
New York, NY – December 19, 2007 – With the recent wave of highly leveraged private equity deals and the current problems in credit markets, market observers are now predicting a sharp increase in corporate defaults, with possibly serious spillover effects. But thanks to changes in workout and bankruptcy practices in the U.S. and abroad during the last two decades, the prospects for preserving the values of financially distressed companies are greatly improved.

In the "Morgan Stanley Roundtable on Managing Financial Trouble" that appears in the Fall 2007 issue of the Journal of Applied Corporate Finance, a distinguished group of bankruptcy academics and practitioners discuss the promise of these developments, along with a number of potential obstacles.

The discussion begins with University of Chicago legal scholar Douglas Baird and bankruptcy lawyer Donald Bernstein describing a "new corporate reorganization paradigm"--one in which vigorous trading of distressed corporate debt by active investors such as hedge funds and private equity firms ends up transferring corporate assets quickly to their most efficient users.

However, this new, market-driven reorganization process does face some relatively new challenges. In many cases, accomplishing this task will require investors to find ways to manage relatively new “inter-creditor” conflicts stemming from the use of junior secured (“second-lien”) debt and the dispersion of claims in collateralized debt obligations (CDOs) and colleralized loan obligations (CLOs).

The good news--and the dominant theme of the discussion--is the ingenuity of today’s distressed investors in finding ways to keep viable, but financially distressed companies out of bankruptcy when possible—while making the most of the advantages of the new streamlined Chapter 11 when not.

“It’s the great paradox of capitalism that all this self-interest, this so-called ‘vulture’ investing, is likely to end up benefitting all of us,” Douglas Baird tells his fellow panelist in closing. “If we do go into recession and companies begin to struggle with their debt loads, then it may be the activity of people like you around this that is the best hope for ensuring that the businesses that should survive, do survive.”

_____________________________________________________

This study is published in the Fall 2007 issue of the Journal of Applied Corporate Finance. Media wishing to receive a PDF of this article may contact journalnews@bos.blackwellpublishing.net.

To view the abstract for this article, please click here.

Donald H. Chew is the Editor of the Journal of Applied Corporate Finance and can be reached for questions at Don.Chew@morganstanley.com.

Published since 1988 and reaching a broad audience of senior corporate policy makers, this highly regarded quarterly brings together academic thinkers and financial practitioners to address topics driving corporate value. The Journal of Applied Corporate Finance covers a range of topics, including risk management, corporate strategy, corporate governance and capital structure. The Journal also features its popular roundtable discussions among corporate executives and academics, on topics such as integrity in financial reporting.

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