Corporate restructuring : lessons from experience / / edited by Michael Pomerleano, William Shaw

• Pubblicazione: Washington, D.C., : World Bank, 2005
• Edizione: 1st ed.
• Descrizione fisica: xlix, 382 pages : illustrations ; ; 24 cm
• Disciplina: 658.1/6
• Soggetto topico: Corporate reorganizations; Consolidation and merger of corporations; Financial crises; Bankruptcy; International finance
• Altri autori: PomerleanoMichael ShawWilliam <1953->
• Note generali: Presentations from a conference, "Corporate Restructuring--International Best Practices," hosted in March 2004 by the World Bank Group and held in Washington, D.C.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- Contents -- Preface -- Acknowledgments -- Contributors -- Introduction: Toward Better Practices in Systemic Corporate Restructuring -- The Government's Role -- Monitoring -- Intervention -- Legal Framework for Corporate Restructuring -- Tax Issues -- Skills and Capacity -- Financial Engineering:Financial and Operational Restructuring -- Asset Management Companies -- Alternatives to Asset Management Companies -- Use of Financial Techniques -- References -- Notes -- Chapter 1 Synopsis of Conference Papers -- Overviews of the Crisis and General Principles -- War Stories from the Crises -- Technical Issues -- Note -- Part I: Overviews of the Crisis Experience -- Chapter 2 Policy Approaches to Corporate Restructuring around the World: What Worked, What Failed? -- Overview of Approaches -- Government-Sponsored Voluntary Workout Schemes -- Court-Supervised Restructuring and Bankruptcy -- Restructuring by Public Asset Management Companies and State-Owned Banks -- Voluntary Workouts outside Government-Sponsored and In-Court Frameworks -- Supporting Policy Changes -- Outcomes in Corporate Restructuring -- Nonperforming Loans and Financial Indicators -- Operational Restructuring Measures -- Policy Lessons -- An Efficient Insolvency System -- Adequate Loss-Absorption Capacity -- A Proper Framework of Incentives -- A Limited Role for Banks and the State -- A Menu of Approaches -- Corporate Governance and Other Reforms -- References -- Notes -- Chapter 3 Recent International Experiences in the Use of Voluntary Workouts under Distressed Conditions -- The London Approach -- Corporate Restructuring in Korea -- Initial Government Response -- Policy Measures -- Workout Program -- Daewoo: "Too Big to Fail?" -- Special-Purpose Vehicles, Restructuring Funds, and M& -- A Transactions -- Strengthening the Corporate Restructuring Process within the Banks. ; Corporate Restructuring in Turkey: The Istanbul Approach -- Legal Framework and Structure -- Implementation of the Istanbul Approach -- Impediments -- Corporate Restructuring in Mexico -- Poland: Decentralized Workouts Pursuant to Privatization of State-Owned Banks -- Lessons Learned -- References -- Notes -- Chapter 4 Emerging-Market and Crisis Applications for Out-of-Court Workouts: Lessons from East Asia, 1998-2001 -- Corporate-Financial Sector Linkages -- Recent Approaches to Out-of-Court Workouts -- Korea -- Malaysia -- Thailand -- Indonesia -- Results -- Easy Lessons -- Principles and Processes -- Legal and Regulatory Impediments -- Capacity Constraints -- Potential Deal Breakers -- Debtor Losses -- Creditor Losses -- Inter-Creditor Differences -- References -- Notes -- Chapter 5 Are More Restructuring Regimes Becoming Like the U.S. Chapter 11 System? -- Chapter 11 -- Restructuring Regimes in Industrial Countries -- Requirements of a Rapid-Sequencing Process in Developing Countries -- The Merits of a Chapter 11 System for Countries -- Conclusions -- Appendix 5.1: Questions and Answers on the Current Sovereign Restructuring Process -- Reference -- Notes -- Chapter 6 The Successful Asset Management Companies -- The Role and Progress of Danaharta, Malaysia, Dató Zukri Samat -- Korea Asset Management Corporation: The Host of Restructuring Vehicles Tried in Korea, Beom Choi -- China's Huarong Asset Management Company, Yang Kaisheng -- China's Banking Reform -- Asset Management Companies -- Restructuring Approaches Used in Japan, Shinjiro Takagi -- Improvements in the Legal Structure for Corporate Reorganizations -- The Industrial Revitalization Corporation of Japan -- Human Resources for Corporate Restructuring -- Conclusions -- Appendix 6.1: Civil Rehabilitation Proceeding in Japan -- Appendix 6.2: Corporate Reorganization Proceeding in Japan. ; Appendix 6.3: Out-of-Court Workout in Japan -- Notes -- Chapter 7 Progress toward the Resolution of Nonperforming Loans -- The Resolution of Nonperforming Loans -- Recommendations -- References -- Note -- Part II: War Stories from the Crises -- Chapter 8 Restructuring in Weak Legal and Regulatory Jurisdictions: The Case of Indonesian Restructurings -- Successful Indonesian Restructurings -- The Impediment of a Weak Court System -- Effect of Weak Courts on the Rights of Secured Creditors -- Strong Creditor Organization and Leadership -- Cash Controls -- Unexpected Effect of Laws Passed at the Time of the Crisis -- Role of Government Interventions in Restructuring Negotiations -- Foreign Government Intervention -- Preserving the Value of the Enterprise -- Complexity of Public Debt -- Summary -- Notes -- Chapter 9 Government Policy Responses in Korea -- Note -- Chapter 10 Malaysia's Experience withCorporate Restructuring -- Before the Crisis -- Impact of the Crisis -- Factors Contributing to the Crisis -- The National Economic Recovery Plan -- Banking Restructuring -- Danaharta -- Danamodal -- Corporate Debt Restructuring Committee -- Corporate Restructuring -- Conclusions -- References -- Notes -- Chapter 11 An Alternative to Government Management Companies: The Mellon Approach -- Chapter 12 Corporate Restructuring Funds: The Lessons from Korea -- Background -- Corporate Restructuring Funds -- The Investment Process -- Positives and Negatives -- Part III: Technical Issues -- Chapter 13 Debt and Firm Vulnerability -- Data Description -- Regression Analysis -- Constituent Components: Sales Margins and Turnover Effects -- Country Effects -- Conclusions -- References -- Notes -- Chapter 14 The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economywide Risk Transfer -- Contingent Claims Analysis. ; The Contingent Claims Methodology -- Distance to Distress and Probability of Default -- Moody's MƒRisk Model: Contingent Claims Analysis in a Multisector Framework -- Assessing Corporate Sector Vulnerabilities -- The Brazilian Corporate Sector -- The Contingent Claims Approach and Financial Market Uncertainty in Brazil in 2002 -- The Thai Corporate Sector -- The Contingent Claims Approach and the Asian Financial Crisis -- Multisector Contingent Claims Analysis -- Multisector Contingent Claims Analysis: Brazil -- Multisector Contingent Claims Approach: Thailand -- Conclusions -- Advantages of the Contingent Claims Approach -- Hurdles to Overcome -- Implications for Macroeconomic Risk Management -- References -- Notes -- Chapter 15 Developing an Effective Framework for Insolvency and Credit Rights -- The Role and Significance of Enforcement and Insolvency Systems -- Meeting the Challenges of Business in a Global Market -- Promoting Sound Investment Climates and Commercial Confidence -- The Risk Assessment Continuum -- The World Bank Principles and the Risk Assessment Continuum -- The Commercial Insolvency Framework -- Are the World Bank Principles Pro-Creditor or Pro-Debtor? -- Experience with the World Bank Principles under the ROSC Framework -- Creditor Rights Systems -- Insolvency Systems -- Rehabilitation and Reorganization of Businesses -- Institutional and Regulatory Frameworks -- Lessons and Experience in Applying the Principles -- Corporate Restructuring: Common Implementation Goals -- Corporate Rescue Approaches -- Formal Proceedings -- Comparative Tax Consequences for Debt Write-offs -- Social Protection Systems -- The Way Forward -- Appendix 15.1: World Bank Principles and Guidelines for Effective Insolvency and Creditor Rights Systems -- References -- Notes -- Appendix 1 Financial Restructuring: Techniques and Negotiating Dynamics. ; Debt-for-Debt Exchange -- Situational Overview -- Situational Assessment -- The Negotiating Dynamics -- Debt-for-Equity Exchange -- The Negotiating Dynamics -- References -- Notes -- Boxes -- 2.1: Definitions of Restructuring -- 2.2: Cross-Country Experiences with Asset Management Companies -- 2.3: Special Programs and Restructuring Approaches for Small and Medium Enterprises -- 4.1: Enhanced Rules for CDRC Workouts in Malaysia, August 2001 -- 4.2: Typical Content of Workout Agreements in Korea -- 8.1: Asia Pulp and Paper -- 8.2: Role of the Mexican Government in Restructuring -- 8.3: Role of the Malaysian Government in Restructuring -- Figures -- 2.1: Financial Conditions and Performance of the Corporate Sector before the Crisis in Eight Countries -- 3.1: Korea's Approach to Debt Restructuring, Following the London Approach -- 3.2: Istanbul Approach to Debt Restructuring -- 3.3: Profit Measures for 57 Firms in Bank Conciliation in Poland, 1991-95 -- 13.1: Median Interest Coverage Ratio and GDP Growth Rate in Thailand, 1994-2001 -- 13.2: Histogram of Interest Coverage Ratio (ICR) for All Countries and Firms, 2000 -- 13.3: Interest Coverage Ratio (ICR) for All Brazilian Firms in the Sample, 2000 -- 14.1: Distance to Distress -- 14.2: Indicators of Corporate Sector Leverage in Brazil, 1995-2002 -- 14.3: Distance to Distress in Brazil, by Sector, March 2002 -- 14.4: Distance to Distress in Brazil, by Sector, September 2002 -- 14.5: Assets Relative to Distress Barrier in the Utility Sector in Brazil, 2002 -- 14.6: Estimated Actual Default Probability Versus Distance to Distress in the Utility Sector in Brazil, March-September 2002 -- 14.7: Implied Asset Volatility in the Utility Sector in Brazil, 2002 -- 14.8: Assets Minus Distress Barrier in Thailand, 1992 and 1996 -- 14.9: Distance to Distress in Thailand, by Sector, July 1997. ; 14.10: Distance to Distress in Brazil, by Sector, October 1997.
• Titolo autorizzato: Corporate restructuring
• ISBN: 1-280-15647-3; 9786610156474; 0-8213-6225-9
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910820924603321
• Lo trovi qui: Univ. Federico II
• Serie: World Bank e-Library.