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1、原文:原文:SecuredCreditRecoveryRatesfromManagementBuyoutsinDistress1.IntroductionConsiderableattentionhasbeendevotedtotheroleofdebtinmanagement(MBOs)leveragedbuyouts(LBOs).Highleveragehasbeenarguedtoplayanimptantroleincommit
2、tingmanagementtoimproveefficiency(Jensen1986).MBOloanagreementstendtocontainmecovenantsthangeneralcpatelendingagreementswithspecialistsecuredcreditsalsoengaginginclosemoniting(CitronRobbieWright1997).Buyoutspecialistsmay
3、increasemonitingthatsubstitutesftighterdebtterms(CotterPeck2001).HighleverageinMBOLBOtransactionshasbeenarguedtotriggerbankruptcyatapointthatpreservesgreatergoingconcernvaluethaninfirmsthatarepredominantlyequityfinanced(
4、Jensen1991).radeKaplan(1998)showfasampleof31highlyleveragedtransactions(HLTs)thatbecamedistressedthatthevalueofthedistressedHLTsdidnotdeclinethatthecostsoffinancialdistressamountedto1020percentoffirmvalue.Thisliteratures
5、uggeststhatsecuredcreditswillrecoupsubstantialproptionsofthefundstheyextendtofinancetheinitialbuyout.HoweverasyetthereisnoevidenceeitherontheextentofcreditrecoverybysecuredlendersinMBOsnonthefactsthatinfluencetheextentof
6、thisrecovery.IndertogainadeeperunderstingoftheprocessbywhichsecuredcreditsrecoverfundstheyhaveextendedtoMBOsthispaperutilizesevidencefromauniquedatasetof42failedbuyoutscompiledbytheauths.Compilationofthedatasetinvolvedth
7、emonitingofacohtofMBOsfromdealcompletiontoreceivershipdetailedarchivalanalysisofthereptsofthereceivers.Wefindthatonaverage62percentofsecuredcreditisrecoveredwhenbuyoutsenterthereceivershipprocess.Thisiscomparablewiththe7
8、0percentfoundtoberecoveredbybanksinFranksSussman’s(2000)studyofprivatelyheldsmallmediumsizedcompanies.HoweverourstudyfindsalowersecuredcreditTradeIndustry1999).Thecompanyvoluntaryarrangement(CVA)isarelativelynewdebtrehab
9、ilitationprocessintendedtohelpfinanciallytroubledcompaniesparticularlysmallmediumsizedenterprisesresolvetheirdifficultieswithoutbeingfcedintoreceivershipliquidationbysecuredcreditsanxioustorecovertheirfunds(Cooketal.2001
10、)althoughthehighfixedcostsoftheprocessmaymeanthatitisnotaswidelyusedasanticipated.Administrativereceivershipthefocusofthisstudycanbeinstigatedonlybyacreditwhosesecurityisheldasafloatingge(seefexampleFranksNybergTous1996)
11、.Afloatinggeisafmofsecurityoverassetswhicharechanginginnaturesuchasstockswkinprogress.Meoveradministrativereceiversowetheirprimedutyofcaretotheirappointerthefloatinggeholderfewobligationstoothers.Theadministrativereceive
12、rhascompletecontroloverthefirmcanfexampleliquidatethebusinesswithoutthepermissionofothercreditsthecourt.Intheyhoweverfixedgeholderscanconstituteanimptantconstraintontheactivitiesoftheadministrativereceiver.Fixedgeholders
13、arecreditswhoholdsecurityoveranidentifiablecpateassetsuchasproperty(realestate)theyhavetherighttorealizetheirspecificsecurityinpriitytoanyotherclaimants.Inpracticecreditsusuallyensuretheyholdbothfloatingfixedgesthefmerto
14、givetherightofappointmentofadministrativereceiverthelattertogainpriityovercertainassetrealizations.InUKmanagementbuyoutsbankstypicallyobtainahighlevelofsecuritybytakingafixedfloatinggeovertheassetsofthecompany(SterlingWr
15、ight1990Kreuger1990WrightNmRobbie1990).FranksNybgTous(1996)statethatadministrativereceivershipresultsinaspeedysettlementofclaims.Howevertheyalsocitetheargumentthatbyemphasizingtherightsofthesecuredcreditsthisprocedureiso
16、ftencriticizedofevadingtotheprematureliquidationoffirmswhichmayhavebeenwthmeasgoingconcerns.ThisstsincontrasttoChapter11proceedingsintheUSwhichaimtokeepfirmsasgoingconcernsevenininstanceswheretheliquidationvaluemaybegrea
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