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28 months later: early study on Portuguese reorganizations
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Resumo(s)
The 2012 amendment to the Portuguese Insolvency Law aspired to recover viable firms by
introducing a locally adapted Chapter 11, named Processo Especial de Revitalização, though
collecting wide-spread criticism in the process. This paper studies the outcome of 339
reorganizations, dated from 2012 to 2013, highlighting a severe problem of filtering: 141 firms
(41.6%) have already entered bankruptcy, have petitioned for a new reorganization or are
inactive. Moreover, using the accounting information available and the Altman Model, neither
reorganized companies appear to be fundamentally different from bankrupted firms, nor it was
possible to winnow viable from non-viable firms.
Descrição
Palavras-chave
Bankruptcy Law Processo Especial de Revitalização Reorganization Z-Score