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How do debt renegotiations differ between non-distressed and distressed firms?
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Orientador(es)
Resumo(s)
Using a large sampleof US-loan amendments between 1997 and 2010, provided by DealScan, this comparative study aims to evaluate whether debt renegotiations impact differently distressed and non-distressed firms and which changes of the original contracts can be more relevant to reduce financial distress. Focusing on the primary terms of loans (amount, maturity, and spread), this study did not find evidence of this difference. The model generated gives no indication that changes of the original terms of the loan contributes to the reduction of firms’ financial distress. Nevertheless, this is an exploratory study which still depends on a better formulation of the concept of financial distress.
Descrição
Palavras-chave
Financial Distress Debt Renegotiation Loan Amendment