TY  - UNPD
A1  - Brunner, Antje
A1  - Krahnen, Jan Pieter
T1  - Multiple lenders and corporate distress: evidence on debt restructuring : [Version Juli 2002]
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2001,04
N2  - In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been analyzed extensively. In this paper we address this topic empirically, relying on a unique panel data set that includes detailed credit-fie information on distressed lending relationships in Germany. In particular, it includes information on bank pools, a legal institution aimed at coordinating lender interests in borrower distress. We find that the existence of small bank pools increases the probability of workout success and that coordination costs are positively related to pool size. We identify major determinants of pool formation, in particular the distribution of lending shares among banks, the number of banks, and the severity of the distress shock to the borrower.
T3  - CFS working paper series - 2001, 04 [Juni 2002] 
KW  - Deutschland
KW  - Debt-equity swap
KW  - Debt-nature swap
KW  - Umschuldung
KW  - Kreditrisiko
KW  - Bank
KW  - Gläubiger
KW  - Unternehmenskooperation
KW  - Unternehmenszusammenschluss
KW  - Krisenmanagement
KW  - Unternehmenssanierung
KW  - Schätzung
KW  - Bank Lending
KW  - Bank Pool
KW  - Distress
KW  - Reorganization
KW  - Coordination Risk
KW  - Bankruptcy
Y1  - 2002
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/34704
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-347045
N1  - Revised version: July 2002. Erste Version unter den Titel: Corporate debt restructuring: Evidence on lender coordination in financial distress
IS  - Juli 2002
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -