TY  - UNPD
A1  - Brunner, Antje
A1  - Krahnen, Jan Pieter
T1  - Corporate debt restructuring : evidence on lending coordination in financial distress : [october 2001]
T2  - Centre for Economic Policy Research discussion paper series  ; No. 3030
N2  - We analyse the coordination problem in multi-creditor relationships empirically, relying on a unique panel data set that contains detailed credit-file information on distressed lending relationships in Germany, including information on creditor pools, a legal institution aiming at coordinating lender interests in borrower distress. We report three major findings. First, the existence of creditor pools increases the probability of workout success. Second, the results are consistent with coordination costs being positively related to pool size. Third, major determinants of pool formation are found to be the number of banks, the distribution of lending shares, and the severity of the distress shock.
KW  - bank lending
KW  - coordination risk
KW  - distress and workout
Y1  - 2001
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/34383
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-343839
UR  - http://info.worldbank.org/etools/docs/library/50074/brunner_krahnen.pdf
SN  - 0265-8003
IS  - october 2001
PB  - Centre for Economic Policy Research
CY  - London
ER  -