TY  - UNPD
A1  - Brunner, Antje
A1  - Krahnen, Jan Pieter
T1  - Corporate debt restructuring : evidence on lender coordination in financial distress
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 coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particular, it includes 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.
T3  - CFS working paper series - 2001, 04 
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
Y1  - 2001
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4502
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9811
IS  - Februar 2001
ER  -