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2010•RePEc: Research Papers in EconomicsOpen access

CREATING VALUE THROUGH CORPORATE DEBT CONTRACTS RESTRUCTURING

Andrea Jurickova Heglasova

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Abstract

The purpose of this article is to analyze the possibility of financial restructuring, featuring changes to the structure of the debt contracts. The firms being restructured are unprofitable or overleveraged. The theoretical findings are compared with restructuring possibilities applicable in Czech Republic. The analysis concentrates especially on the legal environment of the country, possibility to provide debt restructuring under the court supervision. The paper includes statistics on application of the new Insolvency Act. No. 182/2006 Coll., valid from January 2008. The paper empirically analyzes companies which were subject to the Insolvency Act. and in case of their reorganization determines how much the value of the company was increased.

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What this paper is about

The purpose of this article is to analyze the possibility of financial restructuring, featuring changes to the structure of the debt contracts. The firms being restructured are unprofitable or overleveraged. The theoretical findings are compared with restructuring possibilities applicable in Czech Republic. The analysis concentrates especially on the legal environment of the country, possibility to provide debt restructuring under the court supervision. The paper includes statistics on application of the new Insolvency Act. No. 182/2006 Coll., valid from January 2008. The paper empirically analyzes companies which were subject to the Insolvency Act. and in case of their reorganization determines how much the value of the company was increased.

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Available abstract

The purpose of this article is to analyze the possibility of financial restructuring, featuring changes to the structure of the debt contracts. The firms being restructured are unprofitable or overleveraged. The theoretical findings are compared with restructuring possibilities applicable in Czech Republic. The analysis concentrates especially on the legal environment of the country, possibility to provide debt restructuring under the court supervision. The paper includes statistics on application of the new Insolvency Act. No. 182/2006 Coll., valid from January 2008. The paper empirically analyzes companies which were subject to the Insolvency Act. and in case of their reorganization determines how much the value of the company was increased.

Key concepts: Restructuring, Insolvency, Debt restructuring, Debt, Business, Bankruptcy, Value (mathematics), Accounting

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