Corporate Financial Distress and Bankruptcy: Predict and by Edward I. Altman

By Edward I. Altman

A entire examine the large progress and evolution of distressed debt, company financial ruin, and credits danger default

This Third Edition of the main authoritative finance booklet at the subject updates and expands its dialogue of company misery and financial disaster, in addition to the comparable markets facing high-yield and distressed debt, and provides state of the art research and learn at the bills of financial ruin, credits default prediction, the post-emergence interval functionality of bankrupt organisations, and more.Content:
Chapter 1 company misery: advent and Statistical historical past (pages 1–20):
Chapter 6 company Valuation and company Leveraged Restructuring (pages 121–143):
Chapter 7 The excessive Yield Bond marketplace: dangers and Returns for traders and Analysts (pages 145–182):
Chapter eight making an investment in Distressed Securities (pages 183–201):
Chapter nine Risk?Return functionality of Defaulted Bonds and financial institution Loans (pages 203–218):
Chapter 10 company Governance in Distressed corporations (pages 219–230):
Chapter 2 Evolution Of The financial ruin technique within the usa and overseas Comparisons (pages 21–78):
Chapter three Post–chapter eleven functionality (pages 79–92):
Chapter four the prices Of financial ruin (pages 93–102):
Chapter five Distressed enterprise Valuation (pages 103–119):
Chapter eleven company credits Scoring–insolvency possibility versions (pages 231–264):
Chapter 12 An rising industry credits Scoring process for Corporates (pages 265–280):
Chapter thirteen software of misery Prediction versions (pages 281–296):
Chapter 14 misery Prediction versions: Catalysts for optimistic Change—Managing a monetary Turnaround (pages 297–306):
Chapter 15 Estimating restoration charges on Defaulted Debt (pages 307–330):

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Extra info for Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt, Third Edition

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The new equity value of $2,268 (7 times earnings of $324) plus $4,600 in debt (the old debt is now selling at a discount) raises the firm’s total value by $836 to $6,868. This is a 14 percent increase. The break-even firm value point, comparing the “before” situation to “after” recapitalization, would manifest if the equity multiplier fell to about 4 times instead of 7 times. 4 × 3,000) instead of $836. We are therefore implicitly assuming bankruptcy and agency costs of $364. 4 (traditional approach).

Allegiance Telecom. Inc. V. (II) Weirton Steel Corp. US Office Products Co. Venture Holdings Co. LLC National Gypsum (Aancor) El Paso Electric Hechinger Co. Zonic Corp. GST Telecommunications, Inc. Interstate Bakeries Mobilemedia Communications Wang Royal Mortgage Partners, LP Unicapital Corp. Gentek Alterra Healthcare Corporation Rockefeller Ctr. Props. America West McLean Industries AMF Bowling Worldwide, Inc. Sterling Chemicals Holdings, Inc. Impsat Fiber Networks, Inc. Grand Union Co. (II) Aurora Foods, Inc.

The transaction values of these restructurings rose in the earlier period as exceptionally high acquisition prices were offered due to the competitive interaction of numerous buyout funds. In turn, the debt amounts and proportions of the merged firms’ capital structures also rose to levels never before seen in corporate America. Hence, both values and bankruptcy risks escalated in the mid and especially in the late 1980s. T This chapter is derived and updated from an article by E. Altman and R. Smith published in part in Corporate Bankruptcy and Distressed Restructuring, E.

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