管理層收購困境中的債權(quán)人回收率[文獻翻譯]

1、原文：原文：SecuredCreditRecoveryRatesfromManagementBuyoutsinDistress1.IntroductionConsiderableattentionhasbeendevotedtotheroleofdebtinmanagement(MBOs)leveragedbuyouts(LBOs).Highleveragehasbeenarguedtoplayanimptantroleincommit

2、tingmanagementtoimproveefficiency(Jensen1986).MBOloanagreementstendtocontainmecovenantsthangeneralcpatelendingagreementswithspecialistsecuredcreditsalsoengaginginclosemoniting(CitronRobbieWright1997).Buyoutspecialistsmay

3、increasemonitingthatsubstitutesftighterdebtterms(CotterPeck2001).HighleverageinMBOLBOtransactionshasbeenarguedtotriggerbankruptcyatapointthatpreservesgreatergoingconcernvaluethaninfirmsthatarepredominantlyequityfinanced(

4、Jensen1991).radeKaplan(1998)showfasampleof31highlyleveragedtransactions(HLTs)thatbecamedistressedthatthevalueofthedistressedHLTsdidnotdeclinethatthecostsoffinancialdistressamountedto1020percentoffirmvalue.Thisliteratures

5、uggeststhatsecuredcreditswillrecoupsubstantialproptionsofthefundstheyextendtofinancetheinitialbuyout.HoweverasyetthereisnoevidenceeitherontheextentofcreditrecoverybysecuredlendersinMBOsnonthefactsthatinfluencetheextentof

6、thisrecovery.IndertogainadeeperunderstingoftheprocessbywhichsecuredcreditsrecoverfundstheyhaveextendedtoMBOsthispaperutilizesevidencefromauniquedatasetof42failedbuyoutscompiledbytheauths.Compilationofthedatasetinvolvedth

7、emonitingofacohtofMBOsfromdealcompletiontoreceivershipdetailedarchivalanalysisofthereptsofthereceivers.Wefindthatonaverage62percentofsecuredcreditisrecoveredwhenbuyoutsenterthereceivershipprocess.Thisiscomparablewiththe7

8、0percentfoundtoberecoveredbybanksinFranksSussman’s(2000)studyofprivatelyheldsmallmediumsizedcompanies.HoweverourstudyfindsalowersecuredcreditTradeIndustry1999).Thecompanyvoluntaryarrangement(CVA)isarelativelynewdebtrehab

9、ilitationprocessintendedtohelpfinanciallytroubledcompaniesparticularlysmallmediumsizedenterprisesresolvetheirdifficultieswithoutbeingfcedintoreceivershipliquidationbysecuredcreditsanxioustorecovertheirfunds(Cooketal.2001

10、)althoughthehighfixedcostsoftheprocessmaymeanthatitisnotaswidelyusedasanticipated.Administrativereceivershipthefocusofthisstudycanbeinstigatedonlybyacreditwhosesecurityisheldasafloatingge(seefexampleFranksNybergTous1996)

11、.Afloatinggeisafmofsecurityoverassetswhicharechanginginnaturesuchasstockswkinprogress.Meoveradministrativereceiversowetheirprimedutyofcaretotheirappointerthefloatinggeholderfewobligationstoothers.Theadministrativereceive

12、rhascompletecontroloverthefirmcanfexampleliquidatethebusinesswithoutthepermissionofothercreditsthecourt.Intheyhoweverfixedgeholderscanconstituteanimptantconstraintontheactivitiesoftheadministrativereceiver.Fixedgeholders

13、arecreditswhoholdsecurityoveranidentifiablecpateassetsuchasproperty(realestate)theyhavetherighttorealizetheirspecificsecurityinpriitytoanyotherclaimants.Inpracticecreditsusuallyensuretheyholdbothfloatingfixedgesthefmerto

14、givetherightofappointmentofadministrativereceiverthelattertogainpriityovercertainassetrealizations.InUKmanagementbuyoutsbankstypicallyobtainahighlevelofsecuritybytakingafixedfloatinggeovertheassetsofthecompany(SterlingWr

15、ight1990Kreuger1990WrightNmRobbie1990).FranksNybgTous(1996)statethatadministrativereceivershipresultsinaspeedysettlementofclaims.Howevertheyalsocitetheargumentthatbyemphasizingtherightsofthesecuredcreditsthisprocedureiso

16、ftencriticizedofevadingtotheprematureliquidationoffirmswhichmayhavebeenwthmeasgoingconcerns.ThisstsincontrasttoChapter11proceedingsintheUSwhichaimtokeepfirmsasgoingconcernsevenininstanceswheretheliquidationvaluemaybegrea