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2020
Working Paper

Bankruptcy and the COVID-19 Crisis

By: Jialan Wang, Jeyul Yang, Benjamin Iverson and Raymond Kluender

We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates.... View Details

Keywords: Bankruptcy; Financial Distress; COVID-19; Insolvency and Bankruptcy; Financial Crisis; Health Pandemics; United States

August 2016
Teaching Note

Songy 2011: Restructuring to Survive (Or, Surviving to Restructure?)

By: Charles F. Wu and Alexander W. Schultz

In 2011, Songy Partners, an Atlanta based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the Global Financial Crisis which included operational... View Details

Keywords: Distressed Debt; Real Estate; Limited Partners; Cap Rates; Partners and Partnerships; Valuation; Investment; Property; Borrowing and Debt; Real Estate Industry; Atlanta

February 2022
Article

Borrowing to Save? The Impact of Automatic Enrollment on Debt

By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and William L. Skimmyhorn

Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan.... View Details

Keywords: Retirement Savings; Automatic Enrollment; Choice Architecture; Nudge; Financial Distress; Retirement; Saving; Borrowing and Debt; Behavior

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November 2013 (Revised January 2015)
Case

Restructuring JAL

By: Malcolm Baker, Adi Sunderam, Nobuo Sato and Akiko Kanno

Hideo Seto, the recently appointed chairman of the investment committee of the Enterprise Turnaround Initiative Corporation, must decide whether to push JAL group, Japan's largest airline, into bankruptcy or to act as a sponsor in an out-of-court restructuring. The... View Details

Keywords: Bankruptcy; Costs Of Financial Distress; Cost vs Benefits; Air Transportation; Restructuring; Capital Structure; Insolvency and Bankruptcy; Air Transportation Industry; Japan; United States

August 2016 (Revised February 2017)
Case

Songy 2011: Restructuring to Survive (or, Surviving to Restructure?)

By: Charles F. Wu

In 2011, Songy Partners, an Atlanta-based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the global financial crisis that included operational... View Details

Keywords: Real Estate; Distressed Debt; Global Financial Crisis; Foreclosure; Partnership; Partners and Partnerships; Valuation; Global Range; Insolvency and Bankruptcy; Property; Financial Crisis; Real Estate Industry; Atlanta

September 2019
Article

Contingent Capital Trigger Effects: Evidence from Liability Management Exercises

By: Boris Vallée

This paper investigates the so called liability management exercises by European banks, which bear comparable effects to triggering contingent capital. I first explore the determinants of these exercises. I then study market reactions to these operations as well as... View Details

Keywords: Contingent Capital; Financial Distress; Regulatory Capital; Financial Institutions; Legal Liability; Management; Banking Industry; Europe

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2015
Working Paper

Cashing Out: The Rise of M&A in Bankruptcy

By: Stuart Gilson, Edith Hotchkiss and Matthew Osborn

The use of M&A in bankruptcy has increased dramatically in recent years, leading to concerns that the Chapter 11 process has shifted toward excessive liquidation of viable firms. In this paper, we argue that the rise of M&A has blurred traditional distinctions between... View Details

Keywords: M＆A; Chapter 11; Distress; Bankruptcy; Mergers and Acquisitions; Insolvency and Bankruptcy

January 2017 (Revised January 2019)
Case

The Rise and Fall of Lehman Brothers

By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott

With nearly $700 billion in assets, Lehman was the largest U.S. bankruptcy in history. In 2007, Lehman achieved record earnings of over $4 billion on revenues of $60 billion. By September 2008 the fourth largest investment bank in the world was bankrupt. How had a... View Details

July 2022
Article

Mental Health During the First Year of the COVID-19 Pandemic: A Review and Recommendations for Moving Forward

By: Lara Aknin, Jan-Emmanuel De Neve, Elizabeth Dunn, Daisy Fancourt, Elkhonon Goldberg, John Helliwell, Sarah P. Jones, Elie Karam, Richard Layard, Sonja Lyubomirsky, Andrew Rzepa, Shekhar Saxena, Emily Thornton, Tyler VanderWeele, Ashley V. Whillans, Jamil Zaki, Ozge Karadag Caman and Yanis Ben Amour

COVID-19 has infected millions of people and upended the lives of most humans on the planet. Researchers from across the psychological sciences have sought to document and investigate the impact of COVID-19 in myriad ways, causing an explosion of research that is broad... View Details

Keywords: COVID-19; Mental Health; Psychological Distress; Subjective Well-being; Lonelines; Social Connection; Self-harm; Suicide; Health Pandemics; Well-being

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Article

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings

By: Victoria Ivashina, Benjamin Iverson and David C. Smith

What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136... View Details

Keywords: Ownership Structure; Distressed Debt; Trading In Bankruptcy; Restructuring; Capital Structure; Insolvency and Bankruptcy; Ownership; Borrowing and Debt; United States

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Forthcoming
Article

Consumer Choice and Corporate Bankruptcy

By: Samuel Antill and Megan Hunter

We estimate the indirect costs of corporate bankruptcy associated with lost customers. In incentivized experiments, randomly informing consumers about a firm’s Chapter 11 reorganization lowers their willingness to pay for the firm’s products by 17%-28%. Consumers worry... View Details

Keywords: Consumer Choice; Bankruptcy; Financial Distress; Structural Estimation; Experimental Economics; Hertz; Insolvency and Bankruptcy; Perception; Consumer Behavior

November 2006 (Revised August 2012)
Background Note

A Strategic Perspective on Bankruptcy

By: Bill George, Jim Sharpe and Andrew N. McLean

An overview of bankruptcy procedures in U.S. courts, recent filing data and a framework for evaluating a reorganization with creditors or considering opening a court-supervised reorganization under Chapter 11 of the Bankruptcy Code. View Details

Keywords: Bankruptcy; Financial Distress; Turnarounds; Legal Aspects Of Business; Liquidation; Boards Of Directors; Hedge Funds; Strategy; Law; Governing and Advisory Boards; Negotiation; Crisis Management; Policy; Insolvency and Bankruptcy; Credit; Financial Crisis; United States

February 2012 (Revised October 2012)
Background Note

A Glossary of Technical Terms Related to Bankruptcy in the U.S.

By: Carliss Y. Baldwin, Jim Sharpe and Ravi Mehta

Quick reference guide of various terms related to the United States Bankruptcy Code. View Details

Keywords: Bankruptcy; Financial Crisis; Financial Distress; Turnarounds; Legal Aspects Of Business; Crisis Management; Insolvency and Bankruptcy; Finance; Law; United States

June 2013
Teaching Note

Bonne Chance

By: Jim Sharpe and Ian Cornell

This is a teaching note related to HBS Case 813049. View Details

Keywords: Turnaround; Turnarounds; Bankruptcy; Bankruptcy Reorganization; Cash Flow; Cash; Forecasting; Bank Debt; Distressed Debt; Forecasting and Prediction; Entrepreneurship; Retail Industry; United States

07 Feb 2017
Research & Ideas

The Right Way to Cry in Front of Your Boss

New research suggests that if you break out in tears in front of supervisors or colleagues, you have a chance to recover. The key: reframe your distress as passion. Most people tend to apologize in those situations, says Elizabeth Baily... View Details

Keywords: by Roberta Holland

December 2012
Course Overview Note

Entrepreneurial Management in a Turnaround Environment (EMTE) Fall 2012: Course Overview and Syllabus

Course Overview and Syllabus in the Fall Term 2012 for the Entrepreneurial Management in a Turnaround Environment (EMTE) course. View Details

Keywords: Entrepreneurial Management; Entrepreneurs; Entrepreneurship; Turnarounds; Bankruptcy Reorganization; Bankruptcy; Small ＆ Medium-sized Enterprises; Careers; Entrepreneurial Finance; Distressed Debt; Insolvency and Bankruptcy; Management Analysis, Tools, and Techniques; Management; Organizational Change and Adaptation; Organizational Culture

June 2013
Supplement

Parmalat Uruguay (A) & (B) (Video Supplement)

By: Jim Sharpe

This is the Video Supplement for Parmalat Uruguay (A) & (B) (HBS Cases #807103 and 807119). View Details

Keywords: Global Business; Turnaround; Distressed Debt; Bank Loans; Bank Debt; Search; Acquisitions; Cash Flow Analysis; Liquidation; Careers; Unions; Government And Business; Acquisition; Borrowing and Debt; Insolvency and Bankruptcy; Operations; Agriculture and Agribusiness Industry; Food and Beverage Industry; Uruguay

June 1991 (Revised February 1993)
Case

Cumberland Worldwide Corp. (A)

A company in financial distress must design a successful exchange offer or face Chapter 11. Covers valuation and negotiation issues related to financial distress and the decision to file under Chapter 11 of the Bankruptcy Code. View Details

Keywords: Negotiation; Valuation; Insolvency and Bankruptcy

11 Jan 2022
Research & Ideas

Feeling Seen: What to Say When Your Employees Are Not OK

Maybe it goes without saying that the past two years have been stressful for employees. But new research suggests managers should say it anyway. That’s because verbally acknowledging someone else’s feelings, especially negative ones, can help establish trust between... View Details

Keywords: by Pamela Reynolds

June 2013
Case

Comprosa

By: Jim Sharpe and Jose Luis Barbero

A Spanish manufacturer of packaging films has successfully returned to break even and is considering options to attain sustainable profitability. View Details

Keywords: Turnaround; Turnarounds; Distressed Debt; Private Equity; Cash Flow Analysis; Supplier Relationship; Supply Chain Management; Unions; Global Competitiveness; Leadership And Managing People; Sales Force Management; Sales Compensation; Insolvency and Bankruptcy; Global Strategy; Salesforce Management; Cash Flow; Chemical Industry; Manufacturing Industry; Spain

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