Publications

Other Unpublished Work

Going Bust in Bangkok: Lessons from Bankruptcy Law Reform in Thailand

By: C. Fritz Foley

Keywords: Insolvency and Bankruptcy; Law; Governing Rules, Regulations, and Reforms; Thailand

1983
Chapter

The Effects of Financing Opportunities and Bankruptcy on Entrepreneurial Risk Bearing

By: Jerry R. Green and John Shoven

December 2020
Teaching Note

Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

By: Laura Alfaro

November 2023 (Revised April 2024)
Case

Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy

By: Stuart C. Gilson and Sarah L. Abbott

In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after... View Details

Keywords: Cryptocurrency; Chapter 11; Restructuring; Insolvency and Bankruptcy; Asset Management; Acquisition; Borrowing and Debt; Financial Services Industry; United States

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

April 2019 (Revised December 2021)
Case

Sears: The Demise of an American Icon

By: Kristin Mugford and Sarah L. Abbott

In 2019, ESL Investments’ $5.2 billion offer to purchase Sears Holdings out of Chapter 11 bankruptcy, was accepted, despite opposition from the company's unsecured creditors and other parties. ESL, which was led by Eddie Lampert, had acquired a stake in Sears following... View Details

Keywords: Bankruptcy; Reorganization; Bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing and Debt; Credit; Insolvency and Bankruptcy; Corporate Governance; Motivation and Incentives; Retail Industry; United States

Article

Do the Right Firms Survive Bankruptcy?

By: Samuel Antill

In U.S. Chapter 11 bankruptcy cases, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of... View Details

Keywords: Bankruptcy; Bankruptcy Reorganization; Recovery Rate; Structural Estimation; Roy Model; 363 Sales; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms

SSRN

January 5, 2012
Article

Internet Protocol Numbers and the American Registry for Internet Numbers: Suggested Guidance for Bankruptcy Trustees, Debtors-in-Possession, and Receivers

By: Stephen Ryan, Benjamin Edelman and Matthew Martel

Bankruptcy trustees, debtors-in-possession, and receivers are seeing an increase in efforts to sell Internet Protocol (IP) addresses, also referred to "IP Numbers." IP Numbers are the unique numeric identifiers associated with computers connected to the Internet. While... View Details

Keywords: Insolvency and Bankruptcy; Internet; Sales; Value; Policy; Contracts

Read Now

2018
Working Paper

Trade Creditors' Information Advantage

By: Victoria Ivashina and Benjamin Iverson

Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors’ decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these... View Details

Keywords: Trade Credit; Distress; Bankruptcy; Credit; Information; Insolvency and Bankruptcy

February 2022 (Revised March 2022)
Case

Hertz in Bankruptcy: A Wild Ride in Pandemic Times

By: Samuel Antill, Stuart Gilson and Kristin Mugford

Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received... View Details

Keywords: Bankruptcy Reorganization; COVID-19 Pandemic; Insolvency and Bankruptcy; Health Pandemics; Valuation; Capital Structure; Negotiation; Private Equity; Travel Industry; United States

June 2007
Article

Law and Finance in Historical Perspective: Politics, Bankruptcy Law, and Corporate Governance in Brazil, 1850-2002

By: Aldo Musacchio

Keywords: Law; Finance; History; Perspective; Government and Politics; Insolvency and Bankruptcy; Corporate Governance; Brazil

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March 2024
Supplement

Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy

By: Stuart C. Gilson and Sarah L. Abbott

July 24, 2013
Article

Detroit Has Filed For Bankruptcy. Now What? The Long View

By: Eric D. Werker and Benjamin Kennedy

Keywords: Bankruptcy; Detroit; Insolvency and Bankruptcy; Michigan

Read Now

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

October 2013 (Revised December 2013)
Teaching Note

Blackstone and the Sale of Citigroup's Loan Portfolio Teaching Note

By: Victoria Ivashina and David Scharfstein

Keywords: Derivatives; Bankruptcy; Credit Derivatives and Swaps; Private Equity; Restructuring; Insolvency and Bankruptcy; Banks and Banking; Banking Industry; Financial Services Industry

February 2014 (Revised March 2022)
Case

School Specialty, Inc.

By: Stuart C. Gilson and Kristin Mugford

Set in 2013, School Specialty was a financially troubled supplier of educational products to primary and secondary schools in the United States. The company planned to file Chapter 11 in order to address its excessive debt load, but needed to arrange... View Details

Keywords: School Specialty; Bankruptcy; Section 363; Financing; Chapter 11; Capital Structure; Financing and Loans; Insolvency and Bankruptcy; Distribution Industry; Education Industry; United States