Working Paper

12 January 2021

Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales

Using a sample of commercial aircraft transactions, the paper decomposes the raw fire sale discount on sales of aircraft by distressed airlines into three components: (i) quality impairment due to under-maintenance, (ii)...

Julian Franks | Gunjan Seth | Oren Sussman | Vikrant Vig
01 September 2015

Restructuring the European Business Enterprise: The EU Commission Recommendation on a New Approach to Business Failure and Insolvency

Two events are currently changing the landscape for business restructurings in the European Union: the “Restructuring Recommendation” (RR) of the European Commission, issued in 2014, and the 2015 recast of the European...

Horst Eidenmüller | Kristin van Zwieten
01 March 2013

A New Framework for Business Restructuring in Europe: The EU Commission's Proposals for a Reform of the European Insolvency Regulation and Beyond

This paper critically reviews the EU Commission?s proposals for a reform of the European Insolvency Regulation (EIR). The focus of the paper is on the Regulation?s use as a tool for business restructuring in Europe. The paper argues that...

Horst Eidenmüller
01 March 2012

Private Equity and the Resolution of Financial Distress

We examine the role private equity (PE) firms play in the resolution of financial distress using a sample of 2,151 firms that borrow in the leveraged loan market between 1997 and 2010. Controlling for leverage, PE-backed firms are no more...

Edie Hotchkiss | David Smith | Per Strömberg