Loan Workouts and Debt for Equity Swaps A Framework for Successful Corporate Rescues Wiley Finance
Loan Workouts and Debt for Equity Swaps A Framework for Successful Corporate Rescues Wiley Finance
The past 10 years has provided one of the longest sustained periods of economic growth for many western economies. There are signs that this may all be coming to an end. Japan, the UK and the US are but a small proportion of the developed countries that have experienced major economic downturns and associated bad debt crises in the recent past. Throughout the emerging markets and developing countries, companies are being restructured and, along with them, their finances. There is also an increased recognition around the world that rescuing, rather than liquidating, companies with a viable future is to the benefit of all the stakeholders. The demand for specialist loan workout skills has never been greater.
Corporate distress is characterised by chaos, confusion and crisis. Unless the situation is stabilised and effective steps taken to restore confidence, it culminates in the company’s failure. The key to a successful loan workout is to identify the problems accurately and address them early. It is critical that the company’s underlying business and financial problems are resolved and not merely the symptoms.
This book provides a practical guide to the entire range of issues relating to loan workouts. It is critical that an institution has appropriate systems, processes and resources to deliver successful rescues, and the reader is taken through the most important issues in this area. The book further provides a framework for a methodical, step-by-step approach to loan workouts. Technical issues involved in restructuring debt and equity, particularly in multi-lender loan workouts, are also explored in detail.
User Ratings and Reviews
5 Stars Comprehensive overview of the workout process
This is the first book I have come across that leads the reader through the entire workout process, from the loan to the recovery as well as the organisational issues surrounding it, often neglected by pro’s. Highly recommended for the people who are relatively new to the game, although there are also some useful tips for those of us who think we know it all!!!!
1 Star Not for pros
Very general overview of the workout process. Basic concepts. If you have ever worked in restructuring credits, this one is not for you. If on the other hand you know nothing about workouts, pick it up, although [] there are much better buys. Come to think of it, should have bought my better half a nice present instead, why don’t you?
Filed under: Loan Book Reviews