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Loan Workouts and Debt for Equity Swaps. A Framework for Successful Corporate Rescues. Wiley Finance

  • ID: 2210668
  • Book
  • May 2001
  • 336 Pages
  • John Wiley and Sons Ltd
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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.
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Foreword by David Wilson Havelock.



Loan Workouts: What They are and Why They are Needed.


A Framework for Managing Non–Performing Loans.

Organisation and Systems Relating to Non–Performing Loans.

Managing Loan Workout Transactions.

The Company.

The Banks.

Other Key Participants in Loan Workouts.

External Advisors.

A Framework for Executing Loan Workouts.

Turning Around a Business.

The Information Gathering and Review Process.

Exploring Loan Workout Options.

Evaluating Restructuring Options and Developing Proposals.

Negotiating and Completing Transactions.


Establishing a Moratorium.

Financial Creditors Affected by a Moratorium

The Operation of Facilities in a Moratorium.

The Concept of Loss–Sharing.

Multi–Currency Considerations.

Financial Restructuring.

Inter–Creditor Provisions in a Financial Restructuring.

Other Terms and Conditions.

Introduction to Debt for Equity Swaps.

Transaction Approach.

Equity Instruments.

Other Transaction Parameters.

Other Technical Issues.


Project Gloucester.

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Subhrendu Chatterji
Paul Hedges
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