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1、外文翻譯CorporateRestructuringMaterialSource:http://springer.lib.tsinghua.edu.cnAuthor:GiulianoIannottaTheHoldoutProblemWhenclaimantsareunabletofindanagreement,theymightnotapprovetherestructuringplan,evenwhenthiswillproduceasub-optimaloutcome,suchasaliquidation(whichwillwasteth
2、evalueofthefirm“asagoingconcern”)oraformalbankruptcyprocedure(whichismoreexpensiveandpossiblyleadstoinferiorresultforcreditors):thisistheholdoutproblem.Thelikelihoodofapprovaloftherestructuringplanwilldependonseveralfactors,suchasthenumberandsophisticationoftheclaimants,the
3、relativecostoftheplanrelativetoothersolutions,etc.Forexample,inthepresenceofmanysmallbondholdersitmightbeverydifficulttogettherestructuringplanapproved,assomeofthemmightbelievetheywillbebetteroffnotapprovingtheproposedplan.Inotherterms,whenthereispublicdebt(i.e.,bonds)outst
4、andingtheholdoutproblemcanbeparticularlysevere.Scaledown,maturityextension,ordebt-for-equityswapmightbeverydifficultifeverybondholderhastoagreetothetermchanges.Considerforexampleanexchangeofferwhereoutstandingdebtisexchangedwithequity(debt-for-equityswap):inotherwords,credi
5、torstakeoverthedistressedfirm.Insuchasituation,thebondholderswhodonottendermightbenefitattheexpenseofthosewhodo.Supposethefirm’sassetvalueis$100,withpublicdebtoutstandingfor$120(10bondholders,eachholdingonebondwithfacevalue$12).Thefirm’sassetliquidationvalueisonly$80:therei
6、sthereforeanincentivetokeepthefirmdoingbusiness.Supposetheexchangeofferiscontingentonachievinga50%tenderingrate.Ifallbondholderstender,thefirmwillhavethebalancesheetreportedinTable10.1.Thevaluetoeachbondholderwillbe$10,withalossof$2:underliquidationeachbondholderswouldrecei
7、vejust$8.Nowsupposethatonlyfivebondholderstender:theexchangeofferwouldsucceed,butthefive“holdout”bondholderswillbebetteroff.Indeed,thebalancesheetofthefirmwouldbethatreportedinTable10.2.Thefiveholdoutbondholderswillstillhaveonebondeach,withfacevalue$12:incontrastthefivetend
8、eringbondholderswouldeachreceiveequityworth$8,whichcorrespondstotheliquidationvalu
