財(cái)務(wù)管理：理論與實(shí)踐25show-免費(fèi)閱讀
【正文】 20xx Harcourt Inc. All rights reserved. ?Assume the equation for the boundary line is Z = 2 + (Current ratio) (Debt ratio). ?Furthermore, if Z = 1 to +1, the future of the pany is uncertain. If Z 1, bankruptcy is unlikely。 20xx Harcourt Inc. All rights reserved. Remaining Initial Final Percent Creditor GC Claim Amountb Received Accounts payable $ $ $ % Notes payable Accrued wages Federal taxes Other taxes First mortgage Second mortgage Sub. deb. $ $ $ General Creditor Distribution (millions of $) a Pro rata amount = $13/$20 = . b Includes priority distribution and $ transfer from subordinated debentures. 25 22 Copyright 169。 20xx Harcourt Inc. All rights reserved. ?Reanization in Bankruptcy ?Avoids holdout problems. ?Due to automatic stay provision, avoids mon pool problem. ?Interest and principal payments may be delayed without penalty until reanization plan is approved. (More...) 25 14 Copyright 169。 20xx Harcourt Inc. All rights reserved. ?Is it a temporary problem (technical insolvency) or a permanent problem caused by asset values below debt obligations (insolvency in bankruptcy)? ?Who should bear the losses? ?Would the firm be more valuable if it continued to operate or if it were liquidated? What key issues must managers face in the financial distress process? (More...) 25 6 Copyright 169。 20xx Harcourt Inc. All rights reserved. ?Economic factors ?industry weakness ?poor location/product ?Financial factors ?too much debt ?insufficient capital Most failures occur because a number of factors bine to make the business unsustainable. What are the major causes of business failure? 25 3 Copyright 169。 20xx Harcourt Inc. All rights reserved. ?Chapter 11: Business reanization guidelines. ?Chapter 7: Liquidation procedures. ?Trustee: ? Appointed to control the pany when current management is inpetent or fraud is suspected. ?Used only in unusual
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