《第9章破产程序》.pdfVIP

Chapter 9 Bankruptcy procedures 9.1 Critique of existing procedures (i) Auctions. The problem with auctions is that assets sold off piecemeal may be sold at a substantial discount. • The fi nancing problem. It takes too long to raise money from a large number of investors. A small number of investors may be risk averse and unwilling to pay the expected value of the assets. • Lack-of-competition problem. The costs of participating in an auction keeps the numbers small. (ii) Structured Bargaining. (E.g., Chapter 11). Chapter 1