Loan-to-Own 2.0 By Robert Miller (University of South Dakota) The rise of convertible debtor-in-possession (“DIP”) financing is symptomatic of a paradigm shift in the control of large bankruptcy cases. During the prior era of lender control,…
Standardizing and Unbundling the Sub Rosa DIP Loan By Kenneth Ayotte and Alex Zhicheng Huang (UC Berkeley School of Law) In many recent Chapter 11 cases, debtor-in-possession (DIP) loans determine reorganization plan payoffs at the outset of the…
Bankruptcy’s Cathedral By Vincent Buccola (Wharton School, University of Pennsylvania) What good can a corporate bankruptcy regime do in a modern economy? The question bears asking because the environment in which distressed companies find…
The Law and Economics of Investing in Bankruptcy in the United States By Jared Ellias (UC Hastings) When commentators describe American bankruptcy law as “the model to which European restructuring laws should aspire,” they are really speaking…
The Role of Corporate Insolvency Law in the Promotion of Economic Growth By Aurelio Gurrea-Martínez (Singapore Management University) Introduction Despite the bad connotations traditionally associated with insolvency proceedings, corporate…