Finance:Corporate workout
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Corporate workout refers to financial rescue of a firm that is outside formal bankruptcy and insolvency law.[1] Also known as out-of-court debt restructuring, corporate workout practices aim to remedy or avoid foreclosure and bankruptcy.[2] The debtors, creditors as well as the main shareholder and bondholders voluntarily participate in the workouts in order to make rearrangements concerning financial investments and rescheduling and restructuring debt. As a way of response to corporate crisis, corporate workout arrangements were widely seen in the aftermath of the Asian financial crisis in 1997.
See also
- Restructuring
- Debt restructuring
- Compromise agreement
- Creditor
- Debt
- Insolvency
- Voluntary redundancy
References
Further reading
- Low, Linda. "Asian crisis, corporate and financial restructuring, and transformation of traditional Chinese enterprises." Rethinking Chinese Transnational Enterprises: Cultural Affinity and Business Strategies 7 (2002): 240.
- Mako, William P. "Emerging-Market and Crisis Applications for Out-of-Court Workouts: Lessons from East Asia." Corporate Restructuring (2005): 99.
Original source: https://en.wikipedia.org/wiki/Corporate workout.
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