Prevalence of Substantive Consolidation in Large Bankruptcies from 2000-2004: Preliminary Results

Widen, William H.

doi:10.2139/ssrn.878388

Abstract

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Prevalence of Substantive Consolidation in Large Bankruptcies from 2000-2004: Preliminary Results

William H. Widen

University of Miami - School of Law

January 20, 2006

Abstract:
This preliminary study highlights the importance of substantive consolidation doctrine to large public company bankruptcies. The study provides a definition of Substantive Consolidation Bankruptcy and then studies original sources for the top 21 bankruptcies during 2000-2004, measured by pre-filing asset size, to determine the extent to which the doctrine of substantive consolidation informs our largest restructurings. Secondary source materials also are analyzed for bankruptcies with prefiling assets in excess of $100 million for 2000-2004 and 1990-1999. The study aims to show the extent to which negotiation of reorganization plans takes place in the shadow of the doctrine of substantive consolidation.

Number of Pages in PDF File: 20

Keywords: substantive consolidation, bankruptcy, reorganization, insolvency

JEL Classification: K20, K22, K30, G33, G34

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Date posted: January 28, 2006

Suggested Citation

Widen, William H., Prevalence of Substantive Consolidation in Large Bankruptcies from 2000-2004: Preliminary Results (January 20, 2006). Available at SSRN: http://ssrn.com/abstract=878388 or http://dx.doi.org/10.2139/ssrn.878388

Contact Information

William H. Widen (Contact Author)

University of Miami - School of Law ( email )

P.O. Box 248087
Coral Gables, FL 33146
United States