Restructuring Corporate Debt - A Different Kind of Cycle

10 Pages Posted: 2 Dec 2020

See all articles by Mike Harmon

Mike Harmon

Gaviota Advisors

Claudia Robles-Garcia

Stanford Graduate School of Business

Date Written: December 1, 2020

Abstract

The COVID-19 pandemic and its associated response have delivered a recessionary shock to the global economy. As with prior downturns, these forces have collided with a leveraged corporate sector and spurred an increase in financial restructuring activity. However, in many respects this restructuring cycle is unlike any other cycle that we have experienced. In this paper, we explore the unique aspects of this restructuring cycle, how they differ from those of past cycles, and what this implies for the future.

Keywords: restructuring, leverage, bankruptcy, credit

Suggested Citation

Harmon, Mike and Robles-Garcia, Claudia, Restructuring Corporate Debt - A Different Kind of Cycle (December 1, 2020). Available at SSRN: https://ssrn.com/abstract=3740657 or http://dx.doi.org/10.2139/ssrn.3740657

Mike Harmon (Contact Author)

Gaviota Advisors ( email )

United States

Claudia Robles-Garcia

Stanford Graduate School of Business

655 Knight Way
Stanford, CA 94305-5015
United States

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