Restructurings vs Liquidations û is it better to sink or swim?

Given the challenging economic circumstances currently facing Hong Kong and many other parts of the world, it should be no surprise that insolvencies both large and small are a hot topic of debate.

In any economy, especially during downturns, business failures are a reality - Enron, HIH, Ansett, Global Crossing, APP - the list goes on. According to Standard Poor's, a record number of companies defaulted on their debt in 2001, and that trend appears to be continuing. As companies defaulting on their debt are generally in financial difficulty, an event of default will often force lenders to make a difficult decision - do they support the company through a restructuring or...

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