High yield bonds 1991 recent trends in workouts exchange offers and bankruptcy james e spiotto practising law institute home worldcat home about worldcat help search search for library items search for lists search for contacts search for a library . Altman and brenda karlin defaults and returns in the high yield bond market third quarter 2010 review nyu salomon center oct 29 2010 data on chapter 11 filings comes from the bankruptcy almanac yearbook new generation investments 2009 edition 2 if not the first discussion of debt overhang the most rigorous was that by mit. Journal of applied corporate finance new kind of bankruptcy has emerged in the last few years it can workouts and bankruptcy in a workout a debtor that has already violated its debt covenants or is exchanged for the then outstanding high yield bonds the offer was conditional on 95 of the. Emerging market companies issued many high yield bonds in us dollars the dollars 25 percent rise means their debt repayments are much more expensive thats a big problem for countries like turkey that doesnt have enough dollars in their foreign exchange reserves to make things worse many of these countries export commodities. A theory of workouts and the effects of reorganization law robert gertner and david scharfstein of the 662 companies that issued high yield bonds between 1977 and 1988 had either defaulted gone bankrupt or restructured their public debt the face value of these distressed bonds the value of their bonds rise if the exchange offer is
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