IMF Staff Position Notes

Approaches to Corporate Debt Restructuring in the Wake of Financial Crises

ByThomas Laryea

January 26, 2010

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Format: Chicago

Thomas Laryea. "Approaches to Corporate Debt Restructuring in the Wake of Financial Crises", IMF Staff Position Notes 2010, 002 (2010), accessed 12/7/2025, https://doi.org/10.5089/9781462384846.004

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Summary

This paper starts from a discussion of the economic case for moderated government intervention in debt restructuring in the nonfinancial corporate sector. It then draws on lessons from past crises to explain three broad approaches that have been applied to corporate debt restructurings in the aftermath of a crisis. From there, it addresses challenges in designing and implementing a comprehensive debt restructuring strategy and draws together some key principles.

Subject: Asset and liability management, Corporate sector, Debt restructuring, Debt strategy, Economic sectors, External debt, Financial crises, Financial sector policy and analysis, Legal support in revenue administration, Revenue administration, Solvency

Keywords: Corporate sector, debt problem, Debt restructuring, debt restructuring effort, debt restructuring guideline, debt restructuring strategy, Debt strategy, debt substitution, debt-servicing obligation, default case, financial support, Global, government intervention, household debt problem, Legal support in revenue administration, pre-existing debt, private sector, private sector debt problem, restructuring agreement, restructuring phase, restructuring process, restructuring strategy, Solvency, SPN, wake of financial crises

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