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Full-Text Articles in Law
A Team Production Theory Of Bankruptcy Reorganization, Lynn M. Lopucki
A Team Production Theory Of Bankruptcy Reorganization, Lynn M. Lopucki
Vanderbilt Law Review
In the year before United Airlines filed for bankruptcy reorganization, the firm lost $3.2 billion. Fierce competition in the airline industry prevents United from stemming its losses solely through increases in revenues. Costs will have to be cut. The necessary expense reductions could come from reductions in employee pay and benefits, reductions in the amounts owing to creditors (which reduce interest expense), or both. Which should it be? United's situation is complicated by the fact that its employees own 55 percent of its stock and that their wage levels are protected by a collective bargaining agreement. But if we assume …
Sovereign Debt Reform And The Best Interest Of Creditors, William W. Bratton, G. Mitu Gulati
Sovereign Debt Reform And The Best Interest Of Creditors, William W. Bratton, G. Mitu Gulati
Vanderbilt Law Review
This Article is about boilerplate language located at the back of contracts drafted by the world's largest law firms. The clauses in question are process provisions that regulate the amendment of sovereign debt contracts. These paragraphs have been drafted and redrafted by generations of corporate lawyers, yet they have changed little in their broad outlines in more than a century of use. Now they take center stage in the global financial arena, where they govern billions of dollars (and pounds, euros, and yen) of sovereign debt in default and billions more in imminent risk of default. Officials, academics, and even …