Bankruptcy and Organization

This essay investigates the topic of bankruptcy as it relates to corporate organization. Bankruptcy is a proceeding that is governed by federal law; and offers protection to debtors from creditors under certain guidelines and for a certain period of time. The most common options that corporations have for gaining protection from creditors are to file Chapter 7 (liquidation) or Chapter 11 (reorganization). This article focuses on issues and topics related to Chapter 11.

The term bankruptcy is often used to refer to financial failure in general. However, in the U.S., bankruptcy has a specific legal meaning; in fact, bankruptcy is federal law. Congress has the power to enact "uniform laws on the subject of bankruptcy" and "restricts the ability of states to provide a discharge or collect assets that are not in the state. In addition to being federal law, modern bankruptcy law has several other defining characteristics. Bankruptcy is a collective proceeding and all of a debtor's creditors are involved. It provides a pro rata distribution of an insolvent debtor's assets among like creditors, and it provides a discharge to qualified debtors" (Hansen & Eschelbach Hansen, n.d.).

History of Bankruptcy Law

Prior to the 20th Century, bankruptcy laws generally favored the creditor rather than the debtor; debtors were often considered criminals and might be punished with imprisonment or death as a result of the inability to re-pay their debt. U.S. Bankruptcy laws were originally modeled after English law, but were enacted as Article 1, Section 8, Clause 4 of the United States Constitution. Article 1, section 8 became known as Uniform Laws on the subject of Bankruptcies throughout the United States. Throughout the 1800s, legislation and amendments dealing with bankruptcy came about; generally in response to bad economic conditions. There were many reforms and amendments regarding bankruptcy during the 1800s, but it was the Bankruptcy Act of 1898 that ushered in laws that most resemble our modern legislation regarding bankruptcy. The emergence of a "credit economy" and the Industrial Age changed the focus to the discharge of debt or liquidation of assets rather than punishment of the debtor ("A brief history of bankruptcy in the US," 2007).

1898 Bankruptcy Act

Today's modern bankruptcy law has its roots in the 1898 Bankruptcy Act. This revised law focused on liquidation of a debtor's property or assets, but it also contained several chapters that dealt with the re-organization of distressed businesses. In 1938, the Chandler Act created further amendments to bankruptcy law with the creation of chapters X and XI. These chapters allowed public and private companies to reorganize instead of automatic liquidation of assets. The Chandler Act also introduced the role of the "bankruptcy referee" who had "quasi-judicial powers" ("A brief history of bankruptcy law," 2002) and served as an appointed representative to act as an intermediary in the proceedings.

Bankruptcy Reform Act of 1978

Bankruptcy law had been part of federal legislation from the beginning of the 19th Century but it was not until the Bankruptcy Reform Act of 1978 and the introduction of Chapter 11, that the practice of bankruptcy was "legitimized" as a viable option for businesses in distress to re-organize. Prior to the revision of Chapter 11, bankruptcy had been avoided by businesses as a "ghetto" and not a viable business tool for re-organization and restructuring. The 1978 Bankruptcy Reform Act introduced a reorganization tool for corporate debtors ("A brief history of bankruptcy in US," 2007).

The Bankruptcy Code has been amended several times since 1978, most recently in extensive amendments in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or BAPCPA.

The U.S. Bankruptcy Court handles all bankruptcy cases through the U.S. district court system. Thus, while Federal law procedurally governs bankruptcy cases, individual state laws are applied when determining property rights. State law therefore plays a major role in most bankruptcy cases.

Filing for Bankruptcy

When a public company is unable to maintain operation because of "crippling debt," the organization may seek protection under federal bankruptcy laws. Bankruptcy laws provide guidance about the course of action that a business may take—whether it is to go out of business or to re-organize. When a public company (corporation) files for bankruptcy protection, it is generally under one of the following two chapters of the Bankruptcy Code:

• Chapter 11 of the Bankruptcy Code to "reorganize its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court."
• Chapter 7, the company "stops all operations and goes completely out of business. A trustee is appointed to liquidate (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors" ("Corporate Bankruptcy," 2005).

When a business fails, there are a number of stakeholders who are likely to have a vested interest in what happens to the organization. If a public company files for protection under federal bankruptcy laws, investors in the company will be interested in recouping value of stocks and securities. Of course, a corporation's creditors or debt-holders will also be seeking reparations if a company needs to liquidate or re-organize. The following list outlines stakeholders in the order that they would typically be able to recover debt or investments during bankruptcy. Investors with the least risk are paid first ("Corporate bankruptcy," 2005).

• Secured Creditors: Typically a bank is paid first. Debt is secured by assets or collateral.
• Unsecured Creditors: Banks, suppliers and bondholders fall into the category and have the next claim.
• Stockholder: Owners of the company (stocks) may not receive anything. Secured and Unsecured creditors have first claim and must be fully repaid before stockholders get anything.

Securities Trading for Companies under Bankruptcy Protection

Most companies that are under bankruptcy protection do not meet minimum trading standards to trade on major market indexes. There is no federal law that prohibits the trading of securities of companies in bankruptcy ("Corporate bankruptcy," 2005). There are several alternatives for the trading of securities, and even an index that trades shares from companies in financial trouble.

According to the Securities & Exchange Commission

"The reorganization plan will spell out your rights as an investor, and what you can expect to receive, if anything, from the company. The bankruptcy court may determine that stockholders don't get anything because the debtor is insolvent. (A debtor's solvency is determined by the difference between the value of its assets and its liabilities.) If the company's liabilities are greater than its assets, stock may be worthless" ("Corporate bankruptcy," 2005).

Applications

The Bankruptcy Abuse Prevention and Consumer Protection Act

The implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act (also known as the "Act") in October of 2005, signaled the largest change in bankruptcy code in 20 years (Cecil, 2005). The "Act" shifted the focus of the code to the rights of the creditor and away from debtors. The Act's "creditor-friendly" provisions, in contrast to the old law's "debtor-friendly" provisions, make it much more important for prospective chapter 11 filers to think and plan ahead and significantly easier for creditors to collect on certain types of debt ("Chapter 11 then and now," 2006).

The Act came about as a result of much lobbying by creditor banks, credit card companies and others who wanted to curb alleged abuse of the bankruptcy system. There was little doubt that changes to the code would make it more difficult for companies to restructure, and many predicted that there would be more filings for Chapter 7 (liquidation) as a result of the code changes. In one article alone, the author makes the following statements regarding the burden of the Act's new provisions on debtors(Cecil, 2006):

• "There are some businesses that will find it almost impossible to re-organize after October 17th" (date of the Acts implementation).
• "New laws make re-organization more difficult."
• "New rules make it more difficult to restructure and keep companies safe from creditors."

Chapter 7 business filings did increase, as many predicted, hitting a peak of 40,977 filings for the year ending in September 2010, up from 18,258 in 2006 (Administrative Office of the US Courts, 2014). Prior to October of 2005, the U.S. Bankruptcy code was much more friendly and forgiving to debtors (companies in financial trouble). Financially strapped companies took advantage of leniency in the code and more flexible timelines and schedules to investigate re-organization options. According the Securities and Exchange Comission, the following statement applies in many cases ("Corporate bankruptcy," 2005):

"Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process. Chapter 11 provides a process for rehabilitating the company's faltering business. Sometimes the company successfully works out a plan to return to profitability; sometimes, in the end, it liquidates."

The Act's Potential Burdens

Before the adoption of the 2005 Act, much had been written about the abuses of consumers and businesses in not taking enough responsibility for their personal or corporate debt. Even in the 21st Century, debt is still seen by many as a personal or professional failure and accountability is still seen by many as a necessary step for restitution. A Deloitte white paper, "Chapter 11, Then and Now," adds a word of caution (2006): "Some of the changes [to the Act] could be an added burden to legitimately troubled companies." In general, the changes that could hurt ailing companies are:

• Added cost and time.
• Stricter deadlines.
• Curtailment of court discretionary power.
• Greater creditor involvement.

According to Thomas M. Mayer, a bankruptcy specialist and partner in a New York law office, "Cases will be quicker and more brutal," since the law gives creditors more leverage; however, "suppliers, landlords, and investment banks will fare especially well" (Borrus, 2005, par. 3).

There was a marked increase in the number of corporate bankruptcy filings prior to October 2005. Companies that filed for protection prior to the October 17th deadline could count on operating under the prior bankruptcy rules. Many took advantage of the opportunity rather than taking their chances under the new code.

"From the way many companies raced to file chapter 11 before the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "2005 Act" or "Act") took effect on October 17, 2005, you probably caught on that the Act meant potentially bad news for corporate bankruptcy filers" ("Chapter 11 then and now," 2006).

Major Changes to Bankruptcy Act of 2005

According to Deloitte's Reorganization Services division, there are seven significant areas of change that affect corporate bankruptcy filings as a result of the adoption of the 2005 Act. The seven areas are:

• Changes to rules involving leadership compensation and KERPs programs.
• Filing Timeline: 18 month cap for filing Plan of Reorganization.
• Avoidance Powers: Gives more power to creditors to protest transfers of debt or KERPs type payments that may have occurred prior to filing Chapter 11.
• Reclaiming Inventory: Increased power for creditors to get back inventory.
• Handling of Leases: Shortened window for debtors to decide on status of leases.
• Utilities Payments: Debtors have stricter guidelines; must pay cash or prove good payment history.
• Creditor Committees: More room for creditors at the negotiating table and more transparency in information sharing.

The following four changes resulting from the 2005 Act are the most commonly cited and will have the most universal impact of the parties involved in bankruptcy proceedings (from Borrus, 2005).

Issues

Trading of Securities

According to the Securities and Exchange Commission's (SEC) information on Corporate Bankruptcy, there is no federal law that prohibits trading of securities of companies in bankruptcy. The SEC warns that it is a risky investment strategy to buy common stock of a company in Chapter 11 bankruptcy and it "is likely to lead to financial loss" ("Corporate bankruptcy," 2005).

A common stockholder in a company that has filed for Chapter 11 protection will not be paid until secured and unsecured creditors are paid from a company's assets or ongoing operations. Creditors and bondholders become the new owners of the company as they have claim to company assets before stockholders. A more likely scenario is that a company's Plan of Reorganization (POR) will actually cancel all existing shares. Under Chapter 11 reorganization, a company usually keeps doing business and its stock and bonds may continue to trade in securities markets. Even if a company has shares that remain in active trading upon filing Chapter 11, the shares are likely to have lost a great deal of value (aka: substantial dilution).

Securities Tied to Bankruptcy

Old Common Stock: On the market when the company went into bankruptcy. Stock may not meet criteria for trading on open stock indexes. Stock may be traded on OTCCB or Pink Sheets. In this case, the ticker symbol is 5-letters and ends with a "Q" which indicates that the stock was involved in a bankruptcy.

New Common Stock: Issued as part of re-organization plan and has a different ticker symbol than the old stock. If a company plans to issue a stock and the stock has been authorized to trade, the ticker symbol will end with a "V." This designation simply indicates that the company plans to issue a stock for trading. Once the stock is issued, the "V" will no longer appear as part of the ticker symbol.

The SEC warns "would be" investors to stay informed about such investments. "Be sure you know which shares you are purchasing, because the old shares that were issued before the company filed for bankruptcy may be worthless if the company has emerged from bankruptcy and has issued new common stock" ("Corporate bankruptcy," 2005).

Jeffries Index

The Wall Street firm of Jeffries and Company launched a number of specialty indexes that track specific asset classes and segments. The smallest index that Jeffries maintains is unique in its tracking of post-bankruptcy stocks. The Jeffries universe is centered on small and mid-cap companies and their stocks. The index has been created to serve as a benchmarking tool for investors. According to Ross Stevens, head of equity investing at Jeffries, these stocks represent "value investing in the truest sense of the word" (Hahn, 2007).

The purpose of the Jefferies Re-Org IndexSM is to "track returns for newly emerged post-reorganization (i.e., post-Chapter 11) equities that have effected a re-characterization of equity ownership through the bankruptcy process, within the 2-year period after bankruptcy emergence. This benchmark index is intended to be used by Jefferies' post-reorganization clients and other participants for this unique investment category" (Jefferies Re-Org Index, 2007).

Criteria for inclusion include:

• Stocks are small or mid-cap.
• Trading volume of 1 million per day.
• Stocks must reflect a change in equity ownership (post re-organization).

One initiail challenge in maintaining the index is that the supply of eligible stocks is relatively small because there had not been many bankruptcies from 2003-2006 (the years that the index has been tracking performance). Still, cumulative returns for 2003-2006 were stated at 234% as compared to returns for Standard & Poor's Index at 172% and Russell Index at 134% (Hahn, 2007).

Restructuring Boutiques & Wall Street

Investment Firms

Passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (The Act) afforded Wall Street firms a waiver of a rule that guarded against conflict of interest on the part of advisors to companies under bankruptcy protection. "No longer will investment banks that underwrote securities for companies that ended up in bankruptcy be barred from offering advice to the same companies" (Borrus, 2005).

With "the bankruptcy reform bill signed into law, Wall Street investment banks can finally advise bankruptcy bound clients whose securities they have underwritten & a business previously prohibited due to conflicts of interest" (Hahn, 2005, p. 14). The Act, previously described in this paper as being "creditor friendly," is also described as being "Wall Street friendly." The Act is Wall Street friendly because banks stand to benefit in several ways from new rules governing corporate bankruptcy. The new 18 month window for companies to file restructuring plans (PORs) is certain to speed up bankruptcy proceedings that once could be delayed for years on end. The shortened period for drafting reorganization plans has the potential to lead to more sales of ailing companies which makes bankers very happy. Ailing companies may also continue to fuel corporate mergers which have been a mainstay of Wall Street business for several years.

Wall Street is opportunistic in terms of seeking out future business and all eyes are on the shrinking credit markets and the potential increase in corporate failures. One analyst noted that there has been an increase in the number of B-ratings loans in the past few years. Credit has been cheap and plentiful and lower grade (B-rated) and higher risk loans have been made. "Default rates have a tendency to increase considerably two or three years after a peak in B and below issuance. If 2004 was indeed a peak in this type of issuance, default rates could be headed significantly higher in the 2006-2007 time frame" (Hahn, 2005, p. 14).

An increase in defaults on loans is a likely indicator of increasing bankruptcies. Because of the new rules that will allow some Wall Street banks to advise bankruptcy-bound clients, Wall Street firms see lots of potential business. It is important to note that under the new law, prohibitions for advising clients will exist for universal banks like JP Morgan and Citibank. These large banks are big lenders. Creditors cannot advise debtors under the new bankruptcy law or the old law. The new law does allow banks to advise clients whose securities they have underwritten.

"Banks that have been big underwriters of junk bonds, including players like Lehman Brothers, Bear Stearns, Goldman Sachs and Merrill Lynch & Co., are all expected to go after restructuring talent, either by acquiring or by poaching, as the financing bubble begins to deflate." In addition, "bankruptcy work is time consuming and requires specific expertise, which makes it difficult to build a restructuring group by transferring bankers from other groups" (Hahn, 2005, p. 14).

Turnaround Management Services is the term used to describe the niche that has developed around advising struggling companies regarding reorganization options. Wall St. firms had been prohibited from advising debtors under the old bankruptcy laws, but there was a limited amount of work because of the relatively low number of bankruptcies. With the potential number of bankruptcies projected to increase and the "go ahead" from the Act's new rules, Wall Street is ready to jump into a sector that has been mainly the domain of specialized restructuring firms. Said one financial restructurer, "There is a view out there that when the next restructuring wave comes, it will come fast and heavy, and banks will recruit heavily" (cited in Hahn, 2005, p. 14).

Money to be made in Restructuring

The attraction is obvious for companies that provide turnaround management services. Large [corporate] bankruptcies "can generate millions of dollars in fees each month for restructuring experts, lawyers, accountants and other professionals. The extra help is needed to guide a company through a maze of litigation, negotiations and bureaucracy" (Snavely & Nussel, 2006).

The following figures are representative of the costs that can be incurred by companies that are undergoing turnarounds or corporate restructuring. The following examples apply to the troubled automotive industry that, like the airline industry, has not been exempt from industry failure in the past couple decades (Snavely & Nussel, 2006):

• FTI Consulting is the financial adviser for Tower Automotive and the restructuring and financial adviser for Delphi. FTI was paid $6.7 million in fees and expenses for its work with Tower from May through July 2006.
• Kroll Zolfo Cooper was paid $1.9 million in fees and expenses for its work with Collins & Aikman in June 2005.

Conclusion

Bankruptcy Laws have been in existence in the United States since the early 1800s. The first bankruptcy laws heavily favored creditors and dealt harshly with debtors. Over the years, options were afforded to debtors that allowed for liquidation of assets to pay off debt service. In the case of businesses, Chapter 11 provided a chance to re-organize while allowing a business to continue operations. There have been many amendments made to the bankruptcy code throughout the years with the most recent revisions happening in October of 2005. The Act of 2005 tipped the bankruptcy scales in favor of creditors and away from debtors as had been written into the previous code revisions. The Act of 2005 was heavily supported by creditor organizations (banks, credit card companies) as a way to shorten the process of bankruptcy. The Act sets out stricter time limits for debtors to submit re-organization plans, gives more leverage to creditors in reclaiming inventory and also gives creditors more input into the process as a whole. Bankruptcy law is constantly changing in response to credit markets and economic trends; and as such, the 2005 Act will also be subject to amendments and changes as business needs and conditions change.

Terms & Concepts

Antecedent Debt: An obligation to reimburse another, which has previously been in existence and is legally enforceable.

Avoidance Powers: Rights given to the bankruptcy trustee (for Chapter 11, the debtor in possession) to recover some kinds of transfers of property such as those deemed fraudulent or to void liens instituted before the start of a bankruptcy case.

Bankruptcy: Financial failure. A collective proceeding and all of a debtor's creditors are involved. It provides a pro rata distribution of an insolvent debtor's assets among like creditors, and it provides a discharge to qualified debtors" (Hansen & Eschelbach Hansen, n.d.).

Bankruptcy Abuse Prevention and Consumer Protection Act: Signed into law by President George Bush in April of 2005, the "Act" took effect in October of 2007. The revised law gives more leverage to creditors in the bankruptcy process.

Chapter 7: When a company ceases all operations, goes completely out of business and may liquidate assets to pay off creditors.

Chapter 11: A reorganization of a business in an attempt to once again become profitable. "Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court" (SEC.gov).

Key Employee Retention Programs (KERPs): Retention programs for senior management (or managers), often referred to as key employee retention plans (KERPS). These bonuses are meant to retain key talent that is needed to see a company through a restructuring effort.

Over the Counter Security (OTC): A security not traded a formal exchange such as the NYSE, TSX, or AMEX. The reason a stock is traded over-the-counter is usually because the company is small, making it unable to meet exchange listing requirements. Stock of companies in Chapter 11 typically trade in this manner.

Pink Sheet: The leading provider of pricing and financial information for the over-the-counter (OTC) securities markets. Stocks of companies in Chapter 11 typically trade as OTC securities.

Plan of Reorganization (POR): "The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt" ("Corporate Bankruptcy," 2005).

Restructuring Boutiques: Alternative investment firms to large financial entities, which provide a highly personalized environment for investing. In the context of bankruptcy law, many boutiques specialize in re-organization services.

Risk-return Tradeoff: The idea that as risk increases, so does potential return. The risk-return tradeoff holds that invested money can return higher profits only if it is subject to a higher possibility of being lost.

Solvency: The ability of an organization to meet its long-term fixed expenses and to accomplish long-term expansion and growth. Insolvency indicates a company is under bankruptcy protection.

Turnaround Management Services: Professionals or boutique firms offering turnaround, crisis management, liquidation, bankruptcy and related services. These firms develop specialized expertise and operation in a niche industry that helps struggling companies re-organize under Chapter 11.

Universal Banks: Also known as financial services companies, engage in several activities such as commercial and retail lending, and have subsidiaries in tax-havens to offer offshore banking services to customers in other countries.

Bibliography

A brief history of bankruptcy law. (2002). The Vault. Retrieved November 6, 2007, from http://www.vault.com/articles/A-Brief-History-Of-Bankruptcy-Law-17926399.html

A brief history of bankruptcy in the US. (2007). Bankruptcy Yearbook and Almanac. Retrieved November 6, 2007, from http://www.bankruptcydata.com/Ch11History.htm

Administrative Office of the US Courts. (2014). Bankruptcy Statistics: 12-Month Period Ending September. Retrieved from http://www.uscourts.gov/Statistics/BankruptcyStatistics/12-month-period-ending-september.aspx

An overview of corporate bankruptcy. (2005) Investopedia. Retrieved November 5, 2007, from http://www.investopedia.com/articles/01/120501.asp

Baird, D. G., & Casey, A. J. (2013). No exit? withdrawal rights and the law of corporate reorganizations. Columbia Law Review, 113(1), 1-52. Retrieved November 10, 2014 from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=84955963

Borrus, A. (2005). Creditors will crack the whip. Business Week, (3941), 82-83. Retrieved November 5, 2007, from EBSCO Online Database Academic Search Premier. http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=17440166&site=ehost-live

Cecil, M. (2005). Bankruptcy code changes in the Fall loom. Mergers &Acquisitions Report, 18(25), 1-12. Retrieved November 5, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17454676&site=ehost-live

Chapter 11 then and now. (2006). Deloitte. Retrieved November 6, 2007, from http://www.deloitte.com/dtt/cda/doc/content/us%5Fecr%5Fchapter11%5F062206.pdf

Corporate bankruptcy. (2005). U.S. Securities and Exchange Commission. Retrieved November 5, 2007, from http://www.sec.gov/investor/pubs/bankrupt.htm

Hahn, A. (2007). Finding beauty in bankruptcy. Investment Dealers' Digest, 73(1), 7-8. Retrieved November 6, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=23629061&site=ehost-live

Hahn, A. (2005). Winners and losers in bankruptcy bill. Investment Dealers' Digest, 71(17), 14-15. Retrieved November 5, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16960903&site=ehost-live

Hansen, B. &Eschelbach Hanson, M. (n.d.) The transformation of bankruptcy in the United States. Princeton.edu. Retrieved November 6, 2007, from http://www.princeton.edu/~pefinmar/Hansen.pdf

Jefferies Re-Org Index. (2007). Jeffries &Company. Retrieved November 7, 2007, from http://www.jefferies.com/cositemgr.pl/html/ProductsServices/SalesTrading/Indices/JREORG.shtml

Landers, J. M. (2013). Recent developments in business bankruptcy cases. Pratt's Journal of Bankruptcy Law , 9(2), 158-184. Retrieved November 24, 2013, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=86189016&site=ehost-live

Meyerowitz, S. A. (2013). Financings and bankruptcy. Pratt's Journal of Bankruptcy Law , 9(6), 485-486. Retrieved November 24, 2013, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=91735866&site=ehost-live

Oellermann, C. M., & Douglas, M. G. (2013). Safe harbor redux: The second circuit revisits the bankruptcy code's protection against avoidance of securities contract payments. Pratt's Journal of Bankruptcy Law, 9(7), 651-661. Retrieved November 24, 2013, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=91728943&site=ehost-live

Snavely, B., &Nussel, P. (2006). Busy restructuring firms attract investors. Automotive News, 81(6232), 32-32. Retrieved November 5, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=23461683&site=ehost-live

Suggested Reading

Freed, D. (2007). Are bankruptcies set to speed up? Investment Dealers' Digest, 73(30), 3-34. Retrieved November 5, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=26272461&site=ehost-live

Miller, H. &Waisman, S. (2004). Does Chapter 11 reorganisation remain a viable option for distressed businesses for the twenty-first century? American Bankruptcy Law Journal, 78(2), 153-200. Retrieved November 5, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14743936&site=ehost-live

Oellermann, C. M., & Douglas, M. G. (2013). The Year in Bankruptcy: Part I. Pratt's Journal Of Bankruptcy Law, 9(2), 127-157. Retrieved November 10, 2014 from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=86189015

Robertson, A., & Khatibi, A. (2013). The influence of employer branding on productivity-related outcomes of an organization. IUP Journal of Brand Management, 13. Retrieved November 24, 2013, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=91675188&site=ehost-live

Sherefkin, R. (2006). Even in bankruptcy, cash can flow to CEOs. Automotive News, 80(6203), 38-38. Retrieved November 5, 2007, from EBSCO Online Database Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21269243&site=ehost-live