Prevalence of Substantive Consolidation in Large Public Company Bankruptcies from 2000 to 2005
37 Pages Posted: 25 Nov 2009
Date Written: November 17, 2009
Abstract
This empirical study examines large public company bankruptcies to identify the frequency of use of substantive consolidation as a reorganization technique. The study considers a number of variables in an attempt to identify when and why this technique is used. The tentative conclusion reached is that substantive consolidation is used as a case management technique to simplify case administration rather than as a technique to manage bankruptcies of companies with complicated corporate structures as measured by reported asset size or reported numbers of significant subsidiaries.
Suggested Citation: Suggested Citation
Widen, William H., Prevalence of Substantive Consolidation in Large Public Company Bankruptcies from 2000 to 2005 (November 17, 2009). University of Miami Legal Studies Research Paper No. 2009-34, Available at SSRN: https://ssrn.com/abstract=1507944 or http://dx.doi.org/10.2139/ssrn.1507944
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