Orientador(es)
Resumo(s)
This dissertation investigates the impact of debtor-in-possession (DIP) financing
and exit financing on the resolution of corporate bankruptcy. In order to accomplish
the objective this study uses a large sample of bankrupt firms that filed for chapter
11 in the United States over the period 1998-2009.
The analysis shows that the presence of post-petition financing is associated with
an improvement of the odds of reorganization, with successful emergence from
bankruptcy and an increase of the time spent in bankruptcy, effectively buying time
to negotiate a successful restructuring. It also studies the effect on corporate
governance by investigating top management turnover.