Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75627
Authors: 
Cornelli, Francesca
Felli, Leonardo
Year of Publication: 
2000
Series/Report no.: 
CESifo Working Paper 292
Abstract: 
The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by retaining the minority stake, creditors reduce to a minimum the rents that the sale of the company leaves in the hands of the buyer.
Subjects: 
Bankruptcy
control stakes
auction
Document Type: 
Working Paper

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