Journal title CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES
Author/s Giuseppe Sancetta, Francesco Mirone
Publishing Year 2020 Issue 2020/1 Language Italian
Pages 31 P. 9-39 File size 0 KB
DOI 10.3280/cgrds1-2020oa10113
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The target of this paper is to examine the difficult relationship that is established between creditors and debtors, in the delicate phase of the agreement with creditors.Recent experiences document that the use of Participatory Financial Instruments, within the agreement with creditors, would appear to produce positive negotiating effects.This instruments, in some cases, appear to be able to facilitate the engagement relationships between creditor and debtor, prompting creditors to support the approval of the agreement.The use of Participatory Financial Instruments would facilitate the difficult negotiation of relations between creditors and debtors, favoring the achievement of a balance between all the players involved, in order to protecting creditors and ensuring continuity and stability to the company.Therefore we will try to identify the Participatory Financial Instrumentsas a creditor engagement mechanism, based on two main assumptions: on the one hand, the instruments could allow easier negotiation of the relations between the parties, simplifying and facilitating the approval of the agreement with creditors; on the other, creditor engagement improves the participation of creditors in the life and corporate governance of the company and can ensure that they obtain further benefits also in the period following the execution of the agreement.The work is supported by an analysis of some cases concerning Italian companies that have used participatory financial instruments in the context of bankruptcy procedures.
Keywords: Creditor Engagement; Agreement with creditors; Participatory Financial Instruments
Giuseppe Sancetta, Francesco Mirone, Gli strumenti finanziari partecipativi quale meccanismo di Creditor Engagement in "CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES" 1/2020, pp 9-39, DOI: 10.3280/cgrds1-2020oa10113