How to Sell a (Bankrupt) Company

Francesca Cornelli · Leonardo Felli

16 citations0/0 files storedInternational Review of Finance

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Corporate Insolvency and Governance Corporate Finance and Governance Law, Economics, and Judicial Systems

Abstract

Abstract This paper suggests a way to sell a company that maximizes the proceeds from the sale. The key to this proposal is the option left to the seller to retain a fraction of the shares of the company. Indeed, by retaining the minority stake, the seller can transfer the control of the company while reducing to a minimum the rents that the sale of the company leaves in the hands of the buyer. We then focus on two main applications of this idea: bankruptcy procedures and carve‐outs.

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References

1986Large Shareholders and Corporate Control 1981Optimal Auction Design 1980Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation 1986Auctions and Bidding 1992An Incomplete Contracts Approach to Financial Contracting 1996Optimal Debt Structure and the Number of Creditors 1988One share-one vote and the market for corporate control 1990Bankruptcy, boards, banks, and blockholders

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