13 Failing Firm Defence

13.01 Fierce competition from imports, severe over-capacity in some industries, and technological advancements are only some of the features that characterize markets nowadays. Distressed companies on the verge of bankruptcy are a common phenomenon that is observed in both developed and developing economies. Companies that are in distressed financial conditions may choose to embark on a restructuring process in order to ensure their viability and profitability. 13.02 Restructuring is often done as part of bankruptcy procedures. ‘Restructuring’ is the term for the...