個案資料
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Emerging Markets Development Group: Bankruptcy and Restructuring in Partnerships
內容大綱
<p align=”justify”>US-registered Emerging Markets Development Group (EMDG), a small but successful international consulting firm that provided development assistance in emerging and post-conflict regions, bet big on a project in Southeast Asia in 2008 that was financed by a Small Business Administration (SBA)-guaranteed loan issued by a local bank. The project failed, with catastrophic results. After seven years of attempting to dig themselves out of the hole, the principals were out of cash and needed to either significantly restructure the balance of EMDG’s outstanding loan or shut the firm down. Complicating the situation was the possibility that a former partner, who had left the firm over nine years before, might be held liable for the current debt.</p>
學習目標
<p align=”justify”>This case is designed to be used by senior-level undergraduate business students and first-year graduate students who have taken courses in business law, accounting, and finance. The learning objectives of this case cover banking, legal, and strategy issues. After working through the case and assignment questions, students will be able to do the following:</p><br><u>Banking Issues</u><br><br><ul><li>Explain the difference between a standard business loan and an SBA-backed loan.</li><li>Investigate how the SBA deals with loans in default.</li><li>Develop and analyze a financial model for a restructuring plan.</li></ul><br><u>Legal Issue</u><br><br><ul><li>Explain the need for contractual clarity and unambiguous language detailing internal and third-party transactions.</li><li>Outline the structure of promissory notes tied to a business loan.</li><li>Outline the differences between Chapter 7, Chapter 11, and Chapter 13 bankruptcy.</li></ul><br><u>Strategy Issues</u><br><br><ul><li>Evaluate the appropriateness of a company-defining investment decision.</li><li>Assess the risk factors of the company’s focus on implementing programs in war-affected areas.</li><li>Determine the appropriate time to close down a struggling business.</li></ul>