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Bridge over ocean
1 May 1998 Financial Analysts Journal Volume 54, Issue 3

After Bankruptcy: Can Ugly Ducklings Turn into Swans?

  1. Allen Michel
  2. Israel Shaked
  3. Christopher McHugh

Before they emerge from bankruptcy, U.S. debtor companies are required to provide
financial and operational projections to the Bankruptcy Court. The projections
are of interest to numerous parties—analysts, advisors, creditors, and
securityholders—but the results of this study suggest that the projections
are frequently (and often, greatly) overstated.

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