80% is better than bankrupcy

Reader comment on: The Bair-Miller-Moore Haircut

Submitted by Banker (South Africa), Nov 25, 2009 01:09

What would they prefer: an 80% haircut or taking their chances in liquidating after bankrupcy? If it raises the cost of debt, isn't that because the risk of default and the consequences are now being more accurately priced in?

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