Progress Report on the BRD Success-modeling Project

Our Success-modeling Project was made possible by grants from the National Conference of Bankruptcy Judges, the American Bankruptcy Institute, and the Turnaround Management Association and funding from the UCLA Law School. We began work on February 1, 2011. The Project will add more than a hundred useful new fields, nearly doubling the number of useful fields and multiplying the power of the BRD several times over. Here's a list of what we've done to date:

  • BRD structural revision. The BRD contained about a hundred fields that did not warrant regular updating. We separated those fields from the main database, renamed the remaining fields systematically, and revised our protocols. Users can now find and intuit fields easier, and we update nearly all of them regularly.

  • Emergence by 363 sale. We revised our treatment of 363 sales to recognize that companies can emerge from Chapter 11 by sale as well as by confirmation. In cases like General Motors, users can now track either the emerging company or the company left behind in 363 sale cases. Case disposition dates now consistently reflect the time to confirmation, conversion or dismissal.

  • New company identifiers. The BRD has long identified the bankrupt companies by Standard and Poors GVKEYs. Now we've added CUSIPs, CIK numbers, and Compustat Tickers. The new identifiers make it easier to link BRD data to other databases.

  • Form 10-K Hyperlinks. For each BRD bankruptcy filer, we identified the last 10-K filed prior to bankruptcy. For each BRD company emerging from bankruptcy, we identified the first 10-K filed after emergence. The BRD now included hyperlinks to each of those 10-Ks on Edgar, making it easy for users to compare filing and emerging companies.

  • Examiners. We added and updated three fields from Jonathan Lipson's examiner data: (1) examiner requested, (2) examiner appointed, and (3) examiner name.

  • Professional fees. A new field records the total professional fees paid by the debtor for restructuring, as reflected in the debtor's 10-Ks filed during bankruptcy.

  • Name emerging. We now have a complete set of names for the emerging companies, and expanded information on later name changes and mergers. Tracking the emerging companies will now be much easier.

  • Sale intended. The field indicating whether the debtor intended, at filing, to sell all or substantially all of its assets is now complete since 1999.

Over the next six months, we plan to add dozens of new fields on the subjects of secured debt, distributions to creditors and equity holders, turnaround managers, DIP lenders, committees, pre-filing defaults, trustees, collective bargaining agreements, DIP lead bankruptcy attorneys and other subjects. Watch this space for further updates.

The BRD is user-supported. We need your help to continue providing our services. Please contribute.

The BRD has been supported by grants from these organizations:

National Conference of Bankruptcy Judges

Turnaround Management Association

American Bankruptcy Institute

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