| Debt
Overhang: Loan Commitments |
| Firm W/o Proj |
| Firm W/ Proj |
| Boom |
| Recess’n |
| Boom |
| Recess’n |
|
|
| Firm |
|
| Cashflows |
|
| 5000 |
| 2400 |
| 6700 |
| 4100 |
|
|
| Bondholders’ |
|
| claim |
|
|
|
|
| 4450 |
||
| (3500x1.1 |
||
| +600) |
||
| 2400 |
|
|
|
| 5550 |
||
| (4500x1.1 |
||
| +600) |
||
| 4100 |
|
|
| Stockholders’ |
|
| claim |
|
| 550 |
| 0 |
| 1150 |
| 0 |