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In the past several years, academics have increasingly expressed dissatisfaction with Chapter 11.' Among other complaints, critics point out that reorganizations of major public companies are expensive and usually take a number of years to complete.' In addition, from the scant empirical information available, failure rates appear high. One study shows that 38.3% of reorganized companies liquidate within four years.3 Accordingly, academic writers have cast about for alternatives to court-supervised reorganizations. Suggestions include proposals for an all-equity capital structure, market-based solutions like mandatory auctions,5 and measures designed to encourage private workout agreements which avoid the need for judicial supervision altogether.6

Financial Distress as a Noncooperative Game: A Proposal for Overcoming Obstacles to Private Workouts