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This paper distinguishes financial and economic distress, and gives a comprehensive solution to firm's distress by means of integrative equity refinancing and debt restructuring. It constructs a model to price the firm under different financial conditions,especially when the liquidation value is less than 0. In the model, the relationships among financial distress, economic distress, equity refinancing, debt restructuring and renegotiation are clarified. The optimal restructuring boundary is also determined endogenously by maximizing the interests of both shareholders and creditors with the viewpoint of harmony.

Research on Equity Refinancing, Debt Restructuring and Firm Pricing Based on Financial and Economic Distress