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Motivated by recent developments in risk management based on the U.S.bankruptcy code, we revisit the De Finetti's optimal dividend problem byincorporating the reorganization process and regulator's interventiondocumented in Chapter 11 bankruptcy. The resulting surplus process, bearingfinancial stress towards the more subtle concept of bankruptcy, corresponds toa non-standard spectrally negative Levy process with endogenous regimeswitching. Some explicit expressions of the expected present values under abarrier strategy, new to the literature, are established in terms of scalefunctions. With the help of these expressions, when the tail of the Levymeasure is log-convex, the optimal dividend control is shown to be of thebarrier type and the associated optimal barrier can be identified using scalefunctions of spectrally negative Levy processes. Some financial implicationsare also discussed in an illustrative example.

On optimality of barrier dividend control under endogenous regime switching with application to Chapter 11 bankruptcy