In some instances, creditors will agree with this proposition. In his book, 2 Professor Cahill suggests that the lending banks (most of them foreign) may have found it a “bitter pill” to retain the CEO of Goodman International in executive control and with a sizeable equity stake in the restructured company.
Other high-profile cases saw the more conventional presumption that the old shareholders and top management will go. That has been the basic modus operandi of the Government in the current banking crisis as far as the banks are concerned.