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In the present paper we analyze the reasons behind the high success rate in the football clubs insolvency proceedings. The Spanish insolvency scenario has shown elevated fail rates (higher than 90%), evidencing notable weaknesses. Conversely, football clubs have successfully overcome their legal insolvency situations in the great majority of cases, and the results of our paper prove that (i) a financial structure less concentrated in secured credits (particularly secured financial institutions) than the rest of firms, and (ii) the systematic support given by public administrations (voting in favor of their proposals) have provided such outcome. Additionally, this occurs in a context in which public administrations have shown their reticence to give support to the rest of insolvent firms, while others (football clubs) receive it even though they present poorer management indicators. [ABSTRACT FROM AUTHOR]

The focus of this paper is to analyze the effect of the type of creditors, and specially, the conflict between bank creditors and commercial ones, in the resolution of the bankruptcy. The results for a group of Spanish unlisted firms are: 1) the different priority given to them by law in the recovery of their credits implies that creditors have different preferences regarding the bankruptcy resolution; and 2) the conflict between both types of creditors reduces the probability of reorganization in bankrupt firm. [ABSTRACT FROM AUTHOR]

This paper analyzes the relation between debt maturity structure and default risk. We use data on over 47,189 non-financial Spanish firms during the period 1995-2006. The results show that firms rated as low risk have more long-term debt. However, maturity is a non-monotonic function of risk ratings, with low risk firms and high risk firms having short-term debt and intermediate risk firms having long-term debt. [ABSTRACT FROM AUTHOR]