Avoiding customer and taxpayer bailouts in private infrastructure projects : Policy toward leverage, risk allocation, and bankruptcy (English)

Many private infrastructure projects mix regulation that subjects the private company to considerable risk, a government or regulator that is reluctant to see the company go bankrupt, and high leverage on the part of the company. If all goes well, equityholders make a profit, debtholders are repaid, customers pay no more than they expected, and the government is not called on to bail the company out. If all goes badly enough, however, the prospect...

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Author

Ehrhardt, David;

Irwin Timothy;
Document Date
2004/04/01
Document Type
Policy Research Working Paper
Report Number
WPS3274
Volume No
1
Total Volume(s)
1
Country
World,
Region
Other,
Disclosure Date
2010/07/01
Doc Name
Avoiding customer and taxpayer bailouts in private infrastructure projects : Policy toward leverage, risk allocation, and bankruptcy
Keywords
minimum equity requirements minimum equity

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Citation

Ehrhardt, David; Irwin Timothy.

Avoiding customer and taxpayer bailouts in private infrastructure projects : Policy toward leverage, risk allocation, and bankruptcy (English). Policy, Research working paper ; no. WPS 3274 Washington, DC: World Bank. http://documents.worldbank.org/curated/en/936761468781804415

Avoiding customer and taxpayer bailouts in private infrastructure projects : Policy toward leverage, risk allocation, and bankruptcy (English)

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