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Laughlin, Lauren Silva & John Foley. (2009, September 23). Turning to junk to stay execution.
Retrieved September 23, 2009 at Breakingviews.com.
Precis: The current financial crisis has popularized a troubling form of financing for some of America's most famous companies.
When the current financial crisis shook the world community, many analysts said this was the end of creative borrowing techniques and a lack of oversight by the federal government of companies that were 'too big to fail.' Yet many well-known organizations are refinancing financial obligations by selling their new debts upon the world markets. This merely defers a potential drain upon the company's finances, rather than eliminates the concern. It is the financial equivalent of sticking one's thumb in a leaky dam rather than finding a long-term solution to plug the hole. True, this will keep the companies from defaulting upon loans and facing the immediate threat of bankruptcy. However, an expected future elevation of interest rates casts potential doubts upon the future of companies practicing this type of financing, including Blockbuster, Dole Food, and Ford Motor Credit. All are selling new debts to pay loans, pay off existing debt, or refinance bonds.
Interest expenses do not add to a company's value, unlike expenditures upon research and technology, or new ventures. Furthermore, the act of selling debt reduces transparency about the company's real financial status. A lack of transparency was one of the precipitating causes of the credit crisis of 2008. Companies that have refinanced by selling new debts will have less funds to reinvest in the future, calling into question their long-term financial solvency and creativity. This is especially troubling given the companies involved in such practices, such as Blockbuster and Ford, must recreate their business models and products, which are rapidly growing antiquated. Blockbuster must cope with a rapidly changing environment where more media entertainment is available for free online, and Ford's SUV-heavy emphasis must confront a world where fuel efficiency is of ever-greater concern.
Bibliography
Laughlin, Lauren Silva & John Foley. (2009, September 23). Turning to junk to stay execution.
Retrieved September 23, 2009 at Breakingviews.com
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