Creditors often critically shape the fate of bankruptcy reorganizations, yet the drivers and implications of creditors’ reorganization plan confirmations are still not completely understood. Exploring micro-level data on bankruptcy reorganization proceedings in Slovenia, we find that creditors, above all, demand a credible change in the exercise of control rights. The prospects of plan confirmation are positively associated with debt-to-equity conversion as well as those majority ownership changes that occur during the proceeding and feature a domestic incoming owner. In contrast, we find no evidence that plan confirmation is related to management turnover, majority ownership transfers involving a foreign incoming owner, pre-bankruptcy financial indicators other than leverage, the number of creditors, the value of different types of claims, and even the contractual details for the repayment of claims. The incidence of creditor-induced socially costly filtering failures is quite high, with estimates ranging between 41 and 78% based on the ex-post approach and between 40 and 61% based on the ex-ante approach. Confirmations of plans from non-viable businesses are more prevalent than rejections of plans from viable businesses. Our results provide a novel perspective on the creditors’ role in the resolution of business bankruptcy.

债权人往往对破产重整的命运产生重大影响，但债权人重整计划确认的驱动因素和影响仍未完全了解。探索斯洛文尼亚破产重组程序的微观数据，我们发现债权人首先要求对控制权的行使进行可信的改变。计划确认的前景与债转股以及在程序中发生的多数股权变更呈正相关，并以国内新业主为特征。相比之下，我们没有发现任何证据表明计划确认与管理层更替、涉及外国新股东的多数股权转让、除杠杆外的破产前财务指标、债权人数量、不同类型债权的价值、甚至偿还索赔的合同细节。债权人引起的社会代价高昂的过滤失败的发生率相当高，根据事后方法估计在 41% 到 78% 之间，根据事前方法估计在 40% 到 61% 之间。确认来自不可行企业的计划比拒绝来自可行企业的计划更为普遍。我们的研究结果为债权人在解决企业破产中的作用提供了一个新的视角。确认来自不可行企业的计划比拒绝来自可行企业的计划更为普遍。我们的研究结果为债权人在解决企业破产中的作用提供了一个新的视角。确认来自不可行企业的计划比拒绝来自可行企业的计划更为普遍。我们的研究结果为债权人在解决企业破产中的作用提供了一个新的视角。