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The Journal of Structured Finance

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Article

Furniture as a Conduit for Credit

Tom Arnold and Bonnie Buchanan
The Journal of Structured Finance Summer 2010, 16 (2) 10-17; DOI: https://doi.org/10.3905/jsf.2010.16.2.010
Tom Arnold
is an associate professor in the department of finance, Robins School of Business, University of Richmond in Richmond, VA.
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  • For correspondence: tarnold@richmond.edu
Bonnie Buchanan
is an assistant professor in the department of finance, Albers School of Business, Seattle University in Seattle, WA.
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  • For correspondence: buchanab@seattleu.edu
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Abstract

Securitization has transformed the global financial landscape, and in recent years accounts receivable securitization has become an increasingly popular means to accelerate cash flow. However, this particular style of securitization has encountered problems, which began well before the recent financial crisis. In 2000, Heilig-Meyers became the first company in which the senior notes of asset-backed securities suffered a principal loss. This article discusses the securitization of accounts receivable and its associated risks, using as an example the role of asset-backed securities in the Heilig-Meyers bankruptcy. In the case of Heilig-Meyers, selling furniture became secondary to issuing credit—a problem similar to the one that occurred in the real estate and mortgage markets.

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The Journal of Structured Finance: 16 (2)
The Journal of Structured Finance
Vol. 16, Issue 2
Summer 2010
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Furniture as a Conduit for Credit
Tom Arnold, Bonnie Buchanan
The Journal of Structured Finance Jul 2010, 16 (2) 10-17; DOI: 10.3905/jsf.2010.16.2.010

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Furniture as a Conduit for Credit
Tom Arnold, Bonnie Buchanan
The Journal of Structured Finance Jul 2010, 16 (2) 10-17; DOI: 10.3905/jsf.2010.16.2.010
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  • Article
    • Abstract
    • THE PROCESS OF SECURITIZATION
    • SECURITIZATION OF ACCOUNTS RECEIVABLE
    • EVENTS AT HEILIG-MEYERS: AN OVERVIEW OF COMPANY HISTORY
    • THE ROLE OF ACCOUNTS RECEIVABLE SECURITIZATION AT HEILIG–MEYERS
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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