Creating Value Through Corporate Restructuring Case Studies in Bankruptcies, Buyouts, and Breakups
Produktdetaljer
Biografisk notat
STUART C. GILSON is the Steven R. Fenster Professor of Business Administration at Harvard Business School and is an expert in corporate restructuring, valuation, and corporate finance. He teaches corporate restructuring in the school’s MBA program and also teaches restructuring, valuation, and corporate finance in a number of senior executive education programs. Gilson’s research on restructuring has been widely cited in numerous national news and business periodicals, and has received a number of awards, including the prestigious Graham and Dodd Award. He has been named one of the nation’s top bankruptcy academics by Turnarounds and Workouts magazine.
An updated look at how corporate restructuring really works
Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring.
Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring.
- Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more
- Addresses the effect of employee layoffs and corporate downsizing
- Examines how companies allocate value and when a corporation should "pull the trigger"
From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.
Foreword xi
Introduction xv
Part One Restructuring Debt and Liabilities 1
Chapter 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks 17
Chapter 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) 69
Chapter 3 Kmart and ESL Investments (A) 85
Chapter 4 Kmart and ESL Investments (B): The Sears Merger 115
Chapter 5 National Convenience Stores Incorporated 129
Chapter 6 Continental Airlines—1992 157
Chapter 7 Flagstar Companies, Inc. 185
Chapter 8 The Finova Group, Inc. 225
Chapter 9 Arch Wireless, Inc. 259
Chapter 10 Adelphia Communications Corp.’s Bankruptcy 291
Chapter 11 Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring 341
Chapter 12 Alphatec Electronics PCl 377
Chapter 13 Groupe Eurotunnel S.A. 417
Chapter 14 Delphi Corp. and the Credit Derivatives Market 447
Part Two Restructuring Equity and Assets 473
Chapter 15 Humana Inc.: Managing in a Changing Industry 487
Chapter 16 USX Corporation 511
Chapter 17 E.I. du Pont de Nemours and Company: The Conoco Split-off 535
Chapter 18 Seagate Technology Buyout 561
Chapter 19 The Loewen Group Inc. 587
Chapter 20 Donald Salter Communications Inc. 617
Part Three Restructuring Employees’ Claims 641
Chapter 21 Restructuring at Delphi Corporation 651
Chapter 22 Navistar International 683
Chapter 23 Scott Paper Company 713
Chapter 24 UAL Corporation 747
Appendix A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring 781
Appendix B Valuing Companies in Corporate Restructurings: Technical Note 785
About the Author 803
Index 805
Nearly a decade has passed since Creating Value through Corporate Restructuring was originally published. During this time, the business and financial world has faced incredible challenges, and the practice of corporate restructuring has been transformed in a number of significant ways.
That’s why Harvard Business School Professor Stuart Gilson, one of the leading corporate restructuring experts in the United States and a consultant to numerous companies, has created the Second Edition of this bestselling book. Emphasizing learning through analysis of real-world case studies, the book is organized around three modules, each highlighting a particular area of restructuring, including the restructuring of debt and liabilities, equity and assets, and employees’ claims. By giving you a unique “insider’s” perspective on these cases, this reliable resource will help you develop a deeper understanding of the restructuring process and how it impacts corporate financial performance and value.
Featuring thirteen additional new case studies and technical chapters, this book will equip you with the insights and tools that you will need to capitalize on future restructuring challenges and opportunities, and to create value for your shareholders and other constituencies. In addition to addressing new strategies and practices in corporate restructuring, the new cases in this book highlight a number of important industry sectors that have been particularly hard hit by economic turmoil—including retailing (Kmart), technology (Arch Wireless Communications and Seagate Technology), finance (The Finova Group), and auto manufacturing (Delphi). Along the way, other case studies will provide you with valuable insights into issues such as the investment strategies used by hedge funds to trade in the debt of distressed companies (Kmart), the increasing use of Chapter 11 as a platform for auctioning off bankrupt firms’ assets (Adelphia Communications), credit derivatives (Delphi Corp. and the Credit Derivatives Market), corporate restructuring practices outside the United States (Groupe Eurotunnel S.A. and Buenos Aires Embotelladora S.A.), and equity split-offs, equity carve-outs, and share repurchases (DuPont).
Based on interviews with executives, investment bankers, attorneys, creditors, investors, and other key participants, the cases found here involve some of the most innovative, complex, and controversial restructurings of the past two decades, and represent a broad cross-section of management and restructuring challenges. Engaging and informative, they offer an inside look at how a corporate restructuring actually gets done, and how restructuring could financially impact a company and those associated with it.
As global markets continue to become more integrated and competitive, corporate restructuring will play an increasingly important role in how companies create value. With the Second Edition of Creating Value through Corporate Restructuring as your guide, you’ll discover how to effectively weigh your restructuring options and choose the best path forward.
Produktdetaljer
Biografisk notat
STUART C. GILSON is the Steven R. Fenster Professor of Business Administration at Harvard Business School and is an expert in corporate restructuring, valuation, and corporate finance. He teaches corporate restructuring in the school’s MBA program and also teaches restructuring, valuation, and corporate finance in a number of senior executive education programs. Gilson’s research on restructuring has been widely cited in numerous national news and business periodicals, and has received a number of awards, including the prestigious Graham and Dodd Award. He has been named one of the nation’s top bankruptcy academics by Turnarounds and Workouts magazine.