Creating Value Through Corporate Restructuring: Case Studies by Stuart C. Gilson

By Stuart C. Gilson

An up to date examine how company restructuring particularly works

Stuart Gilson is without doubt one of the major company restructuring specialists within the usa, instructing millions of scholars and consulting with a number of businesses. Now, within the moment version of this bestselling e-book, Gilson returns to provide new perception into company restructuring.

Through real-world case stories that contain the most well-liked restructurings of the final ten years, and highlighting the elevated position of hedge money in distressed making an investment, you are going to boost a greater feel of the restructuring approach and the way it could really create worth. as well as "classic" buyout and structuring case reviews, this moment version comprises insurance of Delphi, normal automobiles, the Finova staff and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate know-how, Dupont-Conoco, or even the Eurotunnel debt restructuring. Covers company financial disaster reorganization, debt routines, "vulture" making an investment, fairness spin-offs, asset divestitures, and masses extra Addresses the influence of worker layoffs and company downsizing Examines how businesses allocate price and whilst a company should still "pull the set off"

From hedge money to monetary fraud to subprime busts, this moment variation bargains a unprecedented examine one of the most cutting edge and arguable restructurings ever.

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Extra resources for Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups

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A. (Chapter 13), and Restructuring at Delphi Corporation (Chapter 21). 8 This case was cowritten with Professor Steven Fenster. P1: a/b p01 P2: c/d QC: e/f JWBT258-Gilson 8 T1: g February 10, 2010 14:22 Printer: Courier Westford RESTRUCTURING DEBT AND LIABILITIES In the second year of the bankruptcy, five investor groups, including four airlines, made bids to purchase a controlling stake in Continental. Competition among the groups produced a spirited auction for Continental’s assets. Management’s decision was complicated, however, by the need to consider various nonfinancial aspects of the bids.

A potential advantage of this approach is that if the investor works with management, and the debtor has “exclusivity” to file a plan, there may be less competition from other investors. , though a prepackaged Chapter 11) and that, in the event of bankruptcy, enterprise value is just high enough to provide a full recovery to the investor’s secured debt claim, but little or no recovery to more junior claims. 13 Loan-to-own strategies figured prominently in the Chapter 11 bankruptcies of Granite Broadcasting and Radnor Holdings.

S. dollars, was forced to restructure following the severe devaluation of the Thai baht in 1998. Compounding matters, Alphatec’s auditors had identified material misstatements in the company’s financial statements. Under Thailand’s prior bankruptcy law, it had been almost impossible for creditors to seize collateral or force a management change; companies could stay protected in bankruptcy for years. S. Chapter 11 designed to address these problems. However, negotiations were complicated by the large number of creditors, conflicts between foreign and domestic lenders, and uncertainty over the company’s value as a result of the accounting irregularities.

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