Creating Value Through Corporate Restructuring Case Studies in Bankruptcies, Buyouts, and Breakups

by Gilson, Stuart C.; Altman, Edward I.

• ISBN13: 9780470503522
• ISBN10: 0470503521
• Edition: 2nd
• Format: Hardcover
• Copyright: 2010-04-05
• Publisher: Wiley

Summary

An updated look at how corporate restructuring really worksStuart 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.

Author Biography

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.

Table of Contents

Foreword	p. ix
Introduction	p. xv
Restructuring Debt and Liabilities	p. 1
Investing in Distressed Situations: Strategies, Opportunities, and Risks	p. 17
Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (RAPCPA)	p. 69
Kmart and ESL Investments (A)	p. 85
Kmart and ESL Investments (B): The Sears Merger	p. 115
National Convenience Stores Incorporated	p. 129
Continental Airlines-1992	p. 157
Flagstar Companies, Inc.	p. 185
The Finova Group, Inc.	p. 225
Arch Wireless, Inc.	p. 259
Adelphia Communications Corp's Bankruptcy	p. 291
Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring	p. 341
Alphatec Electronics PCI	p. 377
Groupe Eurotunnel S.A.	p. 417
Delphi Corp. and the Credit Derivatives Market	p. 447
Restructuring Equity and Assets	p. 473
Humana Inc.: Managing in a Changing Industry	p. 487
USX Corporation	p. 511
E. I. du Pont de Nemours and Company: The Conoco Split-off	p. 535
Seagate Technology Buyout	p. 561
The Loewen Group Inc.	p. 587
Donald Salter Communications Inc.	p. 617
Restructuring Employees' Claims	p. 641
Restructuring at Delphi Corporation	p. 651
Navistar International	p. 683
Scott Paper Company	p. 713
UAL Corporation	p. 747
Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring	p. 781
Valuing Companies in Corporate Restructurings: Technical Note	p. 785
About the Author	p. 803
Index	p. 805
Table of Contents provided by Ingram. All Rights Reserved.