Corporate Restructurings and Reorganizations

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9780126374551: Corporate Restructurings and Reorganizations

Reorganizations and restructurings occur more frequently than their well-known siblings, mergers and acquisitions, and revolve around applications of valuation principles. Distressed Corporate Restructurings and Reorganizations, a unique examination of these strategies, reflects this reality by moving logically from general valuation to the valuation of distressed restructurings. By providing a simple, sound economic framework for understanding restructurings and reorganizations, it emphasizes a technique-based approach. Cases and extensive analyses help readers understand situations, choose appropriate tools, make necessary adjustments, and execute plans. Distressed Corporate Restructurings and Reorganizations is written by the past editor of Financial Management, the largest circulation journal in the field of finance, and a member of the Academic Advisory Committee for the Turnaround Management Association. Distinctly different from mergers and acquisitions textbooks, this book is a valuable tool that improves everyone's chances of making money. It provides a thorough examination of distressed restructurings. It lays out a broad range of restructuring techniques and outcomes via cases and analyses. It teaches ways to design restructuring strategies to create maximum value. It surpasses books on mergers and acquisitions that only partially address restructuring subjects.

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With financial restructuring decisions becoming more frequent, how many managers can say that they understand the methods and motives behind them or have thoroughly analysed their implications? How many managers have been surprised by some of the implications of financial restructurings? Or have confidently predicted the values of their financial restructuring decisions? This book illustrates nine themes which show how management teams in a variety of industries have used financial restructurings to create and enhance revenue opportunities, manage operating costs, lower taxes, improve working capital management and reduce the cost of capital. The link between financial restructuring decisions and value creation in a variety of scenarios illustrates how the fundamental principles of value measurement, management and maximisation can be applied in a variety of seemingly unrelated contexts.

About the Author:

James Seward is the Prochnow Fellow in Finance at the University of Wisconsin, Madison. He is past editor of "Financial Management," the largest circulation journal in the field of finance, and is a member of the Academic Advisory Committee for the Turnaround Management Association. His clients have included Marsh & McLennan, the Wisconsin and New York Public Service Commissions, Citicorp, Hewlitt Packard, Kimberly-Clark, Lockheed Martin, Merrill Lynch, UPM-Kymmene, Westinghouse, and others.

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