Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups: 544 (Wiley Finance) - Hardcover

Gilson, Stuart C.

Hardcover

ISBN 10: 0470503521 ISBN 13: 9780470503522

Publisher: Wiley, 2010

Synopsis

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.

About this title

Review

"With the number of corporate bond defaults up sharply over the lows of the middle–to–late 1990s, Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups (John Wiley & Sons, Inc.) is reaching the market at an apt moment. The book, which is written by Harvard Business School Professor Stuart Gilson, employs the case study method to examine the restructuring of the claims of creditors, shareholders, and employees. Of greatest interest to high yield and distressed investors is the section on financial distress, which studies such familiar companies as Continental Airlines, Flagstar Companies, The Loewen Group, and National Convenience Stores. Gilson also provides a market survey of distressed investing, exploring such nuances as prepackaged bankruptcy, "bondmail" (gaining control of a class of debt to block approval of a reorganization plan), exit strategies, tax issues, and disqualification of votes on a bankruptcy reorganization plan. Creating Value through Corporate Restructuring also addresses company overhauls that occur outside the context of potential or actual bankruptcy. Techniques include issuance of tracking stock, spin–offs, layoffs, plant closings, revisions of employee retirement benefits, and mergers. Gilson maintains a global perspective, incorporating cases not only from the United States, but also from Germany and Thailand."–– High Yield, a Merrill publication by Marty Fridson

"... Stuart Gilson, of the Harvard Business School, has managed to write a book important to everybody in the distressed market that is also quite enjoyable. His prose is fluid and succinct and a pleasure to read. . . The text covers 13 corporate restructurings focusing on debt workouts, vulture investing, equity spinoffs, tracking stock, asset divestitures, employee layoffs, corporate downsizing, M & A, HLTs, wage give–backs, employee stock buyouts, and the restructuring of employee benefit plans. . . . this is an especially valuable text for anybody working in the distressed market." (Turnarounds & Workouts Magazine, Review by David M. Henderson)

Gilson′s book provides a meaningful framework for analyzing any restructuring and a guide to various tools and additional references....Detailed exhibits at the end of each chapter provide the hard, quantifiable financial and industry data that management and stakeholders must interpret to plan, negotiate, and execute a restructuring. The exhibits are especially insightful and provide examples of alternatives for presenting relevant factual information on complex restructurings. (The Journal of Corporate Renewal)

"His prose is fluid, succinct and a pleasure to read. . . an especially valuable text for anybody . . . in the distressed market." (Turnarounds & Workouts Magazine, Review by David M. Henderson)

"Gilson maintains a global perspective, incorporating cases not only from the United States, but also from Germany and Thailand." (High Yield, a Merrill publication, by Marty Fridson)

Gilson′s book provides a meaningful framework for analyzing any restructuring and a guide to various tools and additional references ( The Journal of Corporate Renewal, March 2002)

"The information ... in Gilson′s book is the next best thing to being there. . . . The level of detail ... is exceptional."(American Bankruptcy Institute Journal)

From the Back Cover

Praise for Creating Value through Corporate restructuring second edition

"Professor Stuart Gilson's Creating Value through Corporate Restructuring, Second Edition is a 'must-have' reference guide for beginners and experienced professionals alike. The use of case studies illustrates critical elements of restructuring transactions, from valuation techniques (and their use as a tactical tool in bankruptcy), to the objectives and behavior of vulture investors in distressed situations, to the handling of competing claims to the treatment of tax loss carry forwards, and much more. Comprehensive, fact filled, and really useful!"
--Henry S. Miller, Chairman, Miller Buckfire & Co., LLC

"This book is the gold standard for learning and teaching about corporate restructuring. Gilson's notes and cases are classic and contemporary. With the economic turbulence of recent years, Gilson's lessons here have only grown in importance."
--Robert F. Bruner, Dean and Charles C. Abbott Professor of Business Administration, Darden School of Business, University of Virginia

"Gilson's book presents the Harvard case study method at its best--practical, insightful, and deliciously interesting. The competing perspectives of the CEOs, investment bankers, attorneys, investors, labor union leaders, and others who lived these cases day by day bring the stories to life. It's a great read."
--Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard Law School, Harvard University

"From my perspective as one of the early pioneers and real-world practitioners of corporate restructuring and crisis management during the past three decades, Professor Gilson's work provides an important resource for professionals in the business, legal, and academic communities, as well as in the government sector."? ?
--Tony Alvarez II, co-Chief Executive Officer, Alvarez & Marsal

"Professor Gilson has once again captured the multilateral dynamism that is the core of rescue and restructuring throughout the world. This volume encompasses a broad spectrum of crises facing an enterprise and its management and, in each case, identifies the central players and their agendas, as well as an assessment of potential techniques or tools available for constructive resolution. It is a marvelous and thought-provoking read!"
--Corinne Ball, Partner, Jones Day

Edition details

• Publisher: Wiley
• Publication date: 2010
• ISBN 10: 0470503521
• ISBN 13: 9780470503522
• Binding: Hardcover
• Language: English
• Edition number: 2
• Number of pages: 848