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

Gilson, Stuart C.

Hardcover

ISBN 10: 0471405590 ISBN 13: 9780471405597

Publisher: John Wiley & Sons, 2001

Synopsis

A collection of case studies illustrates real–world techniques, implementation, and strategies on corporate restructuring
Over the period 1981–1998, public companies with combined assets of over half a trillion dollars filed for Chapter 11 bankruptcy. Over the same period, over 400 public companies underwent corporate spin–offs, divesting businesses valued at more than $250 billion. Each of these companies, and all of these dollars, were in some way or another involved in corporate restructuring. Gilson′s cases studies have been used extensively in executive programs and are perfect tools to refer to when faced with real–world corporate restructuring issues.
Stuart C. Gilson (Boston, MA) is an Associate Professor at Harvard University and a widely acknowledged expert on corporate restructuring. He has studied and published on the intricacies of both domestic and international corporate restructuring.

About this title

About the Author

Stuart C. Gilson is a professor at Harvard Business School and a widely acknowledged expert on corporate restructuring. His research on domestic and international restructuring has been extensively published and cited in numerous national news and business periodicals. In 1996 he won the prestigious Graham and Dodd Award for his article "Investing in Distressed Situations: A Market Survey." In 1999 and 2000 he was named one of the nation′s top ten bankruptcy academics by Turnarounds and Workouts magazine.

From the Back Cover

Praise for Creating Value through Corporate Restructuring

"A helpful reference guide for managers facing the complex operational and financial issues raised in today′s competitive environment. Gilson′s case studies provide a real–world context against which corporate leaders can plan their restructuring strategies."–Arthur B. Newman, Senior Managing Director, The Blackstone Group

"Stuart Gilson′s analytical case studies have demystified the battle of enterprise valuations in financial distress and buyout situations. It is a must–read for understanding the restructuring and buyout arena. I highly recommend this book."–Harvey R. Miller, Senior Partner and Chair of the Business, Finance, and Restructuring Department, Weil, Gotshal & Manges LLP

"The economically pivotal process has never before received such a rigorous and well–rounded treatment. Gilson goes far beyond the legal framework of bankruptcy resolution to show how industry–specific factors, conflicting creditor claims, and negotiating stratagems all determine a financially strained company′s fate. Readers of Creating Value through Corporate Restructuring will gain wisdom that could otherwise be obtained only through many years of direct experience in the field."–Martin S. Fridson, Chief High–Yield Strategist, Merrill Lynch & Co., Inc.

"Creating Value through Corporate Restructuring ably describes the importance and difficulty of designing, executing, and marketing restructuring strategies. The case study format offers the reader an inside look at the real world of corporate restructuring. With this book, Gilson provides a useful blueprint for tackling restructuring challenges."–Jay Alix, Founder and Principal, Jay Alix & Associates

"Stuart Gilson has created a much–needed book for practitioners and professors alike. It should be required reading for MBA and PhD students who need to understand corporate reorganization and crisis management."–Sanford Sigoloff, Chairman, President, and CEO, Sigoloff & Associates, Inc.

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From the Inside Flap

Corporate restructuring helps companies address poor performance, pursue new strategic opportunities, and attain credibility in the capital market. It can also have a huge impact on a company′s market value, often in the billions of dollars. But how does a corporate restructuring actually get done? How do the related bankruptcies, mergers and acquisitions, spin–offs, and buyouts affect creditors, shareholders, and employees? What are the options, issues, trade–offs, and conflicts?

In Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups, Harvard Business School professor Stuart Gilson answers these and other questions by providing a rare inside look at thirteen of the most controversial and innovative restructurings of the past decade. Based on interviews with executives, investment bankers, attorneys, investors, and other key participants in the restructurings, Creating Value through Corporate Restructuring will provide you with unique insights and data not available elsewhere.

Developed over an eight–year period at the Harvard Business School, these intensive cases from the United States, Canada, Germany, and Thailand explore:
∗ Corporate bankruptcy reorganization, debt workouts, and "vulture" investing
∗ Equity spin–offs, tracking stocks, and asset divestitures
∗ Employee layoffs and corporate downsizing
∗ How companies allocate value and when a corporation should "pull the trigger"

You′ll read about the massive downsizing of Scott Paper Company under "Chainsaw" Al Dunlap, the employee buyout of UAL Corporation (parent of United Air Lines), USX′s pioneering tracking stock offering, Continental Airlines′ second trip through Chapter 11 bankruptcy court, and the merger of Chase Manhattan and Chemical Bank. You′ll get inside information on handling mergers and acquisitions, highly leveraged transactions, debt restructurings, equity spin–offs, negotiated wage givebacks, employee stock buyouts, and changes to employee benefit plans.

Professor Gilson offers a rare glimpse into the events and personalities involved in the dramatic restructuring of thirteen companies–including Alphatech Electronics Pcl (Thailand), Humana Inc. (USA), The Loewen Group (Canada/USA), and FAG Kugelfischer (Germany). Whether you′re a finance professional, institutional investor, manager, educator, or student, this book gets you as close as you can get to these major deals–without having made them yourself.

Edition details

• Publisher: John Wiley & Sons
• Publication date: 2001
• Language: English
• ISBN 10: 0471405590
• ISBN 13: 9780471405597
• Binding: Hardcover
• Number of pages: 528