Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups, 2nd Edition


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

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.



PART ONE Restructuring Debt and Liabilities.

CHAPTER 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks.

CHAPTER 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).

CHAPTER 3 Kmart and ESL Investments (A).

CHAPTER 4 Kmart and ESL Investments (B): The Sears Merger.

CHAPTER 5 National Convenience Stores Incorporated.

CHAPTER 6 Continental Airlines—1992.

CHAPTER 7 Flagstar Companies, Inc.

CHAPTER 8 The Finova Group, Inc.

CHAPTER 9 Arch Wireless, Inc.

CHAPTER 10 Adelphia Communications Corp's Bankruptcy.

CHAPTER 11 Buenos Aires Embotelladora y-region S.A. (BAESA): A South American Restructuring.

CHAPTER 12 Alphatec Electronics PCl.

CHAPTER 13 Groupe Eurotunnel S.A.

CHAPTER 14 Delphi Corp. and the Credit Derivatives Market.

PART TWO Restructuring Equity and Assets.

CHAPTER 15 Humana Inc.: Managing in a Changing Industry.

CHAPTER 16 USX Corporation.

CHAPTER 17 E. I. du Pont de Nemours and Company: The Conoco Split-off.

CHAPTER 18 Seagate Technology Buyout.

CHAPTER 19 The Loewen Group Inc.

CHAPTER 20 Donald Salter Communications Inc.

PART THREE Restructuring Employees' Claims.

CHAPTER 21 Restructuring at Delphi Corporation.

CHAPTER 22 Navistar International.

CHAPTER 23 Scott Paper Company.

CHAPTER 24 UAL Corporation.

APPENDIX A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring.

APPENDIX B Valuing Companies in Corporate Restructurings: Technical Note.

About the Author.