Creating Value through Corporate Restructuring

Beschreibung

Zwischen 1981 und 1998 meldeten börsennotierte Unternehmen mit einer Bilanzsumme von insgesamt einer halben Billion Dollar in den USA Konkurs nach Chapter 11 an. Im gleichen Zeitraum nahmen über 400 Aktiengesellschaften Abspaltungen vor und veräußerten dabei Geschäftsbereiche im Wert von über 250 Milliarden Dollar. Jedes dieser Unternehmen und all diese Beträge standen in irgendeiner Form in Verbindung mit der Restrukturierung von Unternehmen. Anhand seiner Sammlung von Fallstudien aus seiner Lehrveranstaltung "Corporate Restructuring" an der Harvard Universität veranschaulicht der Autor Grundprinzipien, die das Verständnis solcher Transaktionen wesentlich erleichtern.

Autor*in

Stuart C. Gilson

Themen in »Creating Value through Corporate Restructuring«

Finance & Investments Finanz- u. Anlagewesen Institutional & Corporate Finance Institutionelle Finanzplanung

Stimmen zu »Creating Value through Corporate Restructuring«

"With the number of corporate bond defaults up sharply over thelows of the middle-to-late 1990s, Creating Value through CorporateRestructuring: Case Studies in Bankruptcies, Buyouts, and Breakups(John Wiley & Sons, Inc.) is reaching the market at an aptmoment. The book, which is written by Harvard Business SchoolProfessor Stuart Gilson, employs the case study method to examinethe restructuring of the claims of creditors, shareholders, andemployees. Of greatest interest to high yield and distressedinvestors is the section on financial distress, which studies suchfamiliar companies as Continental Airlines, Flagstar Companies, TheLoewen Group, and National Convenience Stores. Gilson also providesa market survey of distressed investing, exploring such nuances asprepackaged bankruptcy, "bondmail" (gaining control of a class ofdebt to block approval of a reorganization plan), exit strategies,tax issues, and disqualification of votes on a bankruptcyreorganization plan. Creating Value through Corporate Restructuringalso addresses company overhauls that occur outside the context ofpotential or actual bankruptcy. Techniques include issuance oftracking stock, spin-offs, layoffs, plant closings, revisions ofemployee retirement benefits, and mergers. Gilson maintains aglobal perspective, incorporating cases not only from the UnitedStates, but also from Germany and Thailand."-- High Yield, aMerrill publication by Marty Fridson "... Stuart Gilson, of the Harvard Business School, has managed towrite a book important to everybody in the distressed market thatis also quite enjoyable. His prose is fluid and succinct and apleasure to read. . . The text covers 13 corporate restructuringsfocusing on debt workouts, vulture investing, equity spinoffs,tracking stock, asset divestitures, employee layoffs, corporatedownsizing, M & A, HLTs, wage give-backs, employee stockbuyouts, and the restructuring of employee benefit plans. . . .this is an especially valuable text for anybody working in thedistressed market." (Turnarounds & Workouts Magazine, Review byDavid M. Henderson) Gilson's book provides a meaningful framework for analyzing anyrestructuring and a guide to various tools and additionalreferences....Detailed exhibits at the end of each chapter providethe hard, quantifiable financial and industry data that managementand stakeholders must interpret to plan, negotiate, and execute arestructuring. The exhibits are especially insightful and provideexamples of alternatives for presenting relevant factualinformation on complex restructurings. (The Journal of CorporateRenewal)"Gilson reminds readers that the devil is truly in the details,filling the 516-page text with real and specific financial data,flow charts, and statistics to illuminate each case. A portableversion of Gilson's course, Creating Value through CorporateRestructuring gives readers the chance to learn the intricacies ofthis increasingly critical management process in today's volatilebusiness climate." (The Harvard Business School Bulletin, December2001) ?The information provided in Gilson?s book is the next bestthing to being there. For those of us who are outside the majorindustrial and business centers and deal with smaller corporatebankruptcies, the book provides a useful source of information forcreative solutions. The level of detail in the book is exceptional.. . . Gilson gives a sense of the maneuvering that occurs behindthe scenes in every workout and bankruptcy case.? (AmericanBankruptcy Institute Journal)
()

Details

Link teilen