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Full Description
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.
Contents
Foreword xi
Introduction xv
Part One Restructuring Debt and Liabilities 1
Chapter 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks 17
Chapter 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) 69
Chapter 3 Kmart and ESL Investments (A) 85
Chapter 4 Kmart and ESL Investments (B): The Sears Merger 115
Chapter 5 National Convenience Stores Incorporated 129
Chapter 6 Continental Airlines—1992 157
Chapter 7 Flagstar Companies, Inc. 185
Chapter 8 The Finova Group, Inc. 225
Chapter 9 Arch Wireless, Inc. 259
Chapter 10 Adelphia Communications Corp.'s Bankruptcy 291
Chapter 11 Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring 341
Chapter 12 Alphatec Electronics PCl 377
Chapter 13 Groupe Eurotunnel S.A. 417
Chapter 14 Delphi Corp. and the Credit Derivatives Market 447
Part Two Restructuring Equity and Assets 473
Chapter 15 Humana Inc.: Managing in a Changing Industry 487
Chapter 16 USX Corporation 511
Chapter 17 E.I. du Pont de Nemours and Company: The Conoco Split-off 535
Chapter 18 Seagate Technology Buyout 561
Chapter 19 The Loewen Group Inc. 587
Chapter 20 Donald Salter Communications Inc. 617
Part Three Restructuring Employees' Claims 641
Chapter 21 Restructuring at Delphi Corporation 651
Chapter 22 Navistar International 683
Chapter 23 Scott Paper Company 713
Chapter 24 UAL Corporation 747
Appendix A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring 781
Appendix B Valuing Companies in Corporate Restructurings: Technical Note 785
About the Author 803
Index 805
