Download Creating Value Through Corporate Restructuring: Case Studies by Stuart C. Gilson PDF

By Stuart C. Gilson

An up-to-date examine how company restructuring relatively works

Stuart Gilson is without doubt one of the top company restructuring specialists within the usa, instructing hundreds of thousands of scholars and consulting with quite a few businesses. Now, within the moment variation of this bestselling publication, Gilson returns to offer new perception into company restructuring.

Through real-world case stories that contain essentially the most widespread restructurings of the final ten years, and highlighting the elevated position of hedge cash in distressed making an investment, you will increase a greater experience of the restructuring strategy and the way it may well really create price. as well as "classic" buyout and structuring case stories, this moment variation comprises assurance of Delphi, common vehicles, the Finova crew and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate expertise, Dupont-Conoco, or even the Eurotunnel debt restructuring. Covers company financial disaster reorganization, debt exercises, "vulture" making an investment, fairness spin-offs, asset divestitures, and masses extra Addresses the impression of worker layoffs and company downsizing Examines how businesses allocate worth and while an organization should still "pull the set off"

From hedge cash to monetary fraud to subprime busts, this moment version deals an extraordinary examine essentially the most leading edge and debatable restructurings ever.

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Extra info for Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups

Sample text

As a fraudulent conveyance or transfer). 10 For all these reasons, it is generally less advantageous to purchase assets of a distressed firm outside of Chapter 11. Section 363 sales have figured prominently in a number of high-profile Chapter 11 cases, including General Motors, Chrysler, Lehman Brothers, LTV Steel, Burlington Industries, Polaroid, Trans World Airlines, and Adelphia Communications. 11 The advantage of credit bidding is that the investor will have gained prior access to information about the firm in its role as a lender, and it may have developed a positive 10 Alternatively, the seller can assume these contracts (after curing all defaults and arrearages) and assign them to third parties—even if the contracts contain antiassignment clauses.

This was the approach taken by hedge fund Silver Point Capital in its investment in Granite Broadcasting Corp. 13 Legal risks of the loan-to-own strategy are discussed later in this chapter. 14 In pursuing the above strategies, the investor’s ultimate goal is to create value by causing the firm’s assets to be managed more productively, whether this involves taking a direct management role in the firm, effecting management change through control of the reorganization process, exercising control over the firm as a significant owner, or acquiring specific assets from the firm and redeploying them.

Understanding Credit Derivatives and Related Instruments (London: Elsevier Academic Press). , R. Cont, R. Copinot, L. Fery, C. Jaeck, and T. Spitz. 2006. Credit Derivatives and Structured Credit: A Guide for Investors (New York: John Wiley & Sons). The Daily Bankruptcy Review. Published daily by Dow Jones. fis. com. An on-line source of news, analysis and information about bankruptcy reorganization, corporate restructuring, and other mergers and acquisitions-related events and transactions. com Epstein, D.

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