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

Описание

0 ver the past 10 years, as global markets have grown increasingly competitive, the world has seen record numbers of companies dramatically restructure their assets, operations, and capital structures. For these
companies, restructuring is a means to improve financial performance, exploit new strategic opportunities, and gain credibility with the capital market. When the competitive stakes are high, restructuring can make the
difference in whether a company survives or dies.
Each day brings new announcements of corporate bankruptcy reorganizations, equity spin-offs, tracking stock issues, divestitures, buyouts,
mergers, and corporate cost-cuttingldownsizing programs. Many thousands of other companies are affected by this activity as competitors, customers, or suppliers of companies that are restructured. Once considered a
rare event, restructuring has become an important part of everyday business practice. In this new competitive landscape, every manager can benefit
from understanding how corporate restructuring can be used to advance
the firm’s business goals, gain competitive advantage, and create value for
shareholders.
Despite the expanding impact and reach of corporate restructuring,
however, much of what transpires in a restructuring is typically hidden
from public view. As a result, many of those directly affected by a restructuring-managers, directors, employees, and investors-may have little in
the way of experience or training to prepare them for the critical decisions
and challenges they will face.
This book bridges that gap, by rigorously analyzing the actual decision-making process that was followed inside 13 major company restructurings. Each of these situations is presented as a case study, letting the
reader view the restructuring process through the eyes of management. The
case studies were developed over an eight-year period for a course that I
teach at Harvard Business School called “Creating Value through Corporate Restructuring.” Drawing on extensive interviews with managers, consultants, bankers, attorneys, and others directly involved in these cases, this
book provides readers with a unique inside perspective on corporate restructuring that has never before been available to the general public. The

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