Creating Value Through Corporate Restructuring

An updated look at how corporate restructuring really worksStuart 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 moreAddresses the effect of employee layoffs and corporate downsizingExamines 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.

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.

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

Praise for Creating Value through Corporate restructuring second edition "Professor Stuart Gilsons 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. Gilsons notes and cases are classic and contemporary. With the economic turbulence of recent years, Gilsons 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 "Gilsons 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. Its 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 Gilsons 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

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