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

by Stuart C. Gilson, Edward I. Altman
4.2 out of 5 stars  See all reviews (38 customer reviews)

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Book Description

April 5, 2010 0470503521 978-0470503522 2

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.

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Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups + Distressed Debt Analysis: Strategies for Speculative Investors + Distress Investing: Principles and Technique
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Editorial Reviews


"With the number of corporate bond defaults up sharply over the lows of the middle-to-late 1990s, Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups (John Wiley & Sons, Inc.) is reaching the market at an apt moment. The book, which is written by Harvard Business School Professor Stuart Gilson, employs the case study method to examine the restructuring of the claims of creditors, shareholders, and employees. Of greatest interest to high yield and distressed investors is the section on financial distress, which studies such familiar companies as Continental Airlines, Flagstar Companies, The Loewen Group, and National Convenience Stores. Gilson also provides a market survey of distressed investing, exploring such nuances as prepackaged bankruptcy, "bondmail" (gaining control of a class of debt to block approval of a reorganization plan), exit strategies, tax issues, and disqualification of votes on a bankruptcy reorganization plan. Creating Value through Corporate Restructuring also addresses company overhauls that occur outside the context of potential or actual bankruptcy. Techniques include issuance of tracking stock, spin-offs, layoffs, plant closings, revisions of employee retirement benefits, and mergers. Gilson maintains a global perspective, incorporating cases not only from the United States, but also from Germany and Thailand."-- High Yield, a Merrill publication by Marty Fridson

"... Stuart Gilson, of the Harvard Business School, has managed to write a book important to everybody in the distressed market that is also quite enjoyable. His prose is fluid and succinct and a pleasure to read. . . The text covers 13 corporate restructurings focusing on debt workouts, vulture investing, equity spinoffs, tracking stock, asset divestitures, employee layoffs, corporate downsizing, M & A, HLTs, wage give-backs, employee stock buyouts, and the restructuring of employee benefit plans. . . . this is an especially valuable text for anybody working in the distressed market." (Turnarounds & Workouts Magazine, Review by David M. Henderson)

Gilson's book provides a meaningful framework for analyzing any restructuring and a guide to various tools and additional references....Detailed exhibits at the end of each chapter provide the hard, quantifiable financial and industry data that management and stakeholders must interpret to plan, negotiate, and execute a restructuring. The exhibits are especially insightful and provide examples of alternatives for presenting relevant factual information on complex restructurings. (The Journal of Corporate Renewal) --This text refers to an out of print or unavailable edition of this title.


"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 portable version of Gilson's course, Creating Value through Corporate Restructuring gives readers the chance to learn the intricacies of this increasingly critical management process in today's volatile business climate." (The Harvard Business School Bulletin, December 2001)

?The information provided in Gilson?s book is the next best thing to being there. For those of us who are outside the major industrial and business centers and deal with smaller corporate bankruptcies, the book provides a useful source of information for creative solutions. The level of detail in the book is exceptional. . . . Gilson gives a sense of the maneuvering that occurs behind the scenes in every workout and bankruptcy case.? (American Bankruptcy Institute Journal) --This text refers to an out of print or unavailable edition of this title.

Product Details

  • Hardcover: 848 pages
  • Publisher: Wiley; 2 edition (April 5, 2010)
  • Language: English
  • ISBN-10: 0470503521
  • ISBN-13: 978-0470503522
  • Product Dimensions: 9 x 6.2 x 1.9 inches
  • Shipping Weight: 2.7 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (38 customer reviews)
  • Amazon Best Sellers Rank: #55,677 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
15 of 15 people found the following review helpful
4.0 out of 5 stars Good book but needs a companion text February 17, 2003
By A Customer
This is a very good case book, complete with intricate case studies illustrating numerous aspects of challenges often faced in restructuring in bankruptcy. However, the book assumes a level of knowledge about M&A concepts that many readers may not have. Consequently, I would recommend using this book in conjunction with another excellent text by DePamphilis entitled Mergers and Acquisitions: Integrated Approach. There are two editions. The second edition is more complete and up to date. It also tackles some of the problems illustrated in this book.
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8 of 8 people found the following review helpful
Having spent most of the last 20 years in the financial/corporate restructuring world, I have continued to search for useful and interesting literature on the subject. Having read many of Professor Gilson's prior published papers, combined with endorsements for the book from many of the "Deans" of the restructuring world, the "purchase decsion" was an easy one. I was not disappointed!
The book is useful and refreshing for restructuring industry participants at all levels from seasoned executives to novices. I have drawn on the concepts and problems outlined in a variety of situations, including brainstorming about particularly difficult issues concering client matters to assisting in the development of objectives for some of my firm's internal training materials.
I found the chapter on "Investing in Disressed Situations" combined with the two appendices on technical analyses (some of which I had previously read as journal papers) to be excellent summaries. These would prove useful to any reader and especially helpful to newer participants or students of financial restructuring.
Coporate Restructuring is designed as a case study text book. To some, including myself having received an MBA from the University of Chicago, this approach can be somewhat awkward. The advantage of the approach, especialy in restructuring, is that it does emulate the real world situation faced by turnaround/crisis management practitioners and investment bankers. The devolpment of the "theory" or "solution" is left to the reader. This is the correct approach since each restructuring case tends to be "unique and hand crafted"---"cook book" approaches can lead to incorrect answers and disastrous results for clients.
Coporate Restructuring is a "must read" for students of restructuring. It belongs in the library of all practitioners, principals and agents, in this area.
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7 of 7 people found the following review helpful
5.0 out of 5 stars Absolutely a must read July 31, 2002
This is an excellent book on understanding the framework used to analyze corporate restructurings and how corporate restructurings are playing an increasingly important role in creating shareholder value. Using recent case studies from various industries, Dr. Gilson effectively illustrates how companies restructure debt, contracts with shareholders, and contracts with employees. Topics such as Chapter 11 bankruptcy protection, out-of-court restructurings, corporate spin-offs, equity carve-outs, tracking stocks, and layoffs are covered. The case study method is extremely helpful in providing the ever important management's viewpoint of the restructuring process. With input from executives, investment bankers, attorneys, investors, and other key participants, readers have access to the inside scoop of various transactions that is generally not available to the public. Based on my experience executing various "Corporate Clarity" transactions with the M&A group at J.P. Morgan, I can say Dr. Gilson has done a fantastic job explaining why companies restructure and how it impacts market valuation. This book is a must read for anyone seriously interested in understanding the rationale behind mergers and acquisitions from a strategic, financial, and legal perspective.
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5 of 5 people found the following review helpful
5.0 out of 5 stars An Important Book August 26, 2001
Gilson gives an up-close-and-personal view of how corporate reorganization works. By using case studies, he makes the topics come alive. At the same time that he entertains, he teaches important lessons about dealing with substantial business setbacks. The book is full of interesting ideas. Difficult concepts are taught not as an abstraction, but in the context of solving a hard problem. Gilson offers a sophisticated analysis that is always clear and often entertaining. A must-read for serious business people.
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15 of 19 people found the following review helpful
Without question, Professor Gilson's book is the SEMINAL WORK on creating value through corporate restructuring. It is essentially the Graham & Dodd "Security Analysis" of the corporate restructuring sector. A "must read" on corporate restructuring for investors, professionals, executives, managers, and students. The benchmark against which any other text in this area should be measured. Wealth of practical, yet sophisticated information about real world "how to's" of corporate restructuring. Harvard B-School case study format. The Harvard case studies are carefully designed to provoke discussion and challenge readers to consider the options for restructuring companies facing potentially "life-threatening" business challenges or crises. These companies have actually been through various restructurings (bankruptcy, spin-offs, tracking stocks, mergers, layoffs, etc.); insight comes from real companies and their real challenges. Definitely a useful textbook in any undergraduate or MBA level course addressing these topics (topics unfortunately mostly ignored by writers and universities until now.) Excellent work describing various restructuring processes. For example, Professor Gilson describes in detail Chapter 11 bankruptcy reorganization tactics such as tax issues to be addressed prior to spinning off a division, tracking stock alternatives, and business analysis associated with employee downsizing. Valuable essays on investing in debt of troubled companies and valuing companies during restructuring. Useful introductory chapters summarize case study lessons and list relevant research on related topics. Japonica Partners has been active in the restructuring area since the late '80s, and has created over $2 billion in value for our investors. Read more ›
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Most Recent Customer Reviews
5.0 out of 5 stars Excellent even without a companion text
This book is exceptional. It starts with providing the reader with the basics of distressed situations: the parties involved in restructuring, academic research regarding... Read more
Published on January 10, 2012 by Kris R. Trafton
5.0 out of 5 stars Excellent overview
Professor Gilson's latest book provides an excellent and comprehensive overview of the broad area of corporate restructuring. Read more
Published on November 7, 2010 by Dan Clare
5.0 out of 5 stars Required Reading
Prof. Gilson's book is required reading for all of my students at Yale Law School and Yale School of Management, and I think it should be required reading for anyone involved in... Read more
Published on August 18, 2010 by michele Paige
5.0 out of 5 stars Helpful Restructuring Reference
This book is a fantastic resource that highlights key restructuring concepts through notable case studies. It is particularly relevant in today's markets.
Published on June 24, 2010 by ATang
4.0 out of 5 stars Good analysis but maybe something is missing
Each case study is very detailed with a lot of data and other documents. Company background, history of the industry and also how the company got to the financial difficulties is... Read more
Published on June 8, 2010 by J. Ozolins
1.0 out of 5 stars Creating No Value
Lame! Gives absolutely no useful information or interpretation. And it's absurdly overpriced. Not at all recommended for people not enrolled in Stuart Gilson's class. Read more
Published on March 15, 2009 by L. Straus
4.0 out of 5 stars Finance with Negative Signs
Someone (perhaps it was I) has said that bankruptcy is corporate finance with negative signs. This has always been true but it is amazing how far mainstream finance has gone to... Read more
Published on January 22, 2004 by Buce
1.0 out of 5 stars Only usefull for students
What a waiste of money.... The writer has not included any anlyses or real solutions to the cases that a provided. Read more
Published on March 3, 2003 by R. Bjorkmann
1.0 out of 5 stars Just a collection of old cases
This book is a complete waste of time. It is just a collection of case studies bundled together and resold. There is no analysis done. Read more
Published on January 29, 2003
5.0 out of 5 stars Corporate Restructuring: It's Not Just for Lawyers Anymore
You'd be surprised by how few business schools offer courses on bankruptcy and restructuring. I know that I was. Read more
Published on December 4, 2002 by Matthew McBrady
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