By Stuart C. Gilson
A set of case reports illustrates real-world concepts, implementation, and methods on company restructuring Over the interval 1981-1998, public businesses with mixed resources of over part one thousand billion cash filed for bankruptcy eleven financial disaster. Over an analogous interval, over four hundred public businesses underwent company spin-offs, divesting companies worth greater than $250 billion. each one of those businesses, and all of those cash, have been indirectly or one other fascinated with company restructuring. Gilson's instances reviews were used commonly in government courses and are ideal instruments to consult while confronted with real-world company restructuring concerns. Stuart C. Gilson (Boston, MA) is an affiliate Professor at Harvard college and a broadly stated specialist on company restructuring. He has studied and released at the intricacies of either household and foreign company restructuring.
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Extra info for Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups
In previous assignments, Lacey had shown an ability to raise large amounts of cash through asset sales. 5 billion. Following his appointment to Loewen, however, Lacey said: “My role over the last five or six years has been one of maximizing shareholder value. . "^^ 29Drew Hasselback,“Lacey Joins Loewen for Another Selloff,” Financial Post, January 25, 1999, p. C2. 3 billion (including debt due within a year). 9). S. banks, led by the Bank or Montreal. 5 billion of senior guaranteed notes outstanding, most of which were publicly traded ($300 million of this debt came due on October 1).
H. ("Pete") Van Horn, president and chief executive officer (CEO) of National Convenience Stores (NCS), was chairing a meeting with representatives of the company's creditors. The company had been operating under Chapter 11 of the Bankruptcy Code since December 9,1991. Van Horn and his management group were explaining to the creditors that each day they were in bankruptcy they were losing opportunities. He reminded them that NCS had to greatly downsize its store modernization program following the Chapter 11 filing and that they were paying more for gasoline, which represented approximately 40 percent of sales, because as a Chapter 11 company they could not avail themselves of the cheapest way of buying gasoline.
4:l. In the first week of 1997,SCI suddenly announced that it was dropping its bid for Loewen. In addition toconcerns over the antitrust suitand Loewen’s various takeover defenses, SCI cited Loewen’s high debt financing costs as a major deterrentto proceeding with theoffer. Specialmention was made of the Prime Succession and Rose Hills transactions. ”28 FINANCIAL DISTRESS Loewen continued its aggressive growth strategy in 1997, acquiring 138 funeral homes, 171 cemeteries, and an insurance company, paying a total of $546 million.