Distressed Corporate Restructurings and Reorganizations

1st Edition

A Valuation Approach

Author:

  • James Seward
  • Description

    Reorganizations and restructurings occur more frequently than their well-known siblings, mergers and acquisitions, and revolve around applications of valuation principles. Distressed Corporate Restructurings and Reorganizations, a  unique examination of these strategies, reflects this reality by moving logically from general valuation to the valuation of distressed restructurings. By providing a simple, sound economic framework for understanding restructurings and reorganizations, it emphasizes a technique-based approach. Cases and extensive analyses help readers understand situations, choose appropriate tools, make necessary adjustments, and execute plans.

    Distressed Corporate Restructurings and Reorganizations is written by the past editor of Financial Management, the largest circulation journal in the field of finance, and a member of the Academic Advisory Committee for the Turnaround Management Association. Distinctly different from mergers and acquisitions textbooks, this book is a valuable tool that improves everyone's chances of making money.

    Key Features

    • Provides a thorough examination of distressed restructurings
    • Lays out a broad range of restructuring techniques and outcomes via cases and analyses
    • Teaches ways to design restructuring strategies to create maximum value
    • Surpasses books on mergers and acquisitions that only partially address restructuring subjects

    Readership

    Upper-division undergraduates, master's students, and professionals studying corporate valuation and restructuring

    Table of Contents

  • Valuation Methodologies in Corporate Restructurings and Reorganizations
  • Discounted Cash Flow Methods
  • Adjusted Present Value and Leveraged Transaction Methods
  • Comparables Analysis
  • Liquidation Analysis
  • Break-up Analysis
  • Exchange Offer Analysis
  • Debt-for-Equity Offers
  • Equity-for-Equity Offers
  • Valuation of Non-Distressed Corporate Restructurings and Reorganizations
  • Asset-based Restructurings and Reorganizations
  • Asset sales
  • Project Finance and Other Off-balance Sheet Structures
  • Joint Ventures and Strategic Alliances
  • Equity-based Restructurings and Reorganizations
  • Share Repurchases
  • Spin-offs
  • Split-offs
  • Equity carve-outs
  • Tracking Stock
  • Dual Class Stock
  • Two-step Transactions
  • Leveraged-based Restructurings and Reorganizations
  • Leveraged Recapitalizations
  • Leveraged Build-ups
  • Leveraged Buyouts
  • Management Unit Buyouts
  • Reverse LBOs
  • Valuation of Distressed Corporate Restructurings and Reorganizations
  • Out-of-Court Voluntary Restructurings and Reorganizations
  • Pre-packaged Bankruptcies
  • Court-Supervised Restructurings and Reorganizations
  • Chapter 7
  • Chapter 11
  • Details

    No. of pages:
    425
    Language:
    English
    Copyright:
    © 2015
    Published:
    Imprint:
    Academic Press
    Print ISBN:
    9780126374551
    Electronic ISBN:
    9780080925691

    About the author

    James Seward

    James Seward is the Prochnow Fellow in Finance at the University of Wisconsin, Madison. He is past editor of "Financial Management," the largest circulation journal in the field of finance, and is a member of the Academic Advisory Committee for the Turnaround Management Association. His clients have included Marsh & McLennan, the Wisconsin and New York Public Service Commissions, Citicorp, Hewlitt Packard, Kimberly-Clark, Lockheed Martin, Merrill Lynch, UPM-Kymmene, Westinghouse, and others.

    Affiliations and Expertise

    is the Prochnow Fellow in Finance and Executive Director of the Nicholas Center for Corporate Finance and Investment Banking at the University of Wisconsin, Madison, U.S.A. He is a member of the Academic Advisory Committee for the Turnaround Management Association