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Kmart and ESL Investments (A)
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-209044-EFinanceA major bankrupt retailer is poised to emerge from Chapter 11. Two activist hedge funds ("vulture investors") will own over 50% of reorganized Kmart's common stock, based on prior investments in Kmart's debt claims, and an infusion of new equity financing. The chapter 11 process has generated both costs and benefits for the company. Its future profitability, and the value of the reorganized business, are both highly uncertain.Starting at €8.20
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Houghton Mifflin Harcourt
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-211027-EFinanceOne of the leading publishers of textbooks and other educational materials for the U.S. K-12 educational instruction market has suffered a dramatic decline in sales and profits in the wake of the 2008-2009 financial market crisis and economic recession and is now overburdened with debt. To regain its competitiveness, the company has to significantly reduce its debt by billions of dollars. Company management is trying to decide which of several op...Starting at €8.20
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School Specialty, Inc.
Gilson, Stuart C.; Mugford, KristinCase HBS-214084-EFinanceSet in 2013, School Specialty was a financially troubled supplier of educational products to primary and secondary schools in the United States. The company planned to file Chapter 11 in order to address its excessive debt load, but needed to arrange debtor-in-possession financing to provide liquidity while in bankruptcy. The company has received a financing proposal from its existing term loan lender that includes some aggressive and unusual fea...Starting at €8.20
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Social Cost of Fraud and Bankruptcy (Spanish version)
Bower, Joseph L.; Gilson, Stuart C.Article HBS-F0312DAccounting and ControlThe new WorldCom (to be known as MCI) will come out of Chapter 11 as a formidable competitor. That's left some experts questioning U.S. bankruptcy laws.Starting at €8.20
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Sabine Oil & Gas Corporation
Gilson, Stuart C.; Mugford, Kristin; Abbott, Sarah L.Case HBS-218004-EFinanceIn 2016, a trial began to determine the future of Sabine Oil & Gas Corporation's $3 billion chapter 11 reorganization plan. The plan called for first and second lien secured creditors to receive new claims representing approximately 98% of the reorganized company's enterprise value, leaving unsecured creditors, owed $1.4 billion, to recover less than two cents on the dollar. The plan had the support of the secured creditors, but unsecured credito...Starting at €8.20
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Restructuring at Delphi Corporation (A)
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-208069-EFinanceDelphi Corporation, operating under Chapter 11 bankruptcy protection, has filed a plan of reorganization with the court, under which a consortium of hedge funds led by Appaloosa Management will invest up to $2.6 billion in new equity. Also participating iStarting at €8.20
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Empresas Flagstar
Gilson, Stuart C.; Cott, JeremyCase HBS-203S13FinanceUna gran cadena de restaurantes sufre una recapitalización apalancada compra y posterior. problemas con el funcionamiento de la fuerza de la compañía que financiera y considerar diversas opciones de reestructuración, incluyendo una oferta de canje "envasado" Capítulo 11 a sus tenedores de bonos públicos. Una versión reescrita de dos casos anteriores.Starting at €8.20
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National Convenience Store, Inc. (Spanish Version)
Fenster, Steven R.; Gilson, Stuart C.; Burstin, RoyCase HBS-212S16FinanceNacional de Tiendas de Conveniencia busca salir del Capítulo 11. Centro de la naturaleza del plan de reorganización es determinar el valor empresarial de la compañía. Los diversos grupos (deuda garantizada, la deuda no garantizada, etc.) tratará de encontrar un valor de empresa que coincide con su interés. El caso proporciona datos detallados de proyección para permitir la plena utilización de las técnicas pertinentes.Starting at €8.20
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Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
Gilson, Stuart C.Case HBS-209133-EFinanceIn 2005 new legislation was passed by the U.S. Congress, and signed into law by the President, that introduced a number of major amendments to U.S. bankruptcy law, affecting both business and consumer bankruptcies. This legislation, called the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), became effective on October 17, 2005. This note summarizes key provisions of the new law that affect business bankruptcy reorganization unde...Starting at €8.20
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Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-216059-EFinanceIn early 2013, CEDC, a large publicly-traded producer and distributer of vodka and spirits in Eastern and Central Europe, has suffered significant declines in its financial performance, is at risk of defaulting on its debt, and is under pressure from its largest shareholders to give them control of the board and to restructure its debt to avoid bankruptcy. The largest shareholder, billionaire Russian investor Roustam Tariko, has proposed an out o...Starting at €8.20