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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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W.R. Grace & Co: Dealing with Asbestos Torts
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-213046-EFinanceA manufacturer of building products and specialty chemicals, W. R. Grace & Co. filed for Chapter 11 bankruptcy in 2001 in response to a flood of lawsuits alleging that its products contained asbestos, and had caused hundreds of thousands of people to contract asbestos-related diseases such as mesothelioma and lung cancer. Nine years later, Grace is poised to emerge from bankruptcy with a plan of reorganization that provides for the establishment ...Starting at €8.20
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Thomas Cook Group on the Brink (A)
Esty, Benjamin C.; Gilson, Stuart C.; Sesia, AldoCase HBS-215008-EFinanceHarriett Green, the newly appointed CEO of Thomas Cook Group, faces a daunting set of business and financial challenges at the 171-year old UK travel services company. The company has lost almost 600 million in the last three-quarters; has seen its stock price fall from 230 pence to a low of 8.8p in the past two years; and had seen its bonds trade down to as little as 40% of face value. In just a few weeks the company's license to operate is to...Starting at €8.20
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Eastman Kodak Company: Restructuring a Melting Ice Cube
Gilson, Stuart C.; Dionne, John D.; Abbott, Sarah L.Case HBS-216006-EFinanceIn May 2013, senior managers of GSO Capital Partners, an $80 billion credit-oriented investment firm owned by The Blackstone Group, are considering what to do next with their investment in the senior secured debt of Eastman Kodak Company. Once a great company and an icon of American business, Kodak had fallen on desperately hard economic times as its traditional business of manufacturing cameras and photographic film had all but disappeared with ...Starting at €8.20
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The Wolf in Cashmere: LVMH's Bid to Acquire Tiffany
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-222054-EFinanceIn November 2019, the iconic U.S. jeweler Tiffany agreed to be acquired by the luxury goods conglomerate LVMH. The $16.6 billion transaction was scheduled to close in mid-2020. However, in 2020, the global COVID-19 pandemic took a toll on the luxury goods sector. In September 2020 LVMH announced that it was backing out of the deal. Tiffany filed suit against LVMH. LVMH countersued, arguing that the pandemic triggered a material adverse effect (MA...Starting at €8.20
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Groupe Eurotunnel S.A. (B): Restructuring Under the Procedure de Sauvegarde
Gilson, Stuart C.; Dessain, Vincent; Abbott, Sarah L.Case HBS-209113-EFinanceIn mid-2007 the chairman and CEO of Eurotunnel Group, having elected to file for bankruptcy under a newly-enacted French insolvency law, awaits the outcome of a vote by creditors and shareholders. At least 50% of the shareholders must approve the plan, however they face significant dilution of their ownership interests in Eurotunnel. If the vote fails to pass, the possibility that the company may have to be liquidated becomes increasingly likely.Starting at €5.74
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The Wolf in Cashmere: LVMH's Bid to Acquire Tiffany (Spanish version)
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-223S03FinanceIn November 2019, the iconic U.S. jeweler Tiffany agreed to be acquired by the luxury goods conglomerate LVMH. The $16.6 billion transaction was scheduled to close in mid-2020. However, in 2020, the global COVID-19 pandemic took a toll on the luxury goods sector. In September 2020 LVMH announced that it was backing out of the deal. Tiffany filed suit against LVMH. LVMH countersued, arguing that the pandemic triggered a material adverse effect (MA...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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Bankruptcy in the City of Detroit
Gilson, Stuart C.; Mugford, Kristin; Lobb, AnnelenaCase HBS-215070-EService and Operations ManagementThe June, 2013 bankruptcy of the City of Detroit, Michigan was, at the time, the largest municipal bankruptcy in American history. Detroit had struggled for years with a weakening tax base, high unemployment, a heavy debt load and increasing retiree costs. These financial strains led to cuts in basic public services, declines in population, and significant urban blight. The State of Michigan appointed an Emergency Manager, Kevyn Orr, to lead the ...Starting at €8.20
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Groupe Eurotunnel S.A. (A)
Gilson, Stuart C.; Dessain, Vincent; Abbott, Sarah L.Case HBS-209062-EFinanceIn the summer of 2006 the chairman and CEO of Eurotunnel Group is faced with the decision whether to file for bankruptcy protection, after having failed to gain creditor approval of an ambitious out-of-court restructuring plan. The company, which has been attempting to restructure its debt and operations for the last ten years, faces a number of daunting challenges. Eurotunnel is jointly listed in the U.K. and France, and its shareholders, who ar...Starting at €8.20