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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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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
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The Rise and Fall of Lehman Brothers
Gilson, Stuart C.; Mugford, Kristin; Abbott, Sarah L.Case HBS-217041-EFinanceThe September 2008 bankruptcy of Lehman Brothers was the largest in U.S. history. In 2007, Lehman achieved record earnings. What happened? Who is to blame?Starting at €8.20
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Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (B)
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-224006-EKnowledge and CommunicationFollowing Dell's return to the public market in 2018, the company's stock underperformed. In June 2020, the Wall Street Journal reported that Dell was exploring various options with respect to its majority stake in the virtualization software company VMware.Starting at €5.74
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Tesla Motors: Financing Growth
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-218033-EFinanceThe case analyzes the equity market value of Tesla Motors, the electronic car company founded and led by Elon Musk. Wall Street analysts are wildly divided on the future growth prospects for this company, and analysts' one year share price targets range from $160 to $500. The case explores in detail the valuation case made by two analysts covering Tesla, one a bull on the stock and one who is bearish. Students are asked to consider the arguments ...Starting at €8.20
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Carnival Corporation: Cruising Through COVID-19
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-221028-EFinanceIn March 2020, in response to the global pandemic, the cruise industry ceased operations. Carnival was the largest cruise line operator in the world, and CEO Arnold Donald and his management team worked to position the company to survive. They slashed opeStarting at €8.20
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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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Delphi Corp. and the Credit Derivatives Market (A)
Gilson, Stuart C.; Ivashina, Victoria; Abbott, Sarah L.Case HBS-210002-EFinanceIn 2005 Jane Bauer-Martin, a hedge fund manager, is considering what she should do with the fund's large investment in the publicly traded bonds of Delphi Corp., a financially troubled auto parts supplier. Delphi is General Motor's key auto parts supplier, and, like GM, it is burdened with large pension and other retiree liabilities that threaten to push it into bankruptcy. Bauer-Martin is considering using various credit derivatives (credit defa...Starting at €8.20
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Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)
Gilson, Stuart C.; Abbott, Sarah L.Case HBS-224005-EKnowledge and CommunicationIn November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded "tracking stock," with new shares that would trade publicly without the need of a formal IPO. The tracking stock was meant to track the value of the publicly traded shares of the software company VMware, but from the outset had traded at a significant discount, sparking intense ...Starting at €8.20