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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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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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Sears: The Demise of an American Icon
Mugford, Kristin; Abbott, Sarah L.Case HBS-219106-EFinanceIn 2019, ESL Investments' offer to purchase Sears Holdings out of bankruptcy, was accepted, despite opposition. Was this the best outcome? In 2019, ESL Investments' $5.2 billion offer to purchase Sears Holdings out of Chapter 11 bankruptcy, was accepted, despite opposition from the company's unsecured creditors and other parties. ESL, which was led by Eddie Lampert, had acquired a stake in Sears following its 2005 merger with. Kmart. Lampert was ...Starting at €8.20
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Bankruptcy at Caesars Entertainment
Mugford, Kristin; Chan, DavidCase HBS-216052-EFinanceCaesars Entertainment was a large casino operator in the United States that had been purchased in a 2008 leveraged buyout by Apollo and TPG. In January, 2015, Caesars Entertainment Operating Company (CEOC), its largest subsidiary, filed for Chapter 11. This set up a battle between the company and a set of large distressed investors. At issue was not only how to restructure the business and reduce Caesars debt, but also multiple lawsuits alleging ...Starting at €8.20