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- Faculty Publications (45)
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- All HBS Web (132)
- Faculty Publications (45)
- February 6, 2021
- Editorial
The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With.
By: Deborah Brautigam and Meg Rithmire
Our research shows that Chinese banks are willing to restructure the terms of existing loans and have never actually seized an asset from any country, much less the port of Hambantota. A Chinese company’s acquisition of a majority stake in the port was a cautionary... View Details
Brautigam, Deborah, and Meg Rithmire. "The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With." The Atlantic (website) (February 6, 2021).
- February 1993 (Revised October 1993)
- Case
Brent Walker Group PLC,The
The Brent Walker Group completed the largest out-of-court restructuring in the United Kingdom. After overexpansion in the 1980s, the company pursued a large acquisition financed with debt and then encountered falling asset prices. With the assistance of the Bank of... View Details
Fenster, Steven R. "Brent Walker Group PLC,The." Harvard Business School Case 293-078, February 1993. (Revised October 1993.)
- 2010
- Book
Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups
By: Stuart C. Gilson
A collection of case studies illustrates real-world techniques, implementation, and strategies on corporate restructuring. Over the period 1981-1998, public companies with combined assets of over half a trillion dollars filed for Chapter 11 bankruptcy. Over the same... View Details
Keywords: Restructuring; Insolvency and Bankruptcy; Management Analysis, Tools, and Techniques; Public Ownership; Value Creation
Gilson, Stuart C. Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups. 2nd ed. John Wiley & Sons, 2010.
- March 2010 (Revised May 2010)
- Case
Chrysler's Sale to Fiat
By: C. Fritz Foley, Lena G. Goldberg and Linnea Meyer
This case provides students with an opportunity to analyze the restructuring of Chrysler in the midst of the financial crisis of 2008–2009. It describes how debtors can use section 363 of the U.S. Bankruptcy Code to sell assets quickly. It allows for discussion of who... View Details
Keywords: Mergers and Acquisitions; Restructuring; Financial Crisis; Insolvency and Bankruptcy; Laws and Statutes; Business and Government Relations; Sales; Auto Industry; United States
Foley, C. Fritz, Lena G. Goldberg, and Linnea Meyer. "Chrysler's Sale to Fiat." Harvard Business School Case 210-022, March 2010. (Revised May 2010.)
- January 2002 (Revised September 2002)
- Case
Corporate Renewal in America
By: Bruce R. Scott and Thomas S. Mondschean
Discusses various macroeconomic, regulatory, technological, and financial forces that led to increased corporate restructuring in the United States beginning in the mid-1980s. The U.S. financial system is often viewed as the most developed in the world and a model for... View Details
Keywords: Performance Evaluation; Corporate Governance; Macroeconomics; Economic Systems; Restructuring; Markets; Private Sector; Corporate Finance; Germany; Japan; United States
Scott, Bruce R., and Thomas S. Mondschean. "Corporate Renewal in America." Harvard Business School Case 702-018, January 2002. (Revised September 2002.)
- October 1996 (Revised December 1997)
- Case
American Cyanamid (A): Boardroom Response to a Hostile Takeover Offer
American Home Products' (AHP) $9 billion hostile takeover of American Cyanamid (Cyanamid) was the largest mergers and-acquistions transaction in 1994, and made AHP the fourth largest pharmaceutical firm in the United States. At the time of AHP's offer, Cyanamid had... View Details
Keywords: Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Pharmaceutical Industry; United States
Wruck, Karen, and Sherry P. Roper. "American Cyanamid (A): Boardroom Response to a Hostile Takeover Offer." Harvard Business School Case 897-048, October 1996. (Revised December 1997.)
- February 2016 (Revised March 2019)
- Case
Bankruptcy at Caesars Entertainment
By: Kristin Mugford and David Chan
Caesars 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... View Details
Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; TPG; Bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Games, Gaming, and Gambling; Entertainment and Recreation Industry; Las Vegas
Mugford, Kristin, and David Chan. "Bankruptcy at Caesars Entertainment." Harvard Business School Case 216-052, February 2016. (Revised March 2019.)
- December 1997
- Case
American Cyanamid (A) & (B) (Combined)
American Home Products' (AHP) $9 billion hostile takeover of American Cyanamid (Cyanamid) was the largest merger-and-acquistion transaction in 1994, and made AHP the fourth largest pharmaceutical firm in the United States. At the time of AHP's offer, Cyanamid had... View Details
Keywords: Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Conflict and Resolution; Pharmaceutical Industry
Wruck, Karen, and Sherry P. Roper. "American Cyanamid (A) & (B) (Combined)." Harvard Business School Case 898-120, December 1997.
- 2024
- Working Paper
Creditor-on-Creditor Violence and Secured Debt Dynamics
By: Samuel Antill, Neng Wang and Zhaoli Jiang
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this “creditor-on-creditor violence” trend. In our dynamic model, secured lenders enjoy higher priority... View Details
Antill, Samuel, Neng Wang, and Zhaoli Jiang. "Creditor-on-Creditor Violence and Secured Debt Dynamics." NBER Working Paper Series, No. 32823, August 2024. (Reject & Resubmit, Review of Financial Studies.)
- November 1989 (Revised March 1995)
- Case
Goodyear Tire & Rubber Co.--1988
By: Timothy A. Luehrman
Set two years after a takeover attempt forced the company to restructure by leveraging up, selling assets, and repurchasing stock. The case affords an opportunity to analyze what effect the restructuring had on: 1) the cost of capital, 2) investment decisions, and 3)... View Details
Keywords: Acquisition; Restructuring; Assets; Cost of Capital; Investment; Competition; Rubber Industry
Luehrman, Timothy A. "Goodyear Tire & Rubber Co.--1988." Harvard Business School Case 290-016, November 1989. (Revised March 1995.)
John D. Dionne
John D. Dionne has been a Senior Lecturer of Business Administration at the Harvard Business School since 2014 and is a recently retired Senior Managing Director and Senior Advisor to Blackstone. He is also Managing Partner of Franconia Capital, a... View Details
- November 2023 (Revised April 2024)
- Case
Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after... View Details
Keywords: Cryptocurrency; Chapter 11; Restructuring; Insolvency and Bankruptcy; Asset Management; Acquisition; Borrowing and Debt; Financial Services Industry; United States
Gilson, Stuart C., and Sarah L. Abbott. "Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy." Harvard Business School Case 224-044, November 2023. (Revised April 2024.)
- Teaching Interest
Turnarounds and Transformation (formerly Entrepreneurial Management in a Turnaround Environment)
By: Ranjay Gulati
The focus of this course is the leader as a strategist, architect, decision maker, and change agent in a turnaround or transformation environment. This course is intended for students pursuing a range of career options as business operators,... View Details
- October 2021
- Case
Yildiz Holding's Corporate Strategy: Managing Diversification for Growth
By: Juan Alcácer and Esel Çekin
The case opens in May 2018 with Nurtaç Ziyal Afridi, chief strategy and growth officer of Yıldız Holding, a Turkish conglomerate, reflecting on the group’s diversification journey. In ten years, the group had achieved a remarkable growth through diversification: seven... View Details
Keywords: Strategy; Diversification; Growth Management; Mergers and Acquisitions; Global Strategy; Restructuring; Food and Beverage Industry; North America; United Kingdom; Turkey; Asia
Alcácer, Juan, and Esel Çekin. "Yildiz Holding's Corporate Strategy: Managing Diversification for Growth." Harvard Business School Case 722-366, October 2021.
- June 2024
- Case
Caesars Entertainment: Governance on the Road to Bankruptcy
By: Kristin Mugford
Caesars 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... View Details
Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; TPG; Bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Games, Gaming, and Gambling; Borrowing and Debt; Entertainment and Recreation Industry; Las Vegas
Mugford, Kristin. "Caesars Entertainment: Governance on the Road to Bankruptcy." Harvard Business School Case 224-108, June 2024.
- December 1996 (Revised December 1997)
- Case
NAPOCOR Privatization: Power in the Philippines
In the summer of 1993, brownouts reached 10 hours a day in Metro Manila, the center of the Philippine economy. Solving the electricity crisis was central to recently elected President Fidel Ramos's plan to transform the Philippines from the "sick man of Asia" to the... View Details
Dyck, Alexander, Nonito R. Bernardo Jr, and John F. McGuire. "NAPOCOR Privatization: Power in the Philippines." Harvard Business School Case 797-001, December 1996. (Revised December 1997.)
- 31 Mar 2002
- Research & Ideas
You’re Wasting Your Employees! What You Can Do About It
book value, it is seeing something of greater worth than the physical assets recorded in financial accounts. Though the dot-com bubble burst, the exuberant and often irrational funding of technology-savvy entrepreneurs pointed to the same... View Details
- April 2023
- Case
Burning the Sails to Save the Ship: The Pilati Family Dilemma
By: Lauren Cohen, Hao Gao, Jiawei Ye and Grace Headinger
Octavian Graf Pilati, rising generation member of an Austrian princely family, prepared to sell the palace his family had held for over three hundred years. In recent years, the Pilati family lands had been leveraged as loan collateral for an international venture that... View Details
Keywords: Family Office; Family; Plant-Based Agribusiness; Agribusiness; Family Business; Property; Identity; Culture; Ethics; Insolvency and Bankruptcy; Governance; Crisis Management; Family and Family Relationships; Agriculture and Agribusiness Industry; Real Estate Industry; Austria
Cohen, Lauren, Hao Gao, Jiawei Ye, and Grace Headinger. "Burning the Sails to Save the Ship: The Pilati Family Dilemma." Harvard Business School Case 223-081, April 2023.
- June 2008
- Journal Article
Strategic Alliances: Bridges Between 'Islands of Conscious Power'
By: George P. Baker, Robert Gibbons and Kevin J. Murphy
Strategic alliances range from unstructured collaborations, through consortia and joint ventures that superimpose new governance structures on existing firms, to transactions that restructure firm boundaries and asset ownership. In this paper, we draw on detailed... View Details
Baker, George P., Robert Gibbons, and Kevin J. Murphy. "Strategic Alliances: Bridges Between 'Islands of Conscious Power'." Journal of the Japanese and International Economies 22, no. 2 (June 2008): 146–163.
- 2003
- Book
Profits You Can Trust: Spotting and Surviving Accounting Landmines
By: H. David Sherman, S. David Young and Harris Collingwood
Profits You Can Trust gives managers, directors, lenders, audit partners and analysts a clear framework to demystify global financial reporting in a market fraught with danger. Filled with provocative and enlightening examples, it offers a fresh perspective and clear... View Details
Sherman, H. David, S. David Young, and Harris Collingwood. Profits You Can Trust: Spotting and Surviving Accounting Landmines. Upper Saddle River, NJ: Financial Times Prentice Hall, 2003.