Publications

January 2017
Supplement

T. Rowe Price and the Dell Inc. MBO (B)

By: Lena G. Goldberg

After deciding to oppose the Dell MBO, T. Rowe Price, together with other dissident Dell shareholders, sought appraisal of their shares in the Delaware courts. The appraisal process resulted in a significant increase in the price to be paid to dissenting shareholders... View Details

Keywords: Fiduciary Duties; Management Buy-out; Ethics; Valuation; Courts and Trials; Business and Shareholder Relations; Restructuring; Financial Services Industry; Computer Industry; Delaware

29 Jan 2015
Op-Ed

The Fall of Greece

Editor's note. On Sunday, the left-leaning Syriza party and its leader Alexis Tsipra won a decisive national victory in Greece, partly on pledges to reduce current austerity measures and to seek a restructuring of debt commitments to... View Details

Keywords: by George Serafeim

February 2001 (Revised March 2001)
Case

Apax Partners and Dialog Semiconductor: March 1998

By: G. Felda Hardymon, Josh Lerner, Antonio Alvarez-Cano and Borja Martinez

Apax Partners is considering a complex buyout of a semiconductor manufacturer. The firms must assess in a compressed timeframe the complex technological, financial, and operational risks that the proposed transaction poses. View Details

Keywords: Market Transactions; Leveraged Buyouts; Restructuring; Time Management; Production; Risk Management; Financial Services Industry; Semiconductor Industry

December 2008
Case

JBS Swift & Co.

By: David E. Bell and Cathy Ross

Brazilian meat packer JBS surprised many in the U.S. beef industry when it acquired Swift & Co.—a company more than five times its size—in 2007, then moved to acquire the U.S.'s fourth and fifth largest beef producers in 2008. The new JBS Swift slashed costs and... View Details

Keywords: Animal-Based Agribusiness; Mergers and Acquisitions; Restructuring; Financial Crisis; Borrowing and Debt; Global Strategy; Agriculture and Agribusiness Industry; United States; Brazil

20 Feb 2013
Research & Ideas

Big Deal: Reflections on the Megamerger of American and US Airways

help companies with fundamentally viable businesses become financially stronger and more competitive. The Bankruptcy Code achieves this by giving companies a "safe harbor" while they restructure... View Details

Keywords: Re: Rosabeth M. Kanter & Stuart C. Gilson; Air Transportation

November 2006 (Revised July 2021)
Case

Kerr-McGee

By: Robin Greenwood and André Perold

Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their... View Details

Keywords: Investment Activism; Restructuring; Equity; Investment; Management; Governance Controls; Corporate Strategy; Chemical Industry; Energy Industry; United States

February 2005 (Revised November 2012)
Supplement

UAL 2004: Pulling Out of Bankruptcy (CW)

By: Daniel Baird Bergstresser, Kenneth A. Froot and Darren Robert Smart

UAL is a large air transportation company with roots that go back to the 1920s. As a legacy carrier, going back to before the 1978 deregulation of air transportation markets, United Airlines is burdened with cost structures that make it difficult to compete with newer... View Details

Keywords: Bankruptcy; Compensation; Costs; Loans; Reorganization; Restructuring; Financing and Loans; Insolvency and Bankruptcy; Compensation and Benefits; Air Transportation Industry; United States

September 2008 (Revised August 2010)
Case

Boston Teacher Residency: Developing a Strategy for Long-term Impact

By: Stacey M. Childress, Geoff Eckman Marietta and Sara Suchman

In June 2008, Jesse Solomon, the founding director of the Boston Teacher Residency (BTR), faced an important decision about the organization's strategic direction. Since its founding in 2003, 125 of its graduates had joined the Boston Public Schools (BPS) and BTR had... View Details

Keywords: Restructuring; Teaching; Entrepreneurship; Corporate Social Responsibility and Impact; Organizational Change and Adaptation; Performance Improvement; Business Strategy; Education Industry; Boston

Find at Harvard

December 1998 (Revised March 2001)
Case

Korea Stock Exchange, 1998

By: Tarun Khanna, Krishna G. Palepu and James Chang

Following a major financial crisis, the South Korean government attempted to revive the Korea Stock Exchange to spur equity investment in Korean companies. This case describes the reforms undertaken so far and the challenges that lay ahead. View Details

Keywords: Equity; Stocks; Restructuring; Emerging Markets; Corporate Governance; Business and Government Relations; Accounting Industry; Financial Services Industry; South Korea

May 1997
Case

CompUSA

By: Krishna G. Palepu and Sarayu Srinivasan

CompUSA was performing poorly until new management reorganized and redirected the business. Consequently, CompUSA became the top retailer in its industry. Management outlines its future plans. View Details

Keywords: Restructuring; Change Management; Finance; Success; Performance Evaluation; Strategic Planning; Business Strategy; Computer Industry; Retail Industry; United States

September 1996 (Revised December 1997)
Case

Cytec Industries' Spin-Off (A): Sink or Swim?

In the wake of market pressure to restructure, American Cyanamid spun off its poorly performing Chemicals Unit into a new publicly traded corporation, Cytec Industries. In addition to weak operations, Cytec inherited the bulk of Cyanamid's environmental and... View Details

Keywords: Organizational Change and Adaptation; Management Practices and Processes; Restructuring; Performance Improvement; Chemical Industry; United States

01 Jun 1997
News

Blockbuster Deals

and acquisitions are back - with a vengeance - in the 1990s. Across the global business landscape, some $1 trillion in M&A; deals were completed last year. That figure includes one hundred transactions of $1 billion or more in the United... View Details

Keywords: Garry Emmons and Nancy O. Perry

August 2017
Case

Turkish Economy Bank and Fortis Bank: Managing a Complex Merger

By: Stuart C. Gilson, Esel Çekin and Sarah L. Abbott

Following the announcement of the merger of the Turkish Economic Bank (TEB) and Fortis Bank AS, Varol Civil, TEB's CEO, is faced with the task of executing the merger of these two entities. First, all parties must agree to the economic terms of this merger; a process... View Details

Keywords: M＆A; Turkey; Banking; Restructuring; Financial Institutions; Change Management; Mergers and Acquisitions; Banking Industry; Turkey

Profile

Rocio Parra

With a father who has a PhD in electrical engineering, and two older siblings who also pursued engineering degrees, it seemed only natural that Rocio Parra would continue the family's engineering tradition. "I always assumed that I would go into View Details

December 1996 (Revised July 1997)
Case

USG Corporation

By: Benjamin C. Esty and Tara L. Nells

In 1988, USG was the world's largest gypsum producer and one of the world's largest building-products companies. On May 2, 1988, USG's board of directors announced a proposed leveraged recapitalization plan to thwart a hostile cash tender offer by Desert Partners. With... View Details

Keywords: Capital Structure; Mergers and Acquisitions; Corporate Governance; Valuation; Cash Flow; Leveraged Buyouts; Restructuring; United States

October 1999 (Revised March 2000)
Case

Credit Suisse (A)

Credit Suisse is looking for ways to differentiate itself from current and likely competitors. After two years of restructuring, the bank's leadership wants profitable growth. It has decided to emphasize customer service. View Details

Keywords: Restructuring; Competitive Advantage; Customer Focus and Relationships; Banking Industry; Switzerland

Find at Harvard

01 Apr 2002
News

Q&A - Mark Fields

thing to do. Many other companies are now doing it as well. Now we look forward to better days. Our business plan for the next three to five years — known as our Millennium Plan — calls for growth, continued View Details

Keywords: auto; Mazda; Ford; Mark Fields; Machinery Manufacturing; Manufacturing

September 2008
Class Lecture

Leading Change and Organizational Renewal

By: Michael L. Tushman and Charles O'Reilley

Executives who return from campus-based executive programs ready to make changes often find employees resistant to new ideas. The Leading Change and Organizational Renewal multimedia resource was created to ease transitions and empower the teacher as leader. This... View Details

Keywords: Restructuring; Learning; Framework; Knowledge Use and Leverage; Leading Change; Management Practices and Processes