Publications
Publications
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- All HBS Web
(814)
- Faculty Publications (251)
- November 2010 (Revised September 2015)
- Case
American International Group - 2010
By: Jay W. Lorsch and Melissa Barton
The AIG Board underwent significant restructuring after the company was bailed out by the U.S. government in September 2008 in the midst of the financial crisis. View Details
- October 2010 (Revised January 2011)
- Case
Charter Communications Bankruptcy
By: Paul A. Gompers and Emily Weisburst
Charter Communications' bankruptcy presents an opportunity for some of its creditors to convert their debt holdings into equity. A mutual fund manager must determine how to maximize his debt investment in Charter given the restructuring and decide whether to... View Details
- fall 2010
- Article
Lawsuits and Empire: On the Enforcement of Sovereign Debt in Latin America
By: Faisal Z. Ahmed, Laura Alfaro and Noel Maurer
The re-occurring phenomenon of sovereign default has prompted an enormous theoretical and empirical literature. Most of this research has focused on why countries ever chose to pay their debts (or why private creditors ever expected repayment). The problem originates... View Details
- 2010
- Working Paper
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga
We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be... View Details
- 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
- March 2010 (Revised June 2010)
- Case
Malden Mills (A) (Abridged)
By: Nitin Nohria and Thomas R. Piper
CEO Aaron Feuerstein of Malden Mills decided to pay idled workers after a massive fire at his mill in 1995. Focuses on the decisions made post-fire and the rebuilding process and eventual bankruptcy of the company. Also outlines creditors' struggle to decide whether to... View Details
- 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
- February 2010 (Revised June 2014)
- Supplement
CityCenter (D): Financial Crisis, Grand Opening, and a New Paradigm
By: John D. Macomber and Griffin James
"CityCenter (D)" follows the (A), (B), and (C) cases with subsequent chronological events through CityCenter's grand opening in December 2009 and financial results through March 2010. The case includes a simple valuation exercise intended to explore CEO Jim Murren's... View Details
- February 2010 (Revised September 2011)
- Case
Lehman Brothers
By: Tom Nicholas and David Chen
In 2008, the U.S. financial system was in a state of crisis and Lehman Brothers went from a major Wall Street investment bank to an insolvent institution. It was a swift end for a firm that had its beginnings over 150 years prior. What would be the firm's legacy? And... View Details
- February 2010
- Case
Saginaw Parts Co. and the General Motors Corp. Credit Default Swap
This two-page case demonstrates how to unbundle the cost of credit extensions from product prices by observing the price of a credit default swap. It also explores how credit default swaps work, and how trade creditors are treated under U.S. bankruptcy law. Finally it... View Details
- February 2010
- Teaching Note
Saginaw Parts Co. and the General Motors Corp. Credit Default Swap (TN)
Teaching Note for [210056]. View Details
- February 2010 (Revised March 2010)
- Supplement
Leading Change at Simmons (E)
By: Amy C. Edmondson and Susan Thyne
This case updates the “Leading Change at Simmons” series by examining Simmons' increasing debt under the ownership of Thomas H. Lee, a private equity firm. Charlie Eitel, the former CEO, wonders what the company's, and his, legacy will be after declaring bankruptcy... View Details
- December 2009 (Revised April 2022)
- Case
Lyondell Chemical Company
By: Stuart C. Gilson and Sarah Abbott
Hit with an industry recession and the global financial crisis of 2008, in January 2009 LyondellBasell Industries AF S.C.A., one of the world's largest internationally diversified chemical companies headquartered in The Netherlands, placed its U.S. operations and a... View Details
- October 2009 (Revised November 2011)
- Case
Citigroup-Wachovia-Wells Fargo
By: Guhan Subramanian and Nithyasri Sharma
In late September 2008, amidst the spiraling financial crisis, many firms on Wall Street were in a precarious position. One such institution was Wachovia, which entered acquisition talks with Citigroup and Wells Fargo. This case describes the development of these... View Details
- August 2009
- Case
Nomura's Global Growth: Picking Up Pieces of Lehman
By: C. Fritz Foley and Linnea Meyer
What issues commonly arise in international financial management? Kenichi Watanabe and Takumi Shibata, CEO and COO of Nomura Holdings Inc., one of the leading investment banks in Asia, have the opportunity to expand their firm internationally through the acquisition of... View Details
- August 2009 (Revised February 2013)
- Case
Eddie Bauer (A)
By: Paul Healy, Sharon Katz and Aldo Sesia
In June 2005, Eddie Bauer, the specialty apparel retailer, emerged from bankruptcy. Under the plan of reorganization former creditors converted their debt into common shares, taking 100% ownership in the reconstituted company. Large banks-including Bank of America and... View Details
- July 2009 (Revised July 2009)
- Case
Delphi Corp. and the Credit Derivatives Market (A)
By: Stuart C. Gilson, Victoria Ivashina and Sarah Abbott
In 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... View Details
- April 2009
- Teaching Note
UAL, 2004: Pulling Out of Bankruptcy (TN)
By: Daniel Baird Bergstresser, Kenneth A. Froot and Darren Robert Smart
Teaching Note for [205090]. View Details
Keywords: Air Transportation Industry
- April 2009 (Revised March 2010)
- Background Note
Restructuring Distressed Companies -- Cross-National Comparisons
This note describes briefly bankruptcy regimes and out of court restructuring in 5 countries, the U.S., the U.K., Germany, France and Japan. View Details
- April 2009 (Revised September 2011)
- Case
Before the Fall: Lehman Brothers 2008
By: Clayton S. Rose and Anand Ahuja
This case examines Lehman Brothers in the months preceding its collapse. Following the announcement of a huge and unexpected second quarter loss, the CFO was removed from her post after only seven months in the job. This case explores the challenges faced by a firm... View Details