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- February 2005 (Revised June 2006)
- Case
UAL, 2004: Pulling Out of Bankruptcy
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; Cost; Restructuring; Financing and Loans; Insolvency and Bankruptcy; Compensation and Benefits; Air Transportation Industry; United States
Bergstresser, Daniel Baird, Kenneth A. Froot, and Darren Robert Smart. "UAL, 2004: Pulling Out of Bankruptcy." Harvard Business School Case 205-090, February 2005. (Revised June 2006.)
- 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
- November 2006 (Revised August 2012)
- Background Note
A Strategic Perspective on Bankruptcy
By: Bill George, Jim Sharpe and Andrew N. McLean
An overview of bankruptcy procedures in U.S. courts, recent filing data and a framework for evaluating a reorganization with creditors or considering opening a court-supervised reorganization under Chapter 11 of the Bankruptcy Code. View Details
Keywords: Bankruptcy; Financial Distress; Turnarounds; Legal Aspects Of Business; Liquidation; Boards Of Directors; Hedge Funds; Strategy; Law; Governing and Advisory Boards; Negotiation; Crisis Management; Policy; Insolvency and Bankruptcy; Credit; Financial Crisis; United States
George, Bill, Jim Sharpe, and Andrew N. McLean. "A Strategic Perspective on Bankruptcy." Harvard Business School Background Note 407-035, November 2006. (Revised August 2012.)
- 2024
- Working Paper
Consumer Choice and Corporate Bankruptcy
By: Samuel Antill and Megan Hunter
We estimate the indirect costs of corporate bankruptcy associated with lost
customers. In incentivized experiments, randomly informing consumers about a firm’s Chapter 11 reorganization lowers their willingness to pay for the firm’s products by 18-35%. Up
to 48% of... View Details
Keywords: Consumer Choice; Bankruptcy; Financial Distress; Structural Estimation; Experimental Economics; Hertz; Insolvency and Bankruptcy; Consumer Behavior
Antill, Samuel, and Megan Hunter. "Consumer Choice and Corporate Bankruptcy." Working Paper, January 2024. (Revise & Resubmit, Journal of Finance.)
- 2015
- Working Paper
Cashing Out: The Rise of M&A in Bankruptcy
By: Stuart Gilson, Edith Hotchkiss and Matthew Osborn
The use of M&A in bankruptcy has increased dramatically in recent years, leading to concerns that the Chapter 11 process has shifted toward excessive liquidation of viable firms. In this paper, we argue that the rise of M&A has blurred traditional distinctions between... View Details
Keywords: M＆A; Chapter 11; Distress; Bankruptcy; Mergers and Acquisitions; Insolvency and Bankruptcy
Gilson, Stuart, Edith Hotchkiss, and Matthew Osborn. "Cashing Out: The Rise of M&A in Bankruptcy." Harvard Business School Working Paper, No. 15-057, January 2015.
- September 2019
- Article
Bankruptcy Spillovers
By: Shai Bernstein, Emanuele Colonnelli, Xavier Giroud and Benjamin Iverson
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of... View Details
Keywords: Agglomeration; Insolvency and Bankruptcy; Economy; Governing Rules, Regulations, and Reforms
Bernstein, Shai, Emanuele Colonnelli, Xavier Giroud, and Benjamin Iverson. "Bankruptcy Spillovers." Special Issue on Labor and Finance. Journal of Financial Economics 133, no. 3 (September 2019): 608–633.
- Research Summary
Get in Line: Chapter 11 Restructuring in Crowded Bankruptcy Courts
This paper tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. On average, total bankruptcy filings rise by 32% during economic recessions, leaving bankruptcy judges with far less time per case exactly when... View Details
- February 2019 (Revised January 2021)
- Case
Quiksilver Inc. and Oaktree Capital Management
By: Kristin Mugford and Mike Harmon
Sports lifestyle company Quiksilver filed for bankruptcy in September 2015. Oaktree is considering an additional investment in the company to facilitate the restructuring.
Students must consider whether Oaktree should invest given the risks of the turnaround... View Details
Keywords: Bankruptcy; Bankruptcy Reorganization; Insolvency and Bankruptcy; Acquisition; Restructuring; Debt Securities; Transformation; Decision Making; Borrowing and Debt; Investment Return; Crisis Management; Negotiation; Retail Industry; Apparel and Accessories Industry; Consumer Products Industry; France; United States
Mugford, Kristin, and Mike Harmon. "Quiksilver Inc. and Oaktree Capital Management." Harvard Business School Case 219-097, February 2019. (Revised January 2021.)
- August 2000
- Article
Corporate Reorganizations and Non-Cash Auctions
By: Matthew Rhodes-Kropf and S. Viswanathan
This paper extends the theory of non-cash auctions by considering the revenue and efficiency of using different securities. Research on bankruptcy and privatization suggests using non-cash auctions to increase cash-constrained bidder participation. We examine this... View Details
Keywords: Auctions; Revenue; Debt Securities; Insolvency and Bankruptcy; Privatization; Capital Structure; Bids and Bidding; Motivation and Incentives; Performance Efficiency; Contracts
Rhodes-Kropf, Matthew, and S. Viswanathan. "Corporate Reorganizations and Non-Cash Auctions." Journal of Finance 55, no. 4 (August 2000): 1807–1849.
- April 2019 (Revised December 2021)
- Case
Sears: The Demise of an American Icon
By: Kristin Mugford and Sarah L. Abbott
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... View Details
Keywords: Bankruptcy; Reorganization; Bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing and Debt; Credit; Insolvency and Bankruptcy; Corporate Governance; Motivation and Incentives; Retail Industry; United States
Mugford, Kristin, and Sarah L. Abbott. "Sears: The Demise of an American Icon." Harvard Business School Case 219-106, April 2019. (Revised December 2021.)
- February 2022 (Revised March 2022)
- Case
Hertz in Bankruptcy: A Wild Ride in Pandemic Times
Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received... View Details
Keywords: Bankruptcy Reorganization; COVID-19 Pandemic; Insolvency and Bankruptcy; Health Pandemics; Valuation; Capital Structure; Negotiation; Private Equity; Travel Industry; United States
Antill, Samuel, Stuart Gilson, and Kristin Mugford. "Hertz in Bankruptcy: A Wild Ride in Pandemic Times." Harvard Business School Case 222-064, February 2022. (Revised March 2022.)
- September 1997 (Revised August 2007)
- Case
Bankruptcy and Restructuring at Marvel Entertainment Group
By: Benjamin C. Esty and Jason Auerbach
Marvel Entertainment Group is the leading comic book publisher in the United States, with superheros like Spider-Man, the Incredible Hulk, the X-Men, and Captain America. It is also one of the leading manufacturers of sports and entertainment trading cards under the... View Details
Keywords: Restructuring; Decision Choices and Conditions; Borrowing and Debt; Insolvency and Bankruptcy; Governance Controls; Courts and Trials; Planning; Entertainment and Recreation Industry
Esty, Benjamin C., and Jason Auerbach. "Bankruptcy and Restructuring at Marvel Entertainment Group." Harvard Business School Case 298-059, September 1997. (Revised August 2007.)
- January 2005
- Case
Managing Failure: American Bankruptcy Law at a Crossroads
By: David A. Moss, Mary Oey and Jonathan Lackow
Introduces the core principles and challenges of bankruptcy law (both individual and corporate) against the backdrop of the early 1970s, when the U.S. bankruptcy system appeared to be failing. With personal bankruptcy filings at record levels and successful corporate... View Details
Moss, David A., Mary Oey, and Jonathan Lackow. "Managing Failure: American Bankruptcy Law at a Crossroads." Harvard Business School Case 705-024, January 2005.
- April 2018 (Revised September 2023)
- Case
Sabine Oil & Gas Corporation
By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott
In 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... View Details
Keywords: Corporate Reorganization; Chapter 11; Oil ＆ Gas; Bankruptcy; Bankruptcy Reorganization; Insolvency and Bankruptcy; Energy; Restructuring; Valuation; United States
Gilson, Stuart C., Kristin Mugford, and Sarah L. Abbott. "Sabine Oil & Gas Corporation." Harvard Business School Case 218-004, April 2018. (Revised September 2023.)
- July 1984
- Case
Braniff International: The Ethics of Bankruptcy (A)
Intended to advance understanding of corporate responsibility in the context of a bankruptcy decision. The case documents the implementation of a turnaround plan for financially ailing Braniff International. This includes a new marketing and operations strategy,... View Details
Keywords: Business or Company Management; Corporate Accountability; Ethics; Insolvency and Bankruptcy
Goodpaster, Kenneth E. "Braniff International: The Ethics of Bankruptcy (A)." Harvard Business School Case 385-001, July 1984.
- November 2013
- Supplement
Arch Wireless, Inc. (B): Food for Vultures
By: Stuart C. Gilson
In 2002, a hedge fund investor acquires the distressed bank debt of a bankrupt wireless paging company and converts his holding into common stock of the reorganized entity. Determining his likely return from this investment is challenging, given that the entire... View Details
- Article
Do the Right Firms Survive Bankruptcy?
By: Samuel Antill
In U.S. Chapter 11 bankruptcy cases, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of... View Details
Keywords: Bankruptcy; Bankruptcy Reorganization; Recovery Rate; Structural Estimation; Roy Model; 363 Sales; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms
Antill, Samuel. "Do the Right Firms Survive Bankruptcy?" Journal of Financial Economics 144, no. 2 (May 2022): 523–546.
- December 2020 (Revised September 2023)
- Case
PG&E and the First Climate Change Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
In early 2020, the California-based utility PG&E filed a second amended plan of reorganization. PG&E had filed for Chapter 11 bankruptcy in the face of more than $30 billion of legal claims brought against it for its alleged role in causing California wildfires. The... View Details
Keywords: Chapter 11; Utilities; Liabilities; Restructuring; Insolvency and Bankruptcy; Debt Securities; Legal Liability; Climate Change; Utilities Industry; United States
Gilson, Stuart C., and Sarah L. Abbott. "PG&E and the First Climate Change Bankruptcy." Harvard Business School Case 221-057, December 2020. (Revised September 2023.)
- December 2012 (Revised November 2014)
- Case
W.R. Grace & Co.: Dealing with Asbestos Torts
By: Stuart C. Gilson and Sarah L. Abbott
A manufacturer of building products and specialty chemicals, W. R. Grace & Co. filed for Chapter 11 bankruptcy in 2001 in response to a flood of lawsuits alleging that its products contained asbestos, and had caused hundreds of thousands of people to contract... View Details
Keywords: Bankruptcy Reorganization; Business Failures; Environmental Regulations; Class Action Lawsuits; Natural Environment; Valuation; Health Disorders; Capital Structure; Restructuring; Lawsuits and Litigation; Chemicals; Crisis Management; Insolvency and Bankruptcy; Legal Liability; Construction Industry; Chemical Industry; United States
Gilson, Stuart C., and Sarah L. Abbott. "W.R. Grace & Co.: Dealing with Asbestos Torts." Harvard Business School Case 213-046, December 2012. (Revised November 2014.)
- August 2020 (Revised December 2020)
- Case
Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States
By: Laura Alfaro, Mauricio Larrain, Carlos Vilches and Sarah Jeong
On May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which... View Details
Keywords: Airlines; Pandemic; Coronavirus Pandemic; Health Pandemics; Air Transportation; Insolvency and Bankruptcy; Capital Markets; Strategy; Latin America; Chile; United States
Alfaro, Laura, Mauricio Larrain, Carlos Vilches, and Sarah Jeong. "Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States." Harvard Business School Case 321-027, August 2020. (Revised December 2020.)