The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies PDF Download
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Author: H. Peter Nesvold
Publisher: McGraw Hill Professional
ISBN: 0071750304
Category : Business & Economics
Languages : en
Pages : 496
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Book Description
Pessimists see distressed M&A . . . Optimists see distressed M&A Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies. The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to: Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts Navigate through complicated valuation, financing, legal, accounting, and tax issues Communicate effectively and make informed proposals in multiparty negotiations Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.
Author: H. Peter Nesvold
Publisher: McGraw Hill Professional
ISBN: 0071750304
Category : Business & Economics
Languages : en
Pages : 496
Get Book Here
Book Description
Pessimists see distressed M&A . . . Optimists see distressed M&A Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies. The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to: Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts Navigate through complicated valuation, financing, legal, accounting, and tax issues Communicate effectively and make informed proposals in multiparty negotiations Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.
Author: Thomas J. Salerno
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages :
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Book Description
" ... offers six strategies for acquiring the assets of a distressed company, and then covers four main procedures for selling or purchasing assets through a bankruptcy proceeding. The publication also includes a handy chart detailing the differences between 363 sales and nonbankruptcy sales of a distressed company's assets"--Publisher's website
Author: Elmar Gans
Publisher: GRIN Verlag
ISBN: 3640272935
Category : Business & Economics
Languages : en
Pages : 71
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Book Description
Diploma Thesis from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, LMU Munich, language: English, abstract: In early December, 2004, German newspapers reported the acquisition of bankrupt automotive supplier Peguform GmbH, based in Bötzingen, by U.S. private equity investor Cerberus Capital Management1. The transaction was announced 30 months after Peguform, a company with more than 5,000 employees that recorded EUR 1.4 billion in revenues in 20032, had filed for bankruptcy. As it involved a large firm with substantial importance for Germany’s core automotive industry, this transaction shone a spotlight on a sector of the private equity business that has not yet been widely recognized in Germany: investments in bankrupt firms. While traditional private equity buyouts of financially stable firms have become more and more commonplace in Germany in recent years3, little attention has been devoted to the niche of transactions at the corporate cycle’s very end. In the United States, in contrast, private equity funds investing in bankrupt firms constitute a well-established part of the financial markets. In this thesis, I aim at providing an overview of the most important aspects concerning private equity acquisitions of bankrupt firms, both in the United States and Germany. This comprises an analysis of the institutional framework for such acquisitions, an investigation of the transaction process and the management of acquired businesses, a closer look at the actual market for these transactions and its development in recent years, and two case studies for practical insight and validation of the findings.
Author: Michael J. Peel
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 216
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Book Description
Author: Stuart C. Gilson
Publisher: John Wiley & Sons
ISBN: 9780471405597
Category : Business & Economics
Languages : en
Pages : 536
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Book Description
This work is a collection of case studies illustrating real-world techniques, implementation, and strategies on corporate restructuring. They examine the numerous companies and trillions of dollars involved in corporate restructuring since the 1980s.
Author: Henry Furlow Owsley
Publisher: Beard Books
ISBN: 1587982676
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
The definitive work on the role of the investment banker in a troubled company situation.
Author: Robert M. Mooradian
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
This paper provides empirical evidence that takeovers can facilitate the efficient redeployment of assets of bankrupt firms. We investigate two questions central to the debate over acquisitions of bankrupt companies based on a sample of 55 firms acquired in Chapter 11. First, we examine whether these acquisitions occur in a competitive environment. Although bankrupt targets are on average purchased at a 45% discount relative to prices paid for non-bankrupt targets in the same industry, there are often multiple bidders competing for the target firm. Bidders are generally in related industries and often have some prior relationship to the target, suggesting they are well informed with respect to the value of the target. Second, we consider whether acquisitions in bankruptcy create value be examining ex-post measures of the success of the transaction. We find that on average acquisitions result in improved operating performance in spite of the fact that many acquirers are highly levered and operate in distressed industries. We also find positive and significant abnormal stock returns for the bidder and target firms at the announcement of the acquisition, suggesting the market perceives the acquisition as favorable for both acquirer and target company shareholders.
Author: H. Lee Rust
Publisher:
ISBN: 9781564148452
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
The 1980s saw the beginning of the greatest merger boom in history. Year after year, the number of mergers and acquisitions climbed. Mergers between large companies make headlines, but companies of any size may find it beneficial to engage in mergers and acquisitions. Author H. Lee Rust explains the basics of acquisitions in clear, simple prose for companies that are too small to make the evening news. His book will be most useful to small- and medium-sized firms whose leaders lack experience in acquisitions. He provides sound, practical advice, easy-to-use checklists, and a CD-ROM workbook with spreadsheets, calculations, sample letters and more. If you manage a small company, getAbstract suggests reading this book before you get involved in your first acquisition.
Author: Henry Furlow Owsley
Publisher:
ISBN: 9781587983030
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
A sophisticated "how to" for owners of troubled companies who want to salvage as much of their equity as possible in the face of daunting foes.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Since the 1990s the absolute value of German bankruptcies increased steadily based on an expanding globalisation that is subject to an aggressive market competition. It is therefore indispensable to install an appropriate risk management that attempts to monitor financial distress. However, as observed throughout the recent crisis risk occurs unheralded and influences a company's environment substantially. Accordingly, a company facing an existence-threatening crisis requires organizational, financial and legal measures that promise recovery. Due to companies' different environment these measures are not always available leading to bankruptcy if a company is not sufficiently solvent. Yet being bankrupt, there are still possibilities to recover and regain operating performance. This master thesis discusses the effectiveness of the German bankruptcy code (Insolvenzordnung) and shows specific restructuring measures that guarantee a beneficial outcome for a bankrupt company. The examination refers to the analysis of the post-merger performance of an acquired bankrupt company where German bankruptcy proceedings play an important role.
