Book description
In Financial Turnarounds: Preserving Enterprise Value, leading corporate turnaround specialists teach key skills for managing financial turnarounds - and avoiding the need for them. This in-depth, insider's look at 20 turnarounds covers every key industry from manufacturing to retail, technology to services. It illuminates early warning signs, presents key financial findings, compares leading strategies, and offers incomparable insider's insights into the realities of making turnarounds work.
Table of contents
- Copyright
- Advisory Committee
- Foreword
- 1. Introduction
- 2. Executive Summary
- 3. Case-Study Summaries, Key Findings, and Early Warning Signs
- 4. Comparison of Financial Turnarounds
- 5. Comparison of Turnaround Methods
- 6. Preventive Medicine for Healthy Companies
-
7. Manufacturing Sector
- Maytag Corporation
-
Navistar International Corporation
- Background
- Causes of Financial Difficulty
-
The Company Turnaround
- Financial Restructuring
- First Restructuring
- Second Restructuring
- Third Restructuring
- Fourth Restructuring
- To File or Not to File
- Cost Reduction and Divestitures
- Rebuilding the Company
- Health Care Buydown
- Next-Generation Vehicle Program
- Working with the Union
- Other Recent Initiatives
- Market Share
- Cash Reserves
- Financial Performance Measures
- Incentive Compensation
- Capital Structure
- Culture Change
- Role of the Finance Function
- Key Findings
-
USG Corporation
- Background
- Causes of Financial Difficulty
-
The Company Turnaround
- Restructuring Plan
- Prepackaged Bankruptcy
- Threat of Bankruptcy
- Changing Players
- Most Influential Investors
- Fulcrum Security
- Bank Debt
- Equity Allocation
- Junior Subordinated: The Free Rider
- Venue Selection
- Sharing the Pain
- Management During the Restructuring Period
- Incentive to Maximize Enterprise Value
- Professional Services
- Emergence from Bankruptcy
- New Goals after Bankruptcy
- Plan to Achieve Investment Grade
- Improvement in Performance
- Amortization of Fresh Start Charge
- Refocused Business Strategy
- Recent Priorities
- Corporate Valuation
- Cultural Changes
- Key Findings
-
Forstmann & Company
- Background
- Business Characteristics
- The Manufacturing Process
- Causes of Financial Difficulty
-
The Company Turnaround
- Communication with Stakeholders
- Cash-Flow Management
- Management Reorganization
- Business Strategy Development
- Cost Analysis
- Product Rationalization
- Inventory Management
- Customer Service
- Quality Control
- Overhead Reduction
- Key Performance Indicators
- Financing and Capital Structure
- Financial Reorganization Plan
- Second Bankruptcy Filing
- Key Findings
- Pepsi-Cola Bottling Company of Charlotte, N.C.
- Sampson Paint Company
-
8. Retailing Sector
- Ames Department Stores, Inc.
- Jos. A. Bank Clothiers, Inc.
-
Edison Brothers
-
Background
- Bankruptcy Filing
- Corporate and Liability Structure
- Creditors’ Committee
- Import Letters of Credit
- Debtor-in-Possession Financing
- Reclamation Program
- Store Closings
- Board of Directors
- Exclusivity
- Claims Trading
- Equity Committee
- Reorganization Plan
- Dave & Buster’s Spin-Off
- Reexamination of the Business
- Information Systems
- New Management
- Second Bankruptcy Filing
- Key Findings
-
Background
-
The Forzani Group, Ltd.
- Background
- Causes of Financial Difficulty
-
The Company Turnaround
- New Top Management
- Structural Issues
- Cash-Flow Management
- Inventory and Product Mix
- Selling, General, and Administrative Expenses
- The Board’s Role
- Cooperation from Key Constituents
- Reengineering the Merchandise Mix
- Reengineering the Stores
- Employees: Store Level
- Consolidating Banners
- Key Performance Indicators
- Information Systems
- Equity Infusion
- Capital Structure and Dividends
- Acquisitions and Investments
- Most Helpful Parties
- Conflicts Between Shareholders and Management
- Taxation
- Corporate Valuation
- Reasons Not to File for Court Protection
- Key Findings
- Musicland Stores Corporation
- Red Rooster Auto Stores
-
9. High-Technology Sector
- Parametric Technology Corporation and Computervision
-
GenRad, Inc.
- Background
- Causes of Financial Difficulty
-
The Company Turnaround
- Financial Targets
- Changes in the Board of Directors and Management
- Sale of Real Estate
- Identification of Core Businesses
- Skunkworks
- New Business Paradigm
- Customer Relationships
- Market Share
- Approval of Capital Expenditures
- Reorganizing to Realize the Vision
- Enterprise Resource Planning Software
- Management Style and Corporate Culture
- The Role of the CFO
- Capital Structure
- Financial Performance Measures
- Taxes
- Key Findings
- Kollmorgen Corporation
- 10. Real-Estate Sector
- 11. Service Sector
-
A. Annotated Bibliography
- B. Glossary
- C. Turnaround Specialists Interviewed
- D. Epilogue
- About The Authors
- Acknowledgments
Product information
- Title: Financial Turnarounds: Preserving Value
- Author(s):
- Release date: February 2002
- Publisher(s): Pearson
- ISBN: 9780130087577
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