Cover

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Frontmatter

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Contents

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pp. vii-x

List of Figures

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p. xi

List of Tables

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pp. xiii-xvii

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Preface

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pp. xix-xx

Listening to Erich Mundinger, a vice president at American Finasco, tell the following story helped me to realize how misinformed mainstream America is about the study of corporate renewal:...

Part 1: Basic Issues

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1. Introduction to Corporate Renewal

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pp. 3-22

A recent headline read, "US Airways seeks Ch. 11 Protection" (Greenberger 2002). Days later another headline read, "IBM Cutting 15,600 Jobs" (Business in Brief 2002). Hardly a day passes by without a major company announcing a revitalization campaign or a bankruptcy filing.! These corporate crusades are...

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2. Understanding Bankruptcy Law and Its Application

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pp. 23-74

Bankruptcy is a complex process. Every corporate bankruptcy involves a multitude of factors that precipitated the failure, important legal issues, diverse creditors, and strategic objectives. Nonetheless, the following procedures are followed in every case....

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3. Failure Prediction

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pp. 75-120

In this chapter, we examine a number of techniques to measure corporate health and ways to predict company failure. Ratio techniques are the first failure-prediction methods discussed in this chapter. From ratio techniques we move into a discussion of financial and operating leverage, two alternative measures...

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4. Ethical and Legal Considerations in Financial Distress

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pp. 121-136

This chapter explores some ethical and legal issues pertaining to liability, responsibility, corporate organization, and fraud that affect distressed companies. Beyond bad luck, bad management, and bad economic conditions, some Chapter 11 petitions filed by companies and individuals are frauds. Their purpose...

Part 2: Implementation

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5. Turnaround Analysis

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pp. 139-200

This chapter offers a detailed analysis of a number of methods and techniques affecting crisis resolution and turnaround management. These include approaches to management, organizational change, compensation, the role of a board of directors in turnaround, financing and production, and accounting...

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6. Employee Downsizing

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pp. 201-250

This chapter examines the choices, methods, and ramifications associated with downsizing people, plants, products, or processes during corporate renewal. Must a company with too many employees downsize?! Anyone with experience in the workforce knows that the answer to this question is unequivocally NO! At various....

Part 3: Advanced Issues

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7. Crafting a Plan of Reorganization

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pp. 253-290

The primary documents submitted to the courts in a bankruptcy case are a disclosure statement and a plan of reorganization (POR);1 the combined document is henceforth referred to as the POR. PORs are massive, highly technical documents, sometimes...

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8. Business Process Reengineering

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pp. 291-316

This chapter examines business process reengineering and provides concrete examples of how the process is implemented: rethinking, redesigning, and reward....

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9. Deming and the Quality Revolution

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pp. 317-326

In recent years, the "quality revolution" has altered the shape of American business thinking and practice. This chapter examines that revolution and its impact on corporate reengineering. American companies, which had dominated the world's economy since the end of the Second World War, lost their advantage to Japanese companies in the 1980s. One American...

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10. Tax Considerations: Protecting Tax Attributes

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pp. 327-338

Financial distress does not sneak up on firms; most companies slide downwards into bankruptcy over many years. Queen and Roll (1987) observe a steady erosion, for as long as five years, in the equity prices of public companies that ultimately fail. Investors react, among other things, to falling or negative net income. As a result, it...

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11. Advanced Accounting Issues

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pp. 339-358

This final chapter examines advanced issues in implementing corporate turnaround and renewal and addresses accounting issues germane to this process. Cost, or managerial, accounting, provides detailed cost information on any cost...

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Conclusion

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pp. 359-360

Globalization has shrunk the world and has contributed to an unprecedented extension of economic prosperity. It has also created a volatile and uncertain business climate in which the number of failing and underperforming businesses remains high by recent standards. Corporate renewal has an important...

Acronyms

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pp. 361-362

Notes

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pp. 363-382

Glossary

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pp. 383-388

References

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pp. 389-398

Index

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pp. 399-404