Excessive corporate debt can lead to financial distress, which prevents a business from realizing its full potential. When this occurs, a company transforms into a “zombie, ” incapable of making essential investments for its future growth or attracting the resources required to execute its business strategy effectively.
In this book, the restructuring veteran Mike Harmon provides an indispensable go-to guide tailored for executives, business owners, boards of directors, creditors, advisors, and investors grappling with financial distress. He equips stakeholders with an invaluable tool kit for mending a company’s fractured balance sheet while demystifying complex techniques and explaining restructuring methods in an accessible fashion.
Readers will acquire the skills needed to detect early warning signs of distress and to formulate a financial restructuring plan that reduces the risk of future trouble. They will learn how an effective plan optimizes the objectives of a company’s various stakeholders, its ability to service future financial obligations, its legal and contractual constraints, and its future prospects and business strategy.
Written for both current and aspiring practitioners, The Financial Restructuring Tool Set is not just a survival guide—it is a blueprint for transformation, empowering stakeholders to achieve a brighter, more prosperous future.
Table des matières
1. Introduction
2. Corporate Debt
3. Financial Distress and Corporate Zombies
4. The Fundamentals of Restructuring
5. Business Valuation
6. Bankruptcy
7. The Financial Restructuring Tool Set—The Bankruptcy Tools
8. The Financial Restructuring Tool Set—The Out-of-Court Tools
9. Nondebt Liabilities
10. Distressed Investing
11. International Restructuring
12. Preventing Distress and Some Final Thoughts
Appendix A: The Jargon Guide
Appendix B: Priority Chart
Appendix C: The Double Dip Structure
Appendix D: Resources
Notes
Acknowledgments
Index
A propos de l’auteur
Mike Harmon has focused on distressed companies and restructuring situations for more than thirty years, largely as a senior investment professional at Oaktree Capital Management, a leading private investment firm. He is a lecturer at Stanford University’s Graduate School of Business and the managing partner of Gaviota Advisors, where he advises and invests in small- to medium-sized companies.
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