Description
Book SynopsisA just-in-time guide for revamping distressed companies Drawn from the author's decades of experience advising, purchasing, and reviving distressed companies across industries, geographies, and sizes, Reversing the Slide is designed to help executives, managers, and employees revitalize downtrodden companies.
Table of ContentsIntroduction: Conditions and Causes of Distress ix
Box 1: Typical Covenants Tripped by Downturns xxviii
1 The Phases of Decline and Early Warning Signs 1
Box 2: The Effects of Financial Shenanigans 17
2 The Turnaround Tripod 29
3 Leadership in a Crisis 58
Box 3: Governance and Leadership Issues in Family-Owned Businesses 80
4 Cash Not GAAP 93
5 Downsizing Is a Tool, Not a Goal 121
Box 4: Other Legal Issues in Announcing Layoffs 130
6 The Bankruptcy Process as Sword and Shield 152
Box 5: State Laws 156
Box 6: DIP Financing 159
Box 7: Committee Formation 162
Box 8: Plan Confirmation 181
7 Managing International Turnarounds 203
8 Turnarounds at (Intentionally) Nonprofit Organizations 231
Box 9: Chapter 9 Bankruptcy 257
9 Turning Duds into Dreams 259
Box 10: Additional Issues in Valuing Distressed Companies 278
Box 11: Fiduciary Duties of Directors in M&A Transactions 300
10 A Different Fresh Start 306
Notes 313
Acknowledgments 325
About the Author 327
Index 329
