STUART C. GILSON is the Steven R. Fenster Professor of Business Administration at Harvard Business School and is an expert in corporate restructuring, valuation, and corporate finance. He teaches corporate restructuring in the school’s MBA program and also teaches restructuring, valuation, and corporate finance in a number of senior executive education programs. Gilson’s research on restructuring has been widely cited in numerous national news and business periodicals, and has received a number of awards, including the prestigious Graham and Dodd Award. He has been named one of the nation’s top bankruptcy academics by Turnarounds and Workouts magazine.

• Foreword xiIntroduction xvPart One Restructuring Debt and Liabilities 1Chapter 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks 17Chapter 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) 69Chapter 3 Kmart and ESL Investments (A) 85Chapter 4 Kmart and ESL Investments (B): The Sears Merger 115Chapter 5 National Convenience Stores Incorporated 129Chapter 6 Continental Airlines—1992 157Chapter 7 Flagstar Companies, Inc. 185Chapter 8 The Finova Group, Inc. 225Chapter 9 Arch Wireless, Inc. 259Chapter 10 Adelphia Communications Corp.’s Bankruptcy 291Chapter 11 Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring 341Chapter 12 Alphatec Electronics PCl 377Chapter 13 Groupe Eurotunnel S.A. 417Chapter 14 Delphi Corp. and the Credit Derivatives Market 447Part Two Restructuring Equity and Assets 473Chapter 15 Humana Inc.: Managing in a Changing Industry 487Chapter 16 USX Corporation 511Chapter 17 E.I. du Pont de Nemours and Company: The Conoco Split-off 535Chapter 18 Seagate Technology Buyout 561Chapter 19 The Loewen Group Inc. 587Chapter 20 Donald Salter Communications Inc. 617Part Three Restructuring Employees’ Claims 641Chapter 21 Restructuring at Delphi Corporation 651Chapter 22 Navistar International 683Chapter 23 Scott Paper Company 713Chapter 24 UAL Corporation 747Appendix A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring 781Appendix B Valuing Companies in Corporate Restructurings: Technical Note 785About the Author 803Index 805

STUART C. GILSON is the Steven R. Fenster Professor of Business Administration at Harvard Business School and is an expert in corporate restructuring, valuation, and corporate finance. He teaches corporate restructuring in the school’s MBA program and also teaches restructuring, valuation, and corporate finance in a number of senior executive education programs. Gilson’s research on restructuring has been widely cited in numerous national news and business periodicals, and has received a number of awards, including the prestigious Graham and Dodd Award. He has been named one of the nation’s top bankruptcy academics by Turnarounds and Workouts magazine.

• Foreword xiIntroduction xvPart One Restructuring Debt and Liabilities 1Chapter 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks 17Chapter 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) 69Chapter 3 Kmart and ESL Investments (A) 85Chapter 4 Kmart and ESL Investments (B): The Sears Merger 115Chapter 5 National Convenience Stores Incorporated 129Chapter 6 Continental Airlines—1992 157Chapter 7 Flagstar Companies, Inc. 185Chapter 8 The Finova Group, Inc. 225Chapter 9 Arch Wireless, Inc. 259Chapter 10 Adelphia Communications Corp.’s Bankruptcy 291Chapter 11 Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring 341Chapter 12 Alphatec Electronics PCl 377Chapter 13 Groupe Eurotunnel S.A. 417Chapter 14 Delphi Corp. and the Credit Derivatives Market 447Part Two Restructuring Equity and Assets 473Chapter 15 Humana Inc.: Managing in a Changing Industry 487Chapter 16 USX Corporation 511Chapter 17 E.I. du Pont de Nemours and Company: The Conoco Split-off 535Chapter 18 Seagate Technology Buyout 561Chapter 19 The Loewen Group Inc. 587Chapter 20 Donald Salter Communications Inc. 617Part Three Restructuring Employees’ Claims 641Chapter 21 Restructuring at Delphi Corporation 651Chapter 22 Navistar International 683Chapter 23 Scott Paper Company 713Chapter 24 UAL Corporation 747Appendix A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring 781Appendix B Valuing Companies in Corporate Restructurings: Technical Note 785About the Author 803Index 805

STUART C. GILSON is the Steven R. Fenster Professor of Business Administration at Harvard Business School and is an expert in corporate restructuring, valuation, and corporate finance. He teaches corporate restructuring in the school’s MBA program and also teaches restructuring, valuation, and corporate finance in a number of senior executive education programs. Gilson’s research on restructuring has been widely cited in numerous national news and business periodicals, and has received a number of awards, including the prestigious Graham and Dodd Award. He has been named one of the nation’s top bankruptcy academics by Turnarounds and Workouts magazine.

• Foreword xiIntroduction xvPart One Restructuring Debt and Liabilities 1Chapter 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks 17Chapter 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) 69Chapter 3 Kmart and ESL Investments (A) 85Chapter 4 Kmart and ESL Investments (B): The Sears Merger 115Chapter 5 National Convenience Stores Incorporated 129Chapter 6 Continental Airlines—1992 157Chapter 7 Flagstar Companies, Inc. 185Chapter 8 The Finova Group, Inc. 225Chapter 9 Arch Wireless, Inc. 259Chapter 10 Adelphia Communications Corp.’s Bankruptcy 291Chapter 11 Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring 341Chapter 12 Alphatec Electronics PCl 377Chapter 13 Groupe Eurotunnel S.A. 417Chapter 14 Delphi Corp. and the Credit Derivatives Market 447Part Two Restructuring Equity and Assets 473Chapter 15 Humana Inc.: Managing in a Changing Industry 487Chapter 16 USX Corporation 511Chapter 17 E.I. du Pont de Nemours and Company: The Conoco Split-off 535Chapter 18 Seagate Technology Buyout 561Chapter 19 The Loewen Group Inc. 587Chapter 20 Donald Salter Communications Inc. 617Part Three Restructuring Employees’ Claims 641Chapter 21 Restructuring at Delphi Corporation 651Chapter 22 Navistar International 683Chapter 23 Scott Paper Company 713Chapter 24 UAL Corporation 747Appendix A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring 781Appendix B Valuing Companies in Corporate Restructurings: Technical Note 785About the Author 803Index 805