Workouts and Turnarounds II: Global Restructuring Strategies for the Next Century: Insights from the Leading Authorities in the Field

Preface xxix

1 Trouble Spotting: Assessing the Likelihood of a Turnaround 1
Dominic DiNapoli and Elliot Fuhr
PricewaterhouseCoopers LLP

2 Looming Financial or Business Failure: Fix or File – A Legal Perspective 21
Harvey R. Miller
Weil, Gotshal & Manges LLP

3 Preparing for Bankruptcy: Building the War Chest 45
Joel Nitzberg
PricewaterhouseCoopers LLP

4 Business Regeneration: Early Detection – Early Intervention 54
R. Carter Pate
PricewaterhouseCoppers LLP

5 Spin Control: Managing Internal and External Communications 74
Michael S. Sitrick
Sitrick & Company

6 The Lawyer’s Role in Representing the Distressed Company 85
Lewis Kruger and Robin E. Keller
Stroock & Stroock & Laven LLP

7 At the Front of the Line: The Secured Creditor 108
Chaim J. Fortgang, Seth Gardner, and David R. Caro
Wachtell, Lipton, Rosen, & Katz

8 Representing the Unsecured Creditors’ Committee in Insolvency Restructurings 156
David S. Kurtz, Jeffrey W. Linstrom, and Timothy R. Pohl
Skadden, Arps, Slate, Meagher & Flom LLP

9 Lender Services: Let the Lender Beware! 191
Robert S. Paul and Kris Coghlan
PricewaterhouseCoopers LLP

10 Financing Alternatives for Troubled Companies 215
William C. Repko
The Chase Manhattan Bank, N.A.

11 Valuation of Companies within Workout and Turnaround Situations 225
Thomas J. Milton, Jr. and Shannon P. Pratt
Willamette Management Associates

12 Market Dynamic and Investments Performance of Distressed and Defaulted Debt Securities 238
Edward I. Altman
New York University

13 International Restructuring: Overcoming Cross-Border Hurdles in South America 253
Deborah M. Smith, PricewaterhouseCoopers LLP and Jeffrey A. Sell
The Chase Manhattan Bank, N.A.

14 Asian Markets 279
M. Freddie Reiss
PricewaterhouseCoopers LLP

15 The Accountant’s Role in the Workout Environment Beyond “Bean Counting” 303
DeLain E. Gray
PricewaterhouseCoopers LLP

16 Dealing with Employee Issues in a Bankruptcy Situation 328
Robert J. Rosenberg and David S. Heller
Latham & Watkins

17 Financial Aspects of Bankruptcy Disputes 349
Harvey R. Kelly and Daniel V. Dooley
PricewaterhouseCoopers LLP

18 Tax Planning in Corporate Reorganizations 378
Mitchel R. Aeder
PricewaterhouseCoopers LLP

19 The Retail Industry – Trends in the Next Century 399
Kevin Regan
PricewaterhouseCoopers LLP

20 A New Paradigm Emerges 416
Jack Barthell, Pat Leardo, and Mitch M. Roschelle
PricewaterhouseCoopers LLP