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All HBS Web
(421)
- News (58)
- Research (311)
- Multimedia (1)
- Faculty Publications (208)
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- May 2015 (Revised March 2016)
- Supplement
Thomas Cook Group on the Brink (B): Transformation Year 1 Results
By: Benjamin C. Esty
Analyzes the results of the Thomas Cook turnaround plan after the first year under Harriet Green's leadership (November 2013).
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Keywords:
Turnaround;
Corporate Restructuring;
Female Ceo;
Transformation;
Change Management;
Communication Strategy;
Cost Management;
Financial Liquidity;
Financial Management;
Management Succession;
Leading Change;
Crisis Management;
Value Creation;
Leadership;
Travel Industry;
United Kingdom
Esty, Benjamin C. "Thomas Cook Group on the Brink (B): Transformation Year 1 Results." Harvard Business School Supplement 215-051, May 2015. (Revised March 2016.)
- April 2018 (Revised September 2023)
- Case
Sabine Oil & Gas Corporation
By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott
In 2016, a trial began to determine the future of Sabine Oil & Gas Corporation’s $3 billion chapter 11 reorganization plan. The plan called for first- and second-lien-secured creditors to receive new claims representing approximately 98% of the reorganized company’s...
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Keywords:
Corporate Reorganization;
Chapter 11;
Oil & Gas;
Bankruptcy;
Bankruptcy Reorganization;
Insolvency and Bankruptcy;
Energy;
Restructuring;
Valuation;
United States
Gilson, Stuart C., Kristin Mugford, and Sarah L. Abbott. "Sabine Oil & Gas Corporation." Harvard Business School Case 218-004, April 2018. (Revised September 2023.)
- March 2000 (Revised November 2000)
- Case
IBM Corporation Turnaround
By: Robert D. Austin and Richard L. Nolan
Describes the details of IBM's dramatic corporate turnaround in the early 1990s led by CEO Louis V. Gerstner. Accounts of events are from interviews with IBM executives. Covers the factors that led to the company's decline and actions taken to recover.
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Keywords:
Transformation;
Restructuring;
Management Teams;
Management Practices and Processes;
Leading Change;
Organizational Change and Adaptation;
Computer Industry;
Information Technology Industry
Austin, Robert D., and Richard L. Nolan. "IBM Corporation Turnaround." Harvard Business School Case 600-098, March 2000. (Revised November 2000.)
- August 2014 (Revised March 2016)
- Case
Thomas Cook Group on the Brink (A)
By: Benjamin C. Esty, Stuart C. Gilson and Aldo Sesia
Harriett Green, the newly appointed CEO of Thomas Cook Group, faces a daunting set of business and financial challenges at the 171-year old UK travel services company. The company has lost almost £600 million in the last three quarters; has seen its stock price fall...
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Keywords:
Turnaround;
Corporate Restructuring;
Change Leadership;
Female Ceo;
Change Management;
Communication Strategy;
Borrowing and Debt;
Cash Flow;
Cost Management;
Financial Liquidity;
Financial Management;
Executive Compensation;
Leading Change;
Crisis Management;
Value Creation;
Travel Industry;
United Kingdom
Esty, Benjamin C., Stuart C. Gilson, and Aldo Sesia. "Thomas Cook Group on the Brink (A)." Harvard Business School Case 215-008, August 2014. (Revised March 2016.)
- February 1996
- Case
USX Corporation
By: Stuart C. Gilson and Jeremy Cott
A large diversified steel and energy firm is pressured by a corporate raider to spin off its steel business in order to increase its stock price. As an alternative to the spinoff, management proposes replacing the company's common stock with two new classes of...
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Gilson, Stuart C., and Jeremy Cott. "USX Corporation." Harvard Business School Case 296-050, February 1996.
- November 1984 (Revised March 1985)
- Case
Restructuring European Petrochemicals: Industry Groups and the European Commission
By: Francis Aguilar, Joseph L. Bower and Benjamin Gomes-Casseres
Keywords:
Restructuring;
Corporate Strategy;
Business and Government Relations;
Energy Industry;
Chemical Industry;
Europe
Aguilar, Francis, Joseph L. Bower, and Benjamin Gomes-Casseres. "Restructuring European Petrochemicals: Industry Groups and the European Commission." Harvard Business School Case 385-210, November 1984. (Revised March 1985.)
- November 1984 (Revised March 1985)
- Case
Restructuring European Petrochemicals: French Companies and the French Government
By: Francis Aguilar, Joseph L. Bower and Benjamin Gomes-Casseres
Keywords:
Restructuring;
Corporate Strategy;
Business and Government Relations;
Energy Industry;
Chemical Industry;
France
Aguilar, Francis, Joseph L. Bower, and Benjamin Gomes-Casseres. "Restructuring European Petrochemicals: French Companies and the French Government." Harvard Business School Case 385-209, November 1984. (Revised March 1985.)
- September 1999 (Revised March 2001)
- Case
Charles Schwab Corporation (A)
By: F. Warren McFarlan and Nicole Tempest
A look at the industrial restructuring in the brokerage industry made possible by e-commerce. Focuses the student's attention on the decision alternatives facing Charles Schwab, one of the industry leaders in January 1998. In a word, the challenge is "Do they slash...
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Keywords:
Restructuring;
Internet and the Web;
Price;
Decision Choices and Conditions;
Business Strategy;
Competitive Strategy;
Financial Services Industry
McFarlan, F. Warren, and Nicole Tempest. "Charles Schwab Corporation (A)." Harvard Business School Case 300-024, September 1999. (Revised March 2001.)
- March 1995 (Revised April 1995)
- Case
UAL Corporation
By: Stuart C. Gilson and Jeremy Cott
In the largest attempted employee-buyout in history, a large U.S. commercial airline seeks substantial wage concessions from its employees in return for 53% stake in the airline's commmon stock and guaranteed seats on the board of directors. Management must convince...
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Keywords:
Restructuring;
Corporate Governance;
Labor;
Wages;
Management Teams;
Employee Ownership;
Business and Shareholder Relations;
Strategy;
Value;
United States
Gilson, Stuart C., and Jeremy Cott. "UAL Corporation." Harvard Business School Case 295-130, March 1995. (Revised April 1995.)
- December 1996 (Revised July 1997)
- Case
USG Corporation
By: Benjamin C. Esty and Tara L. Nells
In 1988, USG was the world's largest gypsum producer and one of the world's largest building-products companies. On May 2, 1988, USG's board of directors announced a proposed leveraged recapitalization plan to thwart a hostile cash tender offer by Desert Partners. With...
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Keywords:
Capital Structure;
Mergers and Acquisitions;
Corporate Governance;
Valuation;
Cash Flow;
Leveraged Buyouts;
Restructuring;
United States
Esty, Benjamin C., and Tara L. Nells. "USG Corporation." Harvard Business School Case 297-052, December 1996. (Revised July 1997.)
- September 2022 (Revised January 2023)
- Case
York Capital CLOs and WorldStrides International
By: Victoria Ivashina and William Vrattos
The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which...
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Keywords:
COVID-19 Pandemic;
Debt Restructuring;
CLO;
Compliance;
Debt Securities;
Financing and Loans;
Decision Making;
Travel Industry;
Education Industry
Ivashina, Victoria, and William Vrattos. "York Capital CLOs and WorldStrides International." Harvard Business School Case 223-034, September 2022. (Revised January 2023.)
- February 2022
- Case
Corporate Divestitures and Spinoffs
By: David J. Collis, Ashley Hartman and Terrence Shu
Increasingly in the 2010s, corporations turned to divestitures and spinoffs to streamline their operations. Over the course of one week in November 2021, conglomerates General Electric, Johnson & Johnson, and Toshiba announced plans for separation. The news reflected...
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Keywords:
Divestiture;
Divestment;
Spin Off;
Spinoffs;
Business Conglomerates;
Restructuring;
Corporate Strategy
Collis, David J., Ashley Hartman, and Terrence Shu. "Corporate Divestitures and Spinoffs." Harvard Business School Case 722-384, February 2022.
- 2010
- Book
Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups
By: Stuart C. Gilson
A collection of case studies illustrates real-world techniques, implementation, and strategies on corporate restructuring. Over the period 1981-1998, public companies with combined assets of over half a trillion dollars filed for Chapter 11 bankruptcy. Over the same...
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Keywords:
Restructuring;
Insolvency and Bankruptcy;
Management Analysis, Tools, and Techniques;
Public Ownership;
Value Creation
Gilson, Stuart C. Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups. 2nd ed. John Wiley & Sons, 2010.
- 1999
- Case
Nucor Corporation (B)
By: Vijay Govindarajan
In January, 1999, Ken Iverson, the thirty-year leader of Nucor Corporation, was forced into retirement. Five months later, his successor, John Correnti, was asked to leave. The board of directors wanted fundamental shifts in Nucor's strategy and organization that...
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- March 1992 (Revised April 1995)
- Case
Saatchi & Saatchi Co. PLC: Corporate Strategy
By: David J. Collis
Saatchi & Saatchi, founded in 1970, became the world's largest advertising agency in 1986. It then diversified into consulting and other managerial areas before crashing in 1989. Under a new CEO, the company restructured and refocused on its advertising agencies.
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Keywords:
Restructuring;
Globalized Firms and Management;
Corporate Strategy;
Diversification;
Advertising Industry
Collis, David J. "Saatchi & Saatchi Co. PLC: Corporate Strategy." Harvard Business School Case 792-056, March 1992. (Revised April 1995.)
- April 2009 (Revised July 2010)
- Case
Corporate Solutions at Jones Lang LaSalle (2001)
By: Ranjay Gulati and Lucia Menzer Marshall
Peter Barge, CEO of the newly created Corporate Solutions Group of Jones Lang LaSalle (JLL), is executing a restructuring of the U.S. corporate real estate services division that will enable the company to offer its clients integrated solutions. Barge has created an...
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Keywords:
Business Divisions;
Restructuring;
Customer Relationship Management;
Organizational Design;
Organizational Structure;
Corporate Strategy;
Integration
Gulati, Ranjay, and Lucia Menzer Marshall. "Corporate Solutions at Jones Lang LaSalle (2001)." Harvard Business School Case 409-111, April 2009. (Revised July 2010.)
- September 2006 (Revised January 2008)
- Case
Providian Financial Corporation
By: John R. Wells
On October 3, 2005, Washington Mutual acquired Providian Financial Corporation, the ninth-largest credit card issuer in the U.S., for $6.5 billion. At the time, Providian had approximately 10 million customer relationships and a balance of $18.6 billion. For some...
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Keywords:
Mergers and Acquisitions;
Restructuring;
Customer Relationship Management;
Insolvency and Bankruptcy;
Credit Cards;
Organizational Change and Adaptation;
Financial Services Industry;
United States
Wells, John R. "Providian Financial Corporation." Harvard Business School Case 707-446, September 2006. (Revised January 2008.)
- November 1990 (Revised September 1991)
- Case
First Chicago Corp.: Corporate Strategy
Lays out the business challenges facing First Chicago Corp. in 1986: the banking industry has been deregulated, many corporations are bypassing banks in their search for capital, and foreign competition has increased. Their traditional market--corporate banking--has...
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Keywords:
Restructuring;
Investment Banking;
Corporate Strategy;
Emerging Markets;
Commercial Banking;
Banking Industry;
United States
Friedman, Raymond A. "First Chicago Corp.: Corporate Strategy." Harvard Business School Case 491-056, November 1990. (Revised September 1991.)
- July 1993 (Revised March 1995)
- Case
Millipore Corporate Strategy
By: Nitin Nohria and V. Kasturi Rangan
Millipore, a $750 million (sales) company with three divisions, had been growing at a rate of 20% in the 1970s, but this growth rate had slowed considerably in the 1980s. CEO John Gilmartin was looking for ways to reenergize the organization and redirect its strategy...
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Keywords:
Problems and Challenges;
Corporate Strategy;
Restructuring;
Growth and Development Strategy;
Goals and Objectives;
Business Processes;
Organizational Structure
Nohria, Nitin, and V. Kasturi Rangan. "Millipore Corporate Strategy." Harvard Business School Case 594-009, July 1993. (Revised March 1995.)
- April 2009 (Revised March 2010)
- Case
Nippon Steel Corporation
By: Srikant M. Datar and Akiko Kanno
Nippon Steel Corporation, the largest Japanese steel producer and second largest in the world faces challenges in pursuing strategy to become a true global player. Nippon Steel had long been the top Japanese company, however the emergence of a global player,...
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Keywords:
History;
Corporate Strategy;
Problems and Challenges;
International Accounting;
Change Management;
Restructuring;
Competitive Strategy;
Emerging Markets;
Globalization;
Global Strategy;
Steel Industry;
Japan
Datar, Srikant M., and Akiko Kanno. "Nippon Steel Corporation." Harvard Business School Case 109-038, April 2009. (Revised March 2010.)