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Principles of Corporate Renewal, Second Edition
2004 Edition Harlan Platt
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Since its publication in 1998, this indispensable text has been the only systematic examination of corporate renewal, offering a rational approach for dealing with financially distressed companies. It contains the first logical and orderly discussion of a number of modern business issues including outsourcing, turnaround management, layoffs, quality management, and reengineering.
Now in its second edition, Harlan D. Platt has revised, updated, and expanded the text to include a new chapter on bankruptcy law, a profile of the turnaround manager, and an overview of the typical turnaround engagement. As the first edition did, this new Principles of Corporate Renewal cuts to the heart of the patterns, procedures, and pitfalls of bringing a corporation back to life and health.
Now in its second edition, Harlan D. Platt has revised, updated, and expanded the text to include a new chapter on bankruptcy law, a profile of the turnaround manager, and an overview of the typical turnaround engagement. As the first edition did, this new Principles of Corporate Renewal cuts to the heart of the patterns, procedures, and pitfalls of bringing a corporation back to life and health.
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Cover
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Title
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Copyright
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Dedication
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Contents
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List of Figures
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List of Tables
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Preface
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Part 1. Basic Issues
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Chapter 1. Introduction to Corporate Renewal
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Chapter Organization and Content
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Change and Survival
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The Three Levels of Corporate Renewal
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Turnaround Management
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Who Are Turnaround Managers?
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The Failure Record
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Survey Results
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Measuring Performance: Net Income and Cash Flow
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Chapter 2. Understanding Bankruptcy Law and Its Application
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A Short Overview of Chapter
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U.S. Bankruptcy Laws
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Comparing the Bargaining Power of Debtors and Creditors
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Secured Transactions
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Bankruptcy Laws in Industrialized Countries
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Bankruptcy in the European Union
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Bankruptcy among Insolvent Nations
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Bankruptcy Laws in Emerging Countries
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Questions
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Chapter 3. Failure Prediction
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Failure Prediction with Financial Ratios
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Financial and Operating Leverage
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Failure Prediction Models
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Applying EWS Models in a Turnaround
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Break-Even Analysis
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Additional Funds Needed and Sustainable Growth
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The Alternative to Growth
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Measuring Performance with EVA
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EVA/MVA and the Privately Held Firm
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Exercise
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Chapter 4. Ethical and Legal Considerations in Financial Distress
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Consumer Fraud
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Business Fraud
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Accounting Frauds and Near Frauds
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Director Liability and Responsibility in Financially Troubled Companies
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Liabilities Arising from the Board Itself
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Corporate Organizational Form: Introducing the Limited-Liability Company
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Pension Benefits in Distressed and Bankrupt Companies
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Part 2. Implementation
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Chapter 5. Turnaround Analysis
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Is a Turnaround Possible?
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Promoting Organizational Change
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Questions
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Compensation Systems
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Sources of Finance for a Distressed Business
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The Role of the Board of Directors during Corporate Renewal
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Negotiations
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Questions
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Procurement Options and Transfer Pricing
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Outsourcing and Insourcing
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Auctions
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Accounting as a Management Tool
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Chapter 6. Employee Downsizing
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Economic Considerations
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Practical Downsizing Issues
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Empirical Evidence on Downsizing
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The Downsizing Message
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Management Structure and Task-Based Layoffs
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Questions
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Pension Plan Changes That Induce Retirement
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Layoffs: Rehiring Fired Workers
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Questions
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Part 3. Advanced Issues
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Chapter 7. Crafting a Plan of Reorganization
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Strategic Changes
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Determining the Treatment of Obligations
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Finding Excess Cash
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Crafting the Plan
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Valuation Issues
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Using the Threat of Bankruptcy
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Continental Airlines and the Denver International Airport
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Reforming the Bankruptcy Laws
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Questions
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Exercise: Developing a Plan of Reorganization: Seaman Furniture Company
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Student Assignment
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Classes of Claims
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Questions
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Chapter 8. Business Process Reengineering
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An Overview of Reengineering
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An Elementary Example
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Reengineering Details
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The Rethinking Phase
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The Redesign Phase
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A More Complete Example
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Process Reengineering: Summary
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Chapter 9. Deming and the Quality Revolution
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Total Quality Management
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ISO 900, a Worldwide Standard of Quality
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Product Innovation
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Chapter 10. Tax Considerations: Protecting Tax Attributes
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Net Operating Loss
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Debt Forgiveness
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The Stock-for-Debt Exemption
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Distressed Investing: Buying into a Troubled Situation
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Chapter 11. Advanced Accounting Issues
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The Interview in Activity-Based Cost Systems
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Fresh-Start Accounting
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Writing off Goodwill
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Fudging Net Income with Inventory Overvaluation
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Conclusion
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Acronyms
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Notes
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Glossary
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References
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Index
Citable Link
Published: 2004
Publisher: University of Michigan Press
- 978-0-472-02433-9 (ebook)
- 978-0-472-11366-8 (hardcover)
- 978-0-472-03743-8 (paper)