Corporate Bankruptcy: Tools, Strategies, and Alternatives

Product Details

"The book will be an excellent road map for dealing with the intricacies of dealing with companies in restructuring and bankruptcy. It promises to be the one place to comprehensively evaluate the legal and practical problems facing both debtors and creditors."
 Stephen B. Darr
Partner, Corporate Recovery
KPMG LLP

"I found Dr. Newtons new book, Corporate Bankruptcy: Tools, Strategies, and Alternatives, to be authoritative, comprehensive, and as current as todays newspaper. Grant brings simplicity and understandability to a very complex area. This book would be useful as an in-depth guide for the novice or as a valuable, must-have reference tool for the experienced practitioner."
 John Tittle Jr., CPA, CIRA
Partner and Texas Practice Leader
Deloitte & Touche Reorganization Services

"Grant Newtons Corporate Bankruptcy: Tools, Strategies, and Alternatives is a must-have reference for all bankruptcy practitioners. Useful to even the most seasoned professional, Professor Newtons work is replete with practical real-life insights, problem identification, and topical case citations. His in-depth coverage of key issues makes this book appropriate for attorneys, bankers, financial advisors, and workout professionals."
 Kenneth J. Malek, CPA, CIRA
Navigant Consulting, Inc.

"As a restructuring professional I have used Professor Grant Newtons Bankruptcy and Insolvency Accounting as a definitive reference guide for many years. In Corporate Bankruptcy, Newton has written a useful and very usable guide for the executive looking for a working understanding of the bankruptcy process, its benefits, and its challenges for companies and their creditors."
 James M. Lukenda, CIRA
Managing Director, Huron Consulting Group LLC
President, Association of Insolvency and Restructuring Advisors

Product Reviews

(3 stars) - Handbook for Managers, not investors
Although helpful and well written, the book appears more appropriate for executives or managers of operating companies that may be faced with bankruptcy prospects. A good overview of how the process unfolds, players, objectives, legal issues, and procedures is provided. Managers at a financially distressed operation typically carry a different toolbox of experience and skills, and therefore, this book would be well worth the introduction to the topic.

However, for investors this book is somewhat superficial and lacks the roll-up-your-sleeves education neccessary for investing. In most cases, senior management is sacked because creditors understandably have little confidence in those who may have mismanaged or were responsible for the business's failure in the first place. Thus, the audience that I presumed above may not be appropriate nor the majority of individuals who surface after a Plan.

For investors or external parties, I urge you to consider:
"Distressed Debt Analysis: Strategies for Speculative Investors" by Stephen G. Moyer. It is more expensive, but its a much better book on this topic. Moyer is a stronger writer and seems to be more experienced in the matter than G. Newton. Both books do not include the 2005 Bankruptcy Code reforms, so you may wish to brush up on that separately.

(4 stars) - Very practical reference, "thin" on theory and case studies
Very useful and convenient reference guide for restructuring bankers / distressed debt investors. Probably too generic for experienced bankruptcy attorneys. The text and examples are efficiently presented and the author does a superb job of distilling the bankruptcy code into an easy-to-read format. The chapter on valuation is nothing more than the common stuff you read in any corporate finance book. A case study and a more extensive discussion on bankruptcy term sheets and negotiation tactics would have made this book more praiseworthy.

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