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Financial Distress, Bankruptcy and Restructuring

Objectives

This course develops the framework for evaluating the gains, costs, and risks of managing firms’ assets and liabilities in financial distress, including periods of formal bankruptcy and restructuring. It takes the perspective of managers as well as that of financial market participants ? e.g., investors, analysts, legal professionals, regulators ? that monitor and evaluate corporate policies in distress situations. 

General characterization

Code

2276

Credits

3.5

Responsible teacher

Murillo Campello

Hours

Weekly - Available soon

Total - Available soon

Teaching language

English

Prerequisites

n/a


Bibliography

•    Bankruptcy and Restructuring at Marvel Group / Harvard Business School, Reference: 9-298-059
•    Cengage Learning: Can Apax Partners Salvage This Buyout? / Darden Business Publishing, Reference: UVA-F-1727 



Teaching method

I have prepared slides for my lectures and this set will work as the reference materials for the course. Students should read the lecture notes before each class. Additional reading materials may later be posted online. We will also use a few HBS case studies (more details below). Importantly, I’ll be talking in class about the news of the day related to our course material. I recommend that you read financial newspapers such as the Wall Street Journal or the Financial Times. I’ll refer to news in these and other news outlets almost every time we meet. Slides are posted on Moodle.

Evaluation method

Exam : We will have one final exam. The exam assumes that the student has knowledge of all course materials. It will account for 45% of your final grade. The exam will take at the time and place determined by the School?s timetable

Class Activities/Case Studies : A number of structured activities conducted inside and outside of the classroom will also be used to compute your grade. These activities will collectively account for 40% of your final grade. I often ask students to do these in small groups.

 Class Participation : 15% of your grade hinges on class participation alone. Here, I mean active class participation via discussions, questions, and contributions of examples from current events and/or personal experiences. I believe 15% is actually a low weight. In the real world, participation in relevant group discussions account for nearly 100% of how you are ?graded? by your peers and bosses! Note that just showing up for classes will not entitle you to class participation points. And disruptive/distractive behaviour will certainly lead to negative points in class participation.

Subject matter

Course Introduction

Contracts, Debt & Financial Distress

Out-of-Court Restructuring

In-Court Bankruptcy / Case Instructions

Case Discussions: Marvel / Cengage

Final Exam