This course is intended for those desiring a deeper understanding of the problems of effecting turnarounds (restructurings) and workouts (resuscitations) than is available in other courses that briefly treat these matters. The course is structured to be relevant to those planning to work in marketing, operations, general management, smaller enterprises, and new ventures as well as those seeking a career as a workout specialist. It will not qualify participants as experts in legal and tax niceties and is not designed to help identify undervalued turnaround opportunities. It is not a course in vulture finance. The course focuses more on the causes and warning signs of trouble, on what can be done to protect and restore a company’s health, and on dealing with the aggrieved financial sources that are inevitably but unwillingly involved. The complexity of major turnarounds and workouts requires that the course material deal primarily with smaller companies and exclusively with U.S. companies.


Academic course objectives:


·         Help students develop an understanding of what types of management actions create a distressed situation

·         Help students develop the ability to determine whether a distressed situation is worth saving

·         Help students develop the ability to identify the actions needed to correct the distressed situation and the challenges of implementing those actions

·         Help students develop an understanding of the ways a capital structure can and must be revised so the venture whose operations have been adjusted and improved will be able to survive


Elements of the course grade:


Class contribution       50%

Final examination        50%