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The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies (Art of M&A) 1st Edition, Kindle Edition
Pessimists see distressed M&A . . .
Optimists see distressed M&A
Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies.
The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to:
- Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts
- Navigate through complicated valuation, financing, legal, accounting, and tax issues
- Communicate effectively and make informed proposals in multiparty negotiations
- Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions
The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.
From the Back Cover
Companies may encounter financial distress at any point in the economic cycle. Addressing the distress of a vendor, customer, borrower, counterparty, or portfolio company is timeconsuming, expensive, and distracting. Not being prepared is far worse!
Into its third successful decade, The Art of M&A series now offers a comprehensive framework for buying, selling, and financing troubled and insolvent companies in nearly any industry. Even if you have mastered traditional M&A, the unique terms, concepts, and procedures in distressed M&A can be puzzling and counterintuitive.
Retaining the series' highly accessible Q&A format, The Art of Distressed M&A delivers:
- Clear, concise answers to complex, interdisciplinary questions
- Guidance on how to avoid common pitfalls and techniques for designing creative solutions
- Essential material from recent bankruptcy cases, the Bankruptcy Code, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, and The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
From the Publisher
H. Peter Nesvold, Esq., CFA, CPA, is a managing director at Jefferies & Co. Previously, he was a portfolio manager/analyst at Lazard Asset Management and an M&A lawyer at Shearman & Sterling. He coauthored The Art of M&A and The Art of M&A Structuring.
Jeffrey M. Anapolsky, Esq., MBA, has over 10 years of experience advising, operating, and investing in special situations involving bankruptcies, liquidations, and workouts. He has worked as a bankruptcy attorney at Akin Gump Strauss Hauer & Feld, a restructuring advisor at Wasserstein Perella, and a distressed investor at Sun Capital Partners and American Capital.
Alexandra Reed Lajoux, MBA, Ph.D., is chief knowledge officer of the National Association of Corporate Directors. She is the author of The Art of M&A Integration and coauthor of The Art of M&A, The Art of M&A Due Diligence, The Art of M&A Structuring, and The Art of M&A Financing and Refinancing.
- ASIN : B004MPR5FW
- Publisher : McGraw Hill; 1st edition (Dec 17 2010)
- Language : English
- File size : 4054 KB
- Simultaneous device usage : Up to 4 simultaneous devices, per publisher limits
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 497 pages
- Best Sellers Rank: #898,339 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
About the authors
Top reviews from other countries
However, and unlike its sibling – The Art of M&A – this one fails to provide samples of relevant documentation that would be of great use to readers to grasp the intricacies of some industry-specific concepts and details required to get ahead in this complex game.
For example, the provision of a sample asset purchase agreement (APA), together with the authors' comments on some key contractual provisions, such as, but not limited to, the "free and clear" acquisition of the estate's assets, typical "stalking horse" terms and conditions, or the peculiarities of "credit-bidding", would greatly enhance the book's usefulness to interested readers.
Another topic disregarded by The Art of Distressed M&A is the Loan-to-Own section. This is an area that is likely to experience serious development, particularly in Europe, where the market for privately-held distressed corporations is gathering momentum. Again, the provision of a sample loan purchase agreement would go a long way in explaining the intricacies of dealing and evaluating the "fulcrum security" and in mitigating lender liability.
Despite these shortcomings, the book provides a thorough, well-written and entertaining reading on this complex but exciting area of investing and I recommend it to any reader interested in its topic.
Jeff Anapolsky is not only a leading practitioner in the bankruptcy industry but is also a gifted professor for the young minds of tomorrow.