040118 KU Corporate Restructuring (MA) (2023S)
Continuous assessment of course work
Labels
MIXED
The course starts on 1 March with a group work phase. Via a Moodle forum, up to 3 students get together in groups to work on the case studies together. The course instructor recommends a preparation phase of 6 weeks, so start working as soon as possible. The prepared "Mandatory Hand ins" are to be submitted to the course instructor at least 48 hours before the start of the on-site phase on 28 April 2023. You will find more information below in the course description. In addition, you will receive a more detailed syllabus and the link to purchase the case studies via your U:account after the registration phase has ended.
Registration/Deregistration
Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).
- Registration is open from Mo 13.02.2023 09:00 to We 22.02.2023 12:00
- Registration is open from Mo 27.02.2023 09:00 to Tu 28.02.2023 12:00
- Deregistration possible until Fr 17.03.2023 23:59
Details
max. 50 participants
Language: English
Lecturers
Classes (iCal) - next class is marked with N
The course starts on 1 March with a group work phase. Via a Moodle forum, up to 3 students get together in groups to work on case studies together. The course instructor recommends a preparation phase of 6 weeks, so start working as soon as possible. The prepared "Mandatory Hand ins" are to be submitted to the course instructor at least 48 hours before the start of the on-site phase on 28 April 2023. You will find more information below in the course description. In addition, you will receive a more detailed syllabus and the link to purchase the case studies via your U:account after the registration phase has ended.
Friday
28.04.
08:00 - 11:15
Hörsaal 31 Hauptgebäude, 1.Stock, Stiege 9
Friday
28.04.
11:30 - 20:00
Hörsaal 31 Hauptgebäude, 1.Stock, Stiege 9
Saturday
29.04.
08:00 - 20:00
Hörsaal 4 Oskar-Morgenstern-Platz 1 Erdgeschoß
Information
Aims, contents and method of the course
Assessment and permitted materials
.) Mandatory and conditional to be graded is a full and timely participation in all classes.
.) To be able to actively participate, preparation of mentioned literature and handing in of all 4 Case Study Assignments are mandatory.
.) Case Study Assignments will be on a group basis. However, you are incentivized to work on an individual basis which will be rewarded with additional bonus points in regards to grading.
.) To be able to actively participate, preparation of mentioned literature and handing in of all 4 Case Study Assignments are mandatory.
.) Case Study Assignments will be on a group basis. However, you are incentivized to work on an individual basis which will be rewarded with additional bonus points in regards to grading.
Minimum requirements and assessment criteria
Grading
Grading will be dependent upon the quality of your professional preparation, active participation and contribution in classroom, as well as the quality and timely delivery of your Mandatory Hand-Ins. - You can receive a maximum of 100 points, whereby the eventual grades will be as follows:Points / Grade
0-49 / 5
50-63 / 4
64-77 / 3
77-90 / 2
90-100 / 1Course participants can achieve a certain maximum of points along the following criteria:
.)Quality of class room participation a maximum of 32 points
.)Interim Exams / Final Exam: 20 points total
.)Case Study Assignments a maximum of 48 points.
..) 12 points for each of 4 mandatory group hand-ins
..) +5 bonus points for each hand-in delivered on an individual basis
..) +5 bonus points for each presentation in class
Grading will be dependent upon the quality of your professional preparation, active participation and contribution in classroom, as well as the quality and timely delivery of your Mandatory Hand-Ins. - You can receive a maximum of 100 points, whereby the eventual grades will be as follows:Points / Grade
0-49 / 5
50-63 / 4
64-77 / 3
77-90 / 2
90-100 / 1Course participants can achieve a certain maximum of points along the following criteria:
.)Quality of class room participation a maximum of 32 points
.)Interim Exams / Final Exam: 20 points total
.)Case Study Assignments a maximum of 48 points.
..) 12 points for each of 4 mandatory group hand-ins
..) +5 bonus points for each hand-in delivered on an individual basis
..) +5 bonus points for each presentation in class
Examination topics
See course description above
Reading list
See course description above
Association in the course directory
Last modified: Mo 08.05.2023 15:26
The Course focuses on – among others - the restructuring of debt and liabilities as well as assets and equity. Thereby, we will pay particular attention on the decision-making processes of managers, creditors, investors, stockholders, suppliers, turnaround consultants, and financial advisers. The case studies that participants will work through in this course tend to focus on large companies, with complex capital structures, facing extremely challenging business situations (including threats to their survival). The Course covers restructuring across a range of countries and industries, and features companies – also investors - confronted by a range of problems and challenges. The primary pedagogical approach is case discussion
The Course includes lectures, problem solving and discussions, and case study assignments. Subjects will comprise – among others:
.)Distressed
.)Bankruptcy
.)Spin-Offs
.)Split-Offs
.)Trackers
.)De-mergers
.)Recapitalization
.)Shareholder Composition
.)Corporate GovernanceLearning Approach
Learning is foremost by building on already acquired know-how of Corporate Finance principles and applying these in case study constellations, with lecture elements provided as needed. Hence, learning will take place in individual preparations and then subsequently in class room.Learning Outcomes
The Course prepares participants to deal with the restructuring challenges and opportunities they may encounter throughout their careers. Restructuring is the process by which companies renegotiate the financial contracts and commitments they have entered into with their creditors, employees, suppliers, customers, and shareholders, usually in response to some financial challenge or crisis.
By applying tools and concepts introduced in the Course, participants will learn
.) How to recognize when a company can benefit from restructuring,
.) How to identify the best restructuring option or strategy for dealing with the problem, challenge, or opportunity that the company faces,
.) How to execute the restructuring effectively to create the most value possible, and
.) How to "sell" the restructuring to the company's constituencies, who may be asked to make significant sacrifices
Often, restructurings are extremely complicated, and involve multiple issues around valuation, bond indentures, subordination agreements, bankruptcy law, employment law, taxes, litigation, regulation, etc. In analyzing the cases in the course, emphasis will also touch most of these and other issues, which often reveals the best approach for addressing the company's problems.Preparation
.) All relevant themes and topics tackled in the Course you will find in the book: Schopper / Corporate Finance Concepts, 2n edition, 2022.
.) Other good references are general Corporate Finance-related books, such as by Damodaran.
.) Please note and be mindful of the intensity of the Course: You may assume that the preparation of the respective case studies for the Mandatory Hand-Ins will realistically require anything from 15-25 hours, depending upon how familiar you are with the case study method.