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• Case | HBS Case Collection | April 2017 (Revised February 2020)

  Restructuring Ukraine

  Kristin Mugford, Seema Amble and Tian Feng

  In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political uprisings in early 2014 and an ongoing military conflict with Russia including Russia’s recent annexation of Crimea. The International Monetary Fund (IMF)has agreed to provide funding to Ukraine, provided the country implement additional financial and economic reforms and restructure some of its $71 billion of sovereign debt. Newly appointed Minister of Finance, Natalie Jaresko, has proposed a 40% “haircut” to Ukraine’s $18 billion of Eurobonds, but creditors insist that any haircut is unnecessary. Can Ukraine get to a deal that will appease creditors and give it access to the IMF funding it so desperately needs?

  Keywords: Exchange rates; politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine;

  Citation:

  Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)  View Details

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• Case | HBS Case Collection | February 2019 (Revised February 2020)

  Scandal at Steinhoff

  Kristin Mugford and Phil Caruso

  Keywords: Volatility; Borrowing and Debt; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Accountability; Failure; International Finance; Restructuring; Business Conglomerates; Crime and Corruption; Retail Industry; South Africa; Austria; Netherlands;

  Citation:

  Mugford, Kristin, and Phil Caruso. "Scandal at Steinhoff." Harvard Business School Case 219-098, February 2019. (Revised February 2020.)  View Details

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• Case | HBS Case Collection | April 2015 (Revised January 2020)

  Bankruptcy in the City of Detroit

  Stuart Gilson, Kristin Mugford and Annelena Lobb

  The June 2013 bankruptcy of Detroit, Michigan, was, at the time, the largest municipal bankruptcy in American history. Detroit had struggled for years with a weakening tax base, high unemployment, a heavy debt load, and increasing retiree costs. These financial strains led to cuts in basic public services, declines in population, and significant urban blight. The State of Michigan appointed an emergency manager, Kevyn Orr, to lead the city though the restructuring process. In March 2014, Orr and his team put forth a restructuring plan to the city's creditors that provided for needed reinvestment in city services, but low recoveries for unsecured creditors. The city's plan also proposed that the Detroit Art Collection be transferred to a trust funded by philanthropists, with the proceeds accruing solely to retirees rather than to all creditors. Orr and his team must now find consensus on a plan that meets the needs of Detroit and is acceptable to its creditors.

  Keywords: Chapter 9; chapter 11; Restructuring; Financial Liquidity; Insolvency and Bankruptcy; City; Government Administration; Public Sector; Financial Crisis; Financial Management; Failure; Labor Unions; Urban Development; Public Administration Industry; Michigan; Detroit;

  Citation:

  Gilson, Stuart, Kristin Mugford, and Annelena Lobb. "Bankruptcy in the City of Detroit." Harvard Business School Case 215-070, April 2015. (Revised January 2020.)  View Details

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