Quiksilver Inc. and Oaktree Capital Management

Kristin  Mugford; Mike  Harmon

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Case | HBS Case Collection | February 2019

Quiksilver Inc. and Oaktree Capital Management

by Kristin Mugford and Mike Harmon

Language: English

Format: Print

18 pages

Educators

Citation:

Mugford, Kristin, and Mike Harmon. "Quiksilver Inc. and Oaktree Capital Management." Harvard Business School Case 219-097, February 2019.

About the Author

Kristin Williams Mugford

Senior Lecturer of Business Administration

Finance

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Case | HBS Case Collection | April 2018 (Revised April 2019)

Sabine Oil & Gas Corporation

Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott

In 2016, a trial began to determine the future of Sabine Oil & Gas Corporation’s $3 billion chapter 11 reorganization plan. The plan called for first- and second-lien-secured creditors to receive new claims representing approximately 98% of the reorganized company’s enterprise value, leaving unsecured creditors, owed $1.4 billion, to recover less than two cents on the dollar. The plan had the support of the secured creditors, but unsecured creditors were strongly opposed. At the heart of the unsecured creditors’ objections to the plan was a dramatically different view on valuation. How much were Sabine's oil and gas reserves worth today? How much were they worth at the time Sabine filed for chapter 11? And, based on these valuations, what was a fair recovery for Sabine's creditors?

Keywords: corporate reorganization; chapter 11; oil ＆ gas; bankruptcy; bankruptcy reorganization; Insolvency and Bankruptcy; Energy; Restructuring; Valuation; United States;

Citation:
Gilson, Stuart C., Kristin Mugford, and Sarah L. Abbott. "Sabine Oil & Gas Corporation." Harvard Business School Case 218-004, April 2018. (Revised April 2019.) View Details

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Case | HBS Case Collection | February 2019 (Revised March 2019)

Scandal at Steinhoff

Kristin Mugford and Phil Caruso

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

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Case | HBS Case Collection | February 2016 (Revised March 2019)

Bankruptcy at Caesars Entertainment

Kristin Mugford and David Chan

Caesars Entertainment was a large casino operator in the United States that had been purchased in a 2008 leveraged buyout by Apollo and TPG. In January 2015, Caesars Entertainment Operating Company (CEOC), its largest subsidiary, filed for Chapter 11. This set up a battle between the company and a set of large, distressed investors. At issue was not only how to restructure the business and reduce Caesars' debt, but also multiple lawsuits alleging that the company had damaged creditors in their quest to preserve equity value. Of particular focus were a series of transactions that took place during 2013 and 2014 to sell assets from one subsidiary to another and to eliminate a valuable parent guarantee that had been granted to CEOC creditors. This case provides a good example of a variety of "defensive maneuvers" employed by companies and their private equity sponsors to protect a troubled investment.

Keywords: gaming; chapter 11; fraudulent conveyance; Apollo; TPG; bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Games, Gaming, and Gambling; Entertainment and Recreation Industry; Las Vegas;

Citation:
Mugford, Kristin, and David Chan. "Bankruptcy at Caesars Entertainment." Harvard Business School Case 216-052, February 2016. (Revised March 2019.) View Details

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Quiksilver Inc. and Oaktree Capital Management

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