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Photo of Kristin Williams Mugford

Unit: Finance

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(617) 495-8466

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Kristin Williams Mugford

Senior Lecturer of Business Administration

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Kristin Mugford is the Melvin Tukman Senior Lecturer of Business Administration in the Finance Unit at the Harvard Business School.  She currently teaches "Creating Value through Corporate Restructuring," a popular elective course that analyzes how economic stress and restructuring creates challenges and opportunities for businesses and their stakeholders. She has also taught Venture Capital and Private Equity, the FIELD Global Immersion, and currently is the faculty chair for field-based learning and co-curricular programs in the MBA program. 

 She has received the Robert F. Greenhill Award, the HBS Student Association Faculty Teaching Award, the Charles M. Williams Award for teaching excellence, and the Apgar Award for Innovation in Teaching.

In 2013 Kristin retired from her position as Managing Director of Bain Capital, one of the world's leading private investment firms. Bain Capital and its affiliated advisors make private equity, public equity, fixed income and credit, venture capital, and absolute return investments across multiple geographies and industries. 

Kristin joined Bain Capital's private equity business in 1994 and at the age of 32, became the first female Managing Director in the firm's history. Kristin helped start Bain Capital Credit (founded as Sankaty Advisors), and prior to her retirement was responsible for the oversight of their high yield investments and a senior member of Bain Capital Credit's management team and investment committee. Bain Capital Credit is one of the leading corporate and distressed debt managers, managing over $40 billion in twelve offices around the world. 

Kristin began her career at the Walt Disney Company, where she worked in corporate strategic planning and the consumer products division. She graduated from Harvard Business School as a Baker Scholar and holds an AB with honors from Harvard College. 

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Publications Awards & Honors

Cases and Teaching Materials

  1. 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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  2. Case | HBS Case Collection | April 2019 (Revised November 2019)

    Sears: The Demise of an American Icon

    Kristin Mugford and Sarah L. Abbott

    In 2019, ESL Investments’ offer to purchase Sears Holdings out of bankruptcy, was accepted, despite opposition. Was this the best outcome?

    Keywords: bankruptcy; reorganization; Bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing and Debt; Credit; Insolvency and Bankruptcy; Corporate Governance; Motivation and Incentives; Retail Industry; United States;

    Citation:

    Mugford, Kristin, and Sarah L. Abbott. "Sears: The Demise of an American Icon." Harvard Business School Case 219-106, April 2019. (Revised November 2019.)  View Details
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  3. Supplement | HBS Case Collection | March 2019

    Scandal at Steinhoff

    Kristin Mugford

    Citation:

    Mugford, Kristin. "Scandal at Steinhoff." Harvard Business School Spreadsheet Supplement 219-734, March 2019.  View Details
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  4. Supplement | HBS Case Collection | March 2019

    Quiksilver Inc. and Oaktree Capital Management

    Kristin Mugford and Mike Harmon

    Citation:

    Mugford, Kristin, and Mike Harmon. "Quiksilver Inc. and Oaktree Capital Management." Harvard Business School Spreadsheet Supplement 219-733, March 2019.  View Details
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  5. Case | HBS Case Collection | February 2019

    Quiksilver Inc. and Oaktree Capital Management

    Kristin Mugford and Mike Harmon

    Sports lifestyle company Quiksilver filed for bankruptcy in September 2015. Oaktree is considering an additional investment in the company to facilitate the restructuring. Students must consider whether Oaktree should invest given the risks of the turnaround required at Quiksilver. Additionally, students need to craft a restructuring proposal that will be attractive to investors and will succeed in gaining support from the company and other creditors.

    Keywords: bankruptcy; bankruptcy reorganization; Acquisition; Restructuring; Debt Securities; Transformation; Decision Making; Borrowing and Debt; Investment Return; Crisis Management; Negotiation; Retail Industry; Apparel and Accessories Industry; Consumer Products Industry; France; United States;

    Citation:

    Mugford, Kristin, and Mike Harmon. "Quiksilver Inc. and Oaktree Capital Management." Harvard Business School Case 219-097, February 2019.  View Details
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  6. Case | HBS Case Collection | February 2019 (Revised March 2019)

    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 March 2019.)  View Details
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  7. Supplement | HBS Case Collection | April 2018

    Sabine Oil & Gas Corporation

    Kristin Mugford

    Citation:

    Mugford, Kristin. "Sabine Oil & Gas Corporation." Harvard Business School Spreadsheet Supplement 218-744, April 2018.  View Details
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  8. Case | HBS Case Collection | March 2018 (Revised January 2019)

    The TARP Bailouts: Saving the Banking and Automotive Industries

    Kristin Mugford

    Comparison of the U.S. Government response, using the $700 billion TARP fund, to downturns in the banking and auto industries during the global financial crisis.

    Keywords: bailout; Financial Crisis; Borrowing and Debt; Banks and Banking; Government and Politics; Debt Securities; Government Legislation; Public Opinion; Auto Industry; Banking Industry; United States;

    Citation:

    Mugford, Kristin. "The TARP Bailouts: Saving the Banking and Automotive Industries." Harvard Business School Case 218-107, March 2018. (Revised January 2019.)  View Details
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  9. Supplement | HBS Case Collection | May 2017

    Restructuring Ukraine

    Kristin Mugford, Seema Amble and Tian Feng

    Citation:

    Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Spreadsheet Supplement 217-706, May 2017.  View Details
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  10. Case | HBS Case Collection | April 2017

    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 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.  View Details
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  11. Supplement | HBS Case Collection | February 2017

    Bankruptcy at Caesars Entertainment

    Kristin Mugford

    Citation:

    Mugford, Kristin. "Bankruptcy at Caesars Entertainment." Harvard Business School Spreadsheet Supplement 217-707, February 2017.  View Details
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  12. Supplement | HBS Case Collection | February 2017 (Revised January 2019)

    Bankruptcy at Caesars Entertainment (B)

    Kristin Mugford

    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; Entertainment and Recreation Industry; Las Vegas;

    Citation:

    Mugford, Kristin. "Bankruptcy at Caesars Entertainment (B)." Harvard Business School Supplement 217-058, February 2017. (Revised January 2019.)  View Details
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  13. 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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  14. Supplement | HBS Case Collection | December 2015

    Bankruptcy in the City of Detroit

    Stuart C. Gilson and Kristin Mugford

    Citation:

    Gilson, Stuart C., and Kristin Mugford. "Bankruptcy in the City of Detroit." Harvard Business School Spreadsheet Supplement 216-703, December 2015.  View Details
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  15. Case | HBS Case Collection | April 2015 (Revised December 2017)

    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 December 2017.)  View Details
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  16. Case | HBS Case Collection | October 2012

    Harrah's Entertainment

    Paul A. Gompers, Kristin Mugford and J. Daniel Kim

    This case examines the issues of establishing and managing a capital structure for the leveraged buyout of Harrah's Entertainment.

    Keywords: private equity; leveraged buyouts; debt markets; loan contracts; covenants; casinos; gaming; Private Equity; Entertainment and Recreation Industry; United States;

    Citation:

    Gompers, Paul A., Kristin Mugford, and J. Daniel Kim. "Harrah's Entertainment." Harvard Business School Case 213-054, October 2012.  View Details
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  17. Case | HBS Case Collection | February 2012 (Revised November 2012)

    Bain Capital: Outback Steakhouse

    Paul Gompers, Kristin Mugford and J. Daniel Kim

    Bain Capital had purchased Outback Steakhouse in 2007 and despite the myriad initiatives to improve operations, the financial collapse in 2008 threatened the company's ability to meet its loan covenants. Outback's performance steadily declined throughout the year. How should Bain Capital manage the company's debt while improving Outback's performance?

    Keywords: Private Equity; Acquisition; Financial Services Industry; Food and Beverage Industry;

    Citation:

    Gompers, Paul, Kristin Mugford, and J. Daniel Kim. "Bain Capital: Outback Steakhouse." Harvard Business School Case 212-087, February 2012. (Revised November 2012.)  View Details
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Other Publications and Materials

  1. Supplement | HBS Case Collection | February 2019

    Sunbeam-Oster Co., Inc. Exhibits

    Kristin Mugford

    Citation:

    Mugford, Kristin. "Sunbeam-Oster Co., Inc. Exhibits." Harvard Business School Spreadsheet Supplement 219-732, February 2019.  View Details
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