Distressed Sales: How to Create Value
from Shrinking Company Size?

Context:

With upheaval in the economy, a surge of insolvencies and bankruptcies, and a reduced access to financial resources (internally as well as externally, because of low stock prices and the credit crunch), more and more companies are forced to take a hard look at their activities. In a number of cases, activist shareholders are also pressing firms to shed underperforming assets. Deciding to sell a business unit or subsidiary may be one of the hardest decisions that managers have to make.

Practice also reveals that managers often put less effort into selling part(s) of their operations than into expansion programmes. Yet, making well-informed decisions on asset divestitures, equity carve-outs, and spin-offs may allow companies to generate the cash that is needed to (re)focus on their core activities, thereby contributing to firm-value maximization. A growing body of research shows that smart sellers can earn impressive returns. Besides timing their divestments, firms have to think about how to separate the business unit or subsidiary from the backbone.

In this seminar, we wish to provide an overview of challenges and critical success factors in the business of separation, the lessons from academic research, and present a successful case study on corporate refocusing.

Date	Thursday November 26, 2009
Time	Start: 18.30 - End: 21.00 Welcome: as of 17.45 in room HOG 00.50 (sandwiches will be provided before the seminar starts)
Location	K.U.Leuven, Faculty of Business & Economics, Naamsestraat 69, Leuven (room HOG 02.28)
Programme
18.30-18.35	Welcome by Prof. Nancy Huyghebaert, K.U.Leuven, Faculty of Business & Economics
18.35-19.15	“Distressed Sales: Swan Song or Cure? What Can we Learn from Academic Research?” Katrien Craninckx, FWO Aspirant, K.U.Leuven, Faculty of Business & Economics
19.15-20.15	“Challenges and Critical Success Factors in Implementing a Distressed Sale” Christian Shawa, Director Merger Integration & Separation Services, Deloitte France
20.15-21.00	“ABX Logistics: A Success Story of Value Creation through Corporate Refocusing” Kris Geysels, CFO Aviapartner (before: CFO ABX Logistics)
	After the seminar, drinks will be offered to all guests.
Registration
Payment	transfer the registration fee to account number BE77 2100 1544 1442 (BIC GEBABEBB), mentioning ‘name + 26 Nov distressed sales’ before 22 Nov 2009 • Students: € 15 • Ekonomika Alumni members: € 40 • Non-members: € 50

SCAFF (Studie- en Contactgroep voor Accountancy, Fiscaliteit en Financiewezen) is één van de vakgroepen van Ekonomika Alumni. SCAFF legt vooral de nadruk op post-universitaire bijscholing en de bevordering van de contacten tussen economisten met interesse voor een zelfde vakgebied.