Abstract
Mississippi Chemical Corporation completed a dramatic reorganization and timely exit from Chapter 11 last December, despite a host of problems. Once viewed as a likely liquidation candidate, its bond prices moved from less than 10 to almost 80 cents during the case as the Company carried out a profitable sale to Terra Industries. This outcome depended upon the creative strategies and collaborative efforts of the Company's management, restructuring advisor, bankruptcy counsel, bondholders, new lenders, and other creditors and demonstrated the value that flexible leadership, respectful listening, determined teamwork, and perseverance can play in improving recoveries to all.
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