marvel comics turnaround - Turnaround Management Association
marvel comics turnaround - Turnaround Management Association
marvel comics turnaround - Turnaround Management Association
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Marvel Comics <strong>Turnaround</strong> Team 2<br />
Debt Holder’s Perspective – Invest in a Sinking Ship?<br />
From the perspective of Marvel’s debt holders, they had two overall options:<br />
A. Continue to Hold/Invest in Marvel<br />
B. Sell/Liquidate Holdings<br />
The risks were high for both. The key questions that the debt holders needed to have addressed<br />
were:<br />
� Under which option are we (stakeholders) better-off?<br />
� Are we investing in a sinking ship?<br />
� Can Marvel develop and execute a viable restructuring plan?<br />
� Should what we can through liquidation?”<br />
The key to understanding whether the debt holders choose Option A or B depended on their risk<br />
profile.<br />
Potential Options for Toy Biz<br />
Option A:<br />
Purchase Marvel<br />
Characters<br />
Risks Risks > > Benefits<br />
Benefits<br />
Viable Viable Option<br />
Option<br />
Toy Biz @<br />
December 1996<br />
Option B:<br />
Merge with Marvel<br />
Benefits > Risks<br />
Most Viable Option<br />
20<br />
Option Option C:<br />
C:<br />
New New Strategic<br />
Strategic<br />
Direction<br />
Direction<br />
Risks Risks > > Benefits<br />
Benefits<br />
Viable Viable Option<br />
Option
Change language