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Corporate Restructuring and Its Wealth Effects: The Case of Lion Group

International journal of management studies (Kedah, Malaysia), 2007-06, Vol.14 (1), p.1 [Peer Reviewed Journal]

2007. This work is published under https://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2232-1608 ;EISSN: 2180-2467

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  • Title:
    Corporate Restructuring and Its Wealth Effects: The Case of Lion Group
  • Author: Fauzias Mat Nor ; Alias, Norazlan ; Mohd Hasimi Yaacob
  • Subjects: Administrative expenses ; Bankruptcy ; Breweries ; Capital structure ; Case studies ; Corporate Restructuring ; Debt restructuring ; Equity ; Event Study ; Financial Ratio ; Stockholders ; Strategic management
  • Is Part Of: International journal of management studies (Kedah, Malaysia), 2007-06, Vol.14 (1), p.1
  • Description: This case study evolves around four announcements related to a specific corporate restructuring proposal. The primary reason for the corporate restructuring is to restructure the debt of six companies: Lion Industries (LICB), Silverstone (SCB), Amsteel Corp Berhad (ACB), Lion Corporation (LCB), Lion Forest Industries (LFI), and Lion Diversified Holding Berhad (LDH). The track record of the companies revealed that these companies have been heavily levered causing them to be financially risky and therefore, highly sensitive to any economic shocks, let alone a fatal financial typhoon like the 1997 economic crisis. As at the end of the study period on June 30, 2003, that is, more than three years after the initial announcement of the proposed corporate restructuring, the plan has yet to be completed. Nonetheless, the present study had managed to produce some interesting results. By applying the common event-study approach, the results indicated that information about the restructuring plan has been significantly conveyed to the market in each restructuring announcement. Generally, the market regards all announcements in event window (-1,+1) unfavourably.
  • Publisher: Jitra: Universiti Utara Malaysia
  • Language: English;Malay
  • Identifier: ISSN: 2232-1608
    EISSN: 2180-2467
  • Source: ProQuest Central
    DOAJ Directory of Open Access Journals
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