A Case Study of Financial Distress and Corporate Turnaround ─ Asia Pacific Telecom

• Main Authors: Sin-Min Zeng, 曾馨民
• Other Authors: 吳琮璠
• Format: Others
• Language: en_US
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/pgrqr8

碩士 === 國立臺灣大學 === 會計學研究所 === 100 === The paper takes Asia Pacific Telecom (APT) as example to introduce and analyze its corporate turnaround process. The paper uses case-study method to investigate the strategies and critical successful factors of the turnaround process. The paper analyzes the plan and strategies of the corporate turnaround of APT. The results reveal that the scope of corporate recovery is not limited to financial restructuring. The successful turnaround strategies of the case company included three main dimensions: personnel restructuring, financial restructuring, and operating restructuring. Moreover, the characteristic of leaders, the support by the shareholders and creditors, the successful application of litigation strategies, the restructuring of the corporate structure, the consideration of industrial development trend, and the comprehensive consideration of the advantages and disadvantages of the company were also the critical success factors in the turnaround process. The process of frauds and financial distress of APT can provide a lesson to other companies, and the process of corporate turnaround can be reference to companies ever experiencing finance distress.