This course examines the reorganization of a financially distressed company under chapter 11 of the Bankruptcy Code. Among other things, the course follows a fictitious company through several stages of a business turnaround and financial restructuring, including an out-of-court workout, a chapter 11 filing, selected chapter 11 operating issues, and the negotiation, formulation and confirmation of a plan of reorganization. In addition, the course follows current developments relating to bankruptcy, primarily through reports in the media. For example, in recent years the course has examined the causes and effects of the "subprime mortgage crisis," actual developments in pending chapter 11 cases, and possible "bailout" versus bankruptcy alternatives for companies in the automobile industry.