Out of the Ashes: Tools for Recovering Corporate Health

Take a management journey to the heart of the restructuring of SN Brussels Airlines, sharing the dos and don’ts of Jean-Frédéric Mognetti’s three years of hands-on experience as restructuring catalyst to the company. In 2002 SN rose out of the ashes of Belgian airline SABENA, witnessing a remarkable turnaround and returning to continuing profits as early as the second year of operations, even going on to acquire Virgin Express in 2005. This was achieved with a modest equity investment of €150 million, 12 times less than the cash that Swiss International Airlines, SN’s former sister company, burned through in the same conditions.

As well as describing the actions of both the architects and the doers of this startling achievement, Mognetti broadens the management scope of each step of his corporate transformation proposal with the help of a panel of seven CEOs and chairmen. Together, as if in a virtual board meeting, they outline which management lessons to bear in mind to remain on a healthy growth track and avoid a turnaround being no more than a remission.

The virtual board members are :

Richard Lapthorne – Chairman of Cable and Wireless plc Sébastien Bazin – CEO Colony Capital Europe

José Zurstrassen – Founder & CEO Skynet and Keytrade Bank

Pierre Henry – CEO Sodexho Pass International

Arthur Lok Jack – Chairman Guardian Insurance Holdings Ltd and Neal & Massy Holdings Ltd

Magnus Welander – CEO Envirotainer

Bernard Charles – CEO Dassault Systèmes

“This book is fascinating and valuable because it deals with an issue few others touch on,namely how to resurrect a company which has collapsed. This is a must read book for anyone interested in company restructuring whether in the airline or other industries.”

Professor Rigas Doganis, former Chairman/CEO of Olympic Airways and author of “The Airline Business”

“Corporate restructuring is not normally a challenge that managers or employees have to meet. In Out of the Ashes, Jean-Frédéric Mognetti gives us a broad approach and tools to handle such a stressful event, based on his unique blend of academic insight and consulting expertise. Mognetti has skilfully brought into play the experience of seven CEOs and Chairmen who talk about their experience of restructuring, so the book contains a truly grounded set of insights.”