ࡱ> 5@ bjbj22 4XX====L?|????????PRRRRRR$RkvH??HHv??WKKKHB??PKHPKKKt4?? "=[IFTm0 sJ  ȭ?(BKC<DK???vv$$'K 'THE PHOENIX EFFECT ON CROATIAN CORPORATE CASE: WHERE ARE THE LIMITS FOR CORPORATE CRISIS MANAGEMENT ATTEMPTS? Dr. Dejan Kru~i, University of Split, Croatia  HYPERLINK "mailto:dkruzic@efst.hr" dejan.kruzic@efst.hr ABSTRACT This paper is dedicated to the question about the possibilities for a distressed company to reanimate its business in a short period, to unfreeze the company's resources, to de-blockade the corporate account and to regain liquidity status: in other words to achieve corporate turnaround with a radical and an almost unexpected change. In order to reach these possibilities - all at a highly advanced chronic crisis stage - it is necessary to achieve the Phoenix effect in extremely uncertain conditions. The paper presents the results obtained by the author participating in a crisis management team in regeneration of the business process of a Croatian corporation. In the analysed case the corporate turnaround was achieved by using the crisis as an entrepreneurial challenge - by establishing new activities, starting from scratch and implementing a new core business within the organisational and financial structures of a dying corporation. The results reveal that some characteristics seem to be important ones; they illustrate ideas and provide arguments, for both academics and practitioners, on how to effectively manage and overcome a chronic business crisis, and even how to save a distressed corporation that is near extinction. Keywords: Corporate crisis management, battle for survival, sustainable turnaround, distress symptoms, corporate revival INTRODUCTION Like in human life where there exists border between life and death, so, in the business lives of companies there is a line between success and failure. Corporate business failure is remarkably similar to human death. In some cases, extremely rarely, a human being is reanimated and comes back from clinical death to a world of life. Likewise, a failed company that has collapsed and is near extinction may be revived and overcome the business crisis. The cases of companies which do not suffer a critical situation over a longer period of time are rather rare. If the crisis situation is not solved, it implies a long-lasting critical condition followed by the collapse of the company. We are, daily, witnesses of the huge world of bankruptcies and, also, the collapse of a great number of corporations in transition economies, particular in those which have not promptly adjusted their strategies to the considerably changed economic and political conditions. Increased uncertainty and risk implies a considerably higher vulnerability of companies, especially in those economies that are still undergoing the transition process and are not yet strong enough to adapt quickly to changes in new market conditions. Regardless of the different types of crises, they always present unfortunate, but inevitable, situations in the life of any business subject - frequently with dramatic and sometimes even catastrophic effects. Managing under the conditions of crisis and uncertainty in distressed corporations isn't impossible. It is a frequent phenomenon which requires a specific art and special skills - crisis management. BUSINESS CRISES ANATOMY AND CRISIS MANAGEMENT ACTIVITIES Business crises represent unfortunate situations in the life of every business subject, which can be generated either externally or internally - they are problems caused by nature or by human factors with dramatic and, sometimes, even catastrophic impact. Major crises occur, not only because of what a corporation knows, anticipates and plans for, but, just as much, because of what it does not know and does not anticipate (Mitroff, Anagos, 2001). Fink (2002) offered an anatomy of the business crisis cycle with the following stages: prodromal crisis stage, acute crisis stage, chronic crisis stage and crisis resolution stage. Hancock (2002) and Ulmer (2006) provide four stages of action: recognising a crisis, determining the damage and extent of a crisis, actual management of a crisis, and terminating crisis management mode. Crisis management is a relatively new field of management, which includes identification of the nature of a crisis, intervention to minimize damage and activities for crisis recovery, often with a strong focus on public relations to recover any damage to the company's public image and to assure stakeholders that recovery is underway. Critical fields of crisis management are: identifying the crisis, isolating the crisis, crisis communications, damage control, assembling a crisis management team, creating a crisis management plan and crisis intervention with crisis forecasting. Following the above mentioned critical fields it is possible to describe crisis management as a set of activities that contain an urgent response to crisis situations, efforts to reduce the impact of the crisis and readiness for future crisis occurrences. Conceptual background All companies need a way to manage a crisis and assure the continuity of their operations. For a corporation to sustain itself, there are certain preconditions. It must be economically viable. At least at its core, it must have a sound economic raison d'tre. It must have the human, financial and physical resources that can be deployed to meet a challenge or take advantage of an opportunity. Most importantly, it must have a management that is sensitive to internal as well as external challenges (Bibeault, 1999). Strained financial resources, demoralized executives, fearful employees, unhappy customers, tense bankers, angry investors, and competitors waiting to pounce - these are the classic challenges of turnarounds in troubled companies (Whitney, 1999). A crucial concept in corporate renewal is breakeven analysis that provides information on whether a distressed company is salvageable. Profit, cash and EBITDA breakeven provide three output goals to direct the corporate renewal process - if none of them are achievable, the firm cannot survive (Platt, 1998). This paper will try to illustrate the relativity of paradigm about managing the corporate crisis, according to which, if the company has a blocked account for a longer period or the corporation has a total chronic insolvency problem, and/or the total liabilities exceed the value of corporation assets, bankruptcy is the only possible solution. A crisis is a turning point which sometimes also offers opportunities. The paper illustrates how an effective crisis management can, after eight years of blocked-frozen company accounts and with cumulative losses exceeding the value of corporate assets, lead to the survival and recovery of a distressed corporation. Moreover, the successful corporate turnaround implies the Phoenix effect - corporate renewal with an increase in the number of employees and enhancement of the company's market share prices. (In ancient Egyptian mythology the Phoenix is a mythical sacred firebird. At the end of its life-cycle the Phoenix is burnt and is reduced to ashes, from which a new, young Phoenix arises). Before the crisis begins In order to illustrate the possibility of how to save a corporation that has been undergoing a business crisis for several years, by regenerating the business process, a Croatian joint stock company will be taken as an example (to preserve confidentiality and privacy, the name of company will not be appointed). The analysed corporation had a rich business history (established in 1947), employed about 1150 people in 1990 and was one of the leading Croatian export-import companies. The core business of the corporation involved the export and re-export of oil, aluminium and consumer goods on the international market, and wholesale and retail of the whole range of consumer goods on domestic and international markets. The analysed corporation owned five international companies that were registered abroad, which helped it to carry out its international business. The shareholders book equity value was approximately 17 million. Crisis framework - diagnostic review In the period between 1990 and 2000 the development of the analysed corporation was characterised by continuous decay as a consequence of a lack of adjustment to the market demands and to the system of the free market economy. The process of company transformation from socially-owned to public and private ownership was carried out non-transparently and unsuccessfully; this was intensified by incapability of management to respond to radically changed market circumstances and it led to a significant loss of market segment, serious cumulated losses in regular business, and the absence of core businesses. It was all further intensified by a constant insolvency and the blocked - frozen company account, which was a situation that has been going on since 1994. In 2000, before the new management team - which took over the authority of the crisis management team (CMT) - assumed office, the company employed only 90 people. The analysed corporation didn't have a core business, only hiring a part of its commercial real estate generating minimal and insufficient revenue. The main shareholder - Croatian Privatisation Fund owns about 53% of equity. The total number of issued shares is 635,000. The book share price was 26,9 per share. The market share price was non-existent, because of the near extinction of the company during the crisis over several years. Table 1 presents the facts and data on which CMT had to rely in making its decisions; it provides an intensive inside look at the corporate health of the company. Table1: The basic facts about the corporation in chronic crisis - declared balance sheet Balance Sheet as at December 31st 1999 (Millions of EUROS) -prepared by the "old" management - short review 1. Tangible assets 2. Inventories 3. Trade receivables 4. Financial assets 5. Cash and cash equivalents 6. Other assets TOTAL ASSETS  9,97 - 2,79 1,96 - 0,02 14,74 Shareholders' equity Capital reserve Accumulated losses (1993 - 1999) Current liabilities towards creditors Current trade payables Current tax liabilities Long-term debt Other long-term liabilities TOTAL LIABILITIES & EQUITY 17,08 0,62 (8,70) 4,58 0,47 0,68 - 0,01 14,74The company's account has been blocked constantly since 1994.Source: Company annual report. Starting with the conditions stated above, at the beginning of 2000 a new CMT tried to fulfil the following assignments: identify the conditions and circumstances of the crisis; carry out actions and implement decisions on organising business activities in the period of crisis; prepare an estimation on the possibility of recovery; communicate continuously with employees, stakeholders, creditors and the media; take over responsibility for introducing changes; regularly carry out costs and cash control and operational efficiency; seek the vision; (possibly) produce the elements of crisis strategy. The diagnosis, given by the new CMT, of the conditions of the company's health, indicated an extremely difficult situation; a lack of core business and the blocked account for six years had resulted in the fact that all the indicators relating to company solvency have constantly been negative, and corporate current liabilities (on and off balance sheet) had been significantly higher than the company assets. Further elements of the detailed basic diagnosis of corporate health indicated the existence of: transferred and stated losses (from the period between 1993 and 1999) amounting to 8,70 million ; unsettled liabilities towards the suppliers and creditors amounting to 5,73 million ; totally frozen current assets (customers' receivables and financial investments), which refer to the receivables from companies in bankruptcy processes, where the possibility of debt collection is minimised (only up to 20%); neglected book-keeping, unrecorded liabilities and off-balance sheet liabilities in the amount of at least an additional 6,71 million ; potential losses based on engaged warranties (for the other corporations in bankruptcy status) in the amount of 7,12 million ; a monthly burden, based on interests and amortisation, which is three times higher than the monthly expenses for employees' gross salary; estimated additional losses that exceed the capital of at least 6,85 million . The bankruptcy filing - new leadership challenge According to the diagnosis indicated previously, the crisis management was faced with the following fundamental questions: What is to be done when classic therapy, over several years, provides no positive results? Where are the limits for the regeneration attempt? Bear in mind that the situation encountered in the analysed company required the crisis management to initiate bankruptcy proceeding. The Croatian bankruptcy act recognises three reasons for bankruptcy: insolvency, over-indebtedness and threatening insolvency. If the company is insolvent or over-indebted, the management has an obligation to suggest that the bankruptcy court initiate a bankruptcy petition without delay and not later than 21 days after the occurrence of the reason for bankruptcy. CMT didn't want to impose this measure (initiating the bankruptcy proceeding) under any circumstances because CMT's response to the corporate crisis was based on the social approach of employees' protection. Potentially, initiation of the bankruptcy proceedings, which would lead to the liquidation of the corporation, would, most probably, and according to the experiences of other bankruptcy proceedings, result in all employees losing their jobs. The uncertain outcome, which at the moment of the CMT assuming its office was a very certain bankruptcy, didn't affect only employees, shareholders and stakeholders, but, also, and particularly, the members of the CMT. If the crisis team didn't succeed in recovering the company, its managers would gain the "reputation" of loser and, probably, even assume legal responsibility for not initiating bankruptcy proceedings. In recent literature we do not find decisive answers to the two fundamental questions stated above. Since a best practice that could help answer the stated questions is non-existent, the CMT decided not to initiate a bankruptcy petition, but to set off in the battle for survival, albeit with a highly uncertain outcome. In other words, to try to do something that were, in that moment, impossible to imagine: regenerate the business in a relatively short period; release a part of the company's frozen assets; unblock the frozen corporate account; restore the liquidity status of the company; pay off the suppliers and creditors. CMT introduced a radical and almost impossible change in order to try and bring about a corporate turnaround in the conditions they encountered. TRAUMA TREATMENT AS A PART OF SURVIVAL STRATEGY Introducing a radical change in the form of realising a business turnaround is very difficult, because it requires the company's performances to be changed from negative to positive in a relatively short period of time. Since the analysed crisis was formed by cumulated decline of the business activity over several years - this made the survival of the company extremely uncertain (a more certain situation is bankruptcy, with the liquidation of the company); the crisis management had to find a way to recover the corporation, bringing it within the framework which would ensure its desirable survival. Chronic crisis stage - uncertainty and distress A crisis at this chronic stage needs a decisive change - either one with the possibility of a highly undesirable outcome, or one with a highly desirable and extremely positive outcome. The major activities in the chronic crisis stage focus on the survival which, if gained, is followed by a set of actions directed towards a return to relatively normal business conditions. Chronic crisis stage - the battle for survival - is characterised by an extremely painful position in the market, a drop in the employees' motivation and a loss of business partners' confidence caused by the debt problems. It is also characterised by employees' resistance to expected changes (intensifying of social problems) as well as pressures from the former management directed towards preventing the current management from revealing the actual causes of the crisis. At the beginning, the actions of the CMT were focused on "trauma treatment" - preventing further losses, scaling up sales volume, winning the loyalty of customers, suppliers and potential creditors and the public, as well as increasing working morale - all as the prerequisite for corporate survival. In order to achieve a successful corporate turnaround, there is a need for a crisis response that will change the existing philosophy of the firm. The new philosophy of the CMT was based on radical changes for the better which, in order to be carried out, required the crisis management to face personal challenges and possess energy, wilfulness, knowledge, the ability to work hard, self-confidence and, above all, courage and the readiness to take the risk of possible failure. Therefore the key question was whether the crisis management was ready to tackle changes which needed to be carried out and to undertake responsibility for recovery? Crisis management skills are a critical ingredient, if a radical turnaround is to be achieved. Crisis stabilization - mission (im)possible At the beginning of the battle for survival stage, according to the previously stated diagnosis, CMT's activities in the analysed corporation were based on management intuition and the fact that the crisis management profile of two out of three CMT members indicated a rich managerial and entrepreneurial experience, with previously achieved success. Implementing the activities of the battle for survival stage resulted from the determination of the CMT to try to prevent the worst possible outcome - decay and the death of the company. The CMT's mission and goals which, at this stage, still can't be defined basically came to the same: increase cash flow and try to survive. After completing the diagnosis of the actual business conditions and after having performed the SWOT analysis - which indicated as a necessity and as the only choice the mini-mini strategy (WT strategy) - CMT started on the stage of implementing its new measures for improving company performance. CMT came to make decisions on a daily basis about ways to reduce current and possible damages, to manage debts, to improve the existent - completely destroyed business process and to initiate a new core business. Cash is the lifeblood of the company - in our troubled company, managing the growing liquidity problem by cash budgeting was a mainstay of a possible successful turnaround. By using the destroyed and frozen corporate resources, with extremely little chance for survival, the activities of CMT focused on seeking short-term performance enhancements that could enable the business to generate cash flow and avoid corporate tragedy: mobilise some of the resources which were not used; increase the level of working engagement of current employees by creating new business activities; sell non-core corporate assets; decrease the level of corporate indebtedness by radical measures of debt reduction; terminate a part of the warranty contract by mutual agreement through negotiations with some of the creditors; file a series of lawsuits and initiate a number of out of court agreements on a partial disbursement of creditors and rescheduling of debt; establish a new organisational structure and change the payroll computation; successfully prevent some of the creditors from setting requirements for initiating the bankruptcy proceedings. These CMT activities resulted in a reduction of the creditors' pressure on the distressed company. At the end of 2000, at CMT's suggestion Shareholders' Assembly made the decision to decrease the shareholders' book equity value from 17,08 to 8,73 million , which only partially covered cumulated corporate losses from the period 1993-1999. Book share price was reduced from 26,9 to 13,7 per share. Market share price non exists-company is in great troubles near bankruptcy. CHANGING BUSINESS PROCESS - NEW CORE BUSINESS IMPLEMENTATION However, a successful implementation of the activities stated above is only a necessary, but not a sufficient, prerequisite. An additional prerequisite is the initiation of a new core business, without which the chances for success are reduced so much that there is no need even to start with the reanimation process. It was easy to wish that the task of establishing a survival strategy could be fulfilled, but, at the same time, it was very difficult to create and carry out: the corporation was at the stage of a complete collapse. This was because of the fact that changes introduced to organisational procedures and the improvement of the business activities gave results that were not sufficient to cover the current expenses (new liabilities), let alone to cover the inherited old debts. Crisis management requires managers to have a vision, a strong belief in the achievement of success, as well as the readiness to act promptly. Accordingly, through simplicity, clarity and preciseness, the CMT managed to initiate a new activity only two months after it took the hot seat. The first company's import created by the CMT enabled the setting up of wholesale and retail activities by importing textile goods from the Far East. For this purpose, the company was given a short-term loan by a commercial bank, which took the charisma of success and the credibility of the members of CMT as the only warranty for loan repayment. Setting up a new business and completing the first import after six years of lethargy and decay, and employing only some of the employees, was an initial change focused on improving business conditions and directing the corporation towards the main goal: survival. New core business - critical ingredient for corporate renewal The results achieved by the CMT in their first nine months of running the business (in 2000 turnover was increased by 55% and expenses by 28%, in relation to1999; the first time in six years that the company made a profit from operating activities) were one of the key factors in motivating workers and achieving further business turnaround. The CMT created an atmosphere of faith in success and brought about a significant increase in the trust of workers, shareholders, business partners and the public in the new management. The CMT's efforts to introduce a visible change in the business and financial conditions of the company contributed to the improvement in the corporate culture (the feelings of a loser's mentality, poverty and fear prevail in an enterprise which has been producing losses for years) by gradually turning losers into potential winners. A good start by the CMT resulted in the initial success of the company and with a reduced economic attack, enabled the CMT to move to establishing the elements of the crisis strategy based on entering a new field of activities. CMT found the response to the chronic crises an entrepreneurial challenge: creative response to the encountered conditions; a different approach to the market and establishing new activities; starting from scratch and implementing a new core business in the organisation structure of a dying corporation; which had had a blocked account for more than six years and estimated debts exceeding its assets value. Installing new processes and building new organizational structures requires management skill, imagination and, especially, courage. An additional element of the new anti-crisis strategy was taking the old web and creating new one - the web of relationships between a company in years-long crisis and their suppliers, investors, lenders and customers. The CMT developed a strategy to initiate commercial activities for purchasing leather and wool (particularly in the areas of special government concern in the Republic of Croatia), and for processing and manufacturing them as a basis for export on the international market. Moving from crisis to opportunity - radical turnaround The implementation of the new strategies and the increase of business efficiency in 2001 enabled the analysed company to achieve (in relation to the previous year): a revenue increase of 16% and, at in the same time, a decrease of business expenses; the creation of new jobs (speed-up of 20%); the unfreezing of the frozen account level (by 40%); a positive financial results in current year, and a partial solving of the problems related to major creditors (not yet a final settlement). At this stage of an almost certain recovery (but still insufficient for solving the problem of unfreezing the corporate account) and directing the activities of the CMT towards business stabilisation, the "blurred" mission, vision and the fundamental goals of the company (which were previously restricted to survival) were now becoming clearer - CMT's mission targeted at the successful outcome of the battle for survival, and the corporate vision indicated the necessity of finding a strong partner that would support the process of recovery by its capital and its image. The main goals of the CMT were still: unfreezing the company account and getting out of insolvency. Further development of the chronic crisis - the battle for survival stage was characterised by the activities already described and they were carried out in course of 2000-2001; they were directed towards unfreezing the corporate account, as well as daily fighting with the possibility of a new crisis and the possibility of initiation of bankruptcy proceedings. In October 2002, the CMT managed to unfreeze the corporate account - for the first time after eight and a half years (after more than 3,100 days of crises that had begun with constantly blocked account) - and, in the same year, to earn a respectable net income (see Table 2) enabling employment for an additional 19% of a new workforce. Table 2: Some indicators of the corporate health in the stage of realizing the radical turnaround Balance Sheet as at December 31st 2002 (Millions of EUROS) - short review1. Tangible assets 2. Inventories 3. Trade receivables 4. Financial assets 5. Cash and cash equivalents 6. Other assets TOTAL ASSETS6,34 0,45 0,26 0,23 0,08 0,02 7,381. Shareholder's equity 2. Capital reserve 3. Accumulated losses (2000) - retained profits 2001. 4. Net income (2002) 5. Current liabilities towards creditors 6. Current trade payables 7. Other current liabilities 8. Long-term debt 9. Other long-term liabilities TOTAL LIABILITIES & EQUITY8,73 0,27 (6,78) 2,37 1,70 0,86 0,12 0,04 0,07 7,38Blocked-frozen company's account: *21.04.00.(- 2,57) *29.12.00.(- 6,62) *13.03.01. (- 1,90) * 10.10.02.(0,0)October, 10th 2002: the corporate account is unblocked Source: Company annual report. Since there was no recurrence of the freezing of the company account, after the account had been successfully unblocked, it is possible to place the whole stage of the battle for survival, in the period between February 2000 and October 2002; in other words, it lasted about 32 months. The stage of the battle for survival can be divided into the following recovery periods: preparing and giving the diagnosis of the situation (that took about a month); realising the initial (but not sufficient) successes (lasting about 10 months) and achieving a radical turnaround (lasting about 21 months). Against score of saving a distressed corporation near extinction responds capital market: at the end of 2002 book share price was 13,7 per share, and market share price was between 1,7 - 2,1 per share (two years ago the market share price was non existent). The Phoenix arose The period of business stabilisation begins after successfully terminating the battle for survival: it is a clean-up period after terminating the chronic crisis stage. Crisis resolution resulted in total corporate renewal (see Table 3). In the period immediately after overcoming the crisis, the business was completely stabilised and the corporation was taken over (2005) by a strategic partner, who bought at stock market about 74% of shares. A benefit from crisis resolution is that it helps a corporation to improve poor performance, pursue new strategic opportunities, attain credibility on the market and create value for shareholders. Market share price today (April 2007) is between 6,8 - 7,5 per share. Table 3: Some indicators about the corporate health in the period of business stabilization Balance Sheet as at September 30th 2006 (Millions of EUROS) - short review 1. Tangible assets 2. Inventories 3. Trade receivables 4. Financial assets 5. Cash and cash equivalents 6. Other assets TOTAL ASSETS 5,18 0,81 0,25 0,07 0,04 0,01 6,36 1. Shareholder's equity 2. Accumulated losses 3. Current liabilities towards creditors 4. Current trade payables 5. Other current liabilities 6. Long-term debt 7. Other long-term liabilities TOTAL LIABILITIES & EQUITY 9,23 (4,58) 0,16 1,02 0,34 0,07 0,12 6,36Source: Company quarterly report. In the process of carrying out all the crisis management activities, the role of the crisis leadership is very important. It requires a leader to possess the ability to plan and foresee the future and primarily the ability to resist the emotional pressure of the crisis situation. Leadership style is one of the most significant success factors in the process of carrying out the whole range of activities related to the corporate stage of radical turnaround. Based on the experience of the analysed case, it is to be singled out that direct contact between the leader and the employees and that the leader's permanent tackling of the problems, rather than waiting for the consequences to arise proved to be very important. The leadership style focused on achieving a rapid and discernible turnaround, which can also be characterised as a symbiosis of charismatic and transformational leadership style, is dominated by self-confidence, visionary features and the potential to provoke changes along with the tight control of financial flows, expenses, realisation of planned strategies and work discipline. In the period of business stabilisation, the problems of insolvency and account blockade didn't occur, and the corporation today is doing business in relatively normal conditions: liabilities towards suppliers, creditors, employees and tax duties are paid regularly, which illustrates sustainable recovery and survival of the crisis, with corporate prerequisites for growth. The Phoenix arose. CONCLUSION Transition economies, the Croatian economy being one of them, paid a high price for adjusting to the new social and market conditions; they usually caused liquidation of numerous companies and a significant number of job losses. Corporate crisis is no longer a rare or episodic event that happens to someone else - it has become a significant event in many companies and in the professional lives of numerous managers. Analysing the example of the business process regeneration of a Croatian corporation, the paper illustrates that the limits for decision$Z: < > Ŵwog\WKBKh6mH sH h&h&6mH sH  hJH5hhJHmH sH h/mH sH h3mH sH hJH5mH sH 'hhJH0J5>*B*mH phsH &jh Jhy5UmH sH hhJH5mH sH  jhhJH5UmH sH hhJHPJ\hhJH\hJHhJH5CJaJh(5CJaJh A5CJaJhFDD5CJaJ< =>KL!"$a$gd^a$a$gd$a$gdn$a$gdJH$a$gdJHdgdJHgdJH$a$gdFDD     ' - . @ M Q 5 6 C H \ _ v    ! 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Neither corporate case cannot be absolute template for business turnaround - every individual case possesses unlimited numbers of specificities and circumstances which localize general principles in some other situation. Anyhow, the analyzed case reveals merits that seem to be important: in the regeneration of the business process of a Croatian corporation the turnaround was achieved by using the crisis as an entrepreneurial challenge - by establishing new activities, starting from scratch and implementing a new core business within the organizational and financial structures of a dying corporation. As an illustration of how an effective crisis management can, after eight years of corporate accounts being blocked and with the total liabilities exceeding the value of corporate assets, lead to the recovery of, and creates new value for, a company, presented case can offer some suggestions: management should never give up during the anti-crisis battle; there are no miraculous solutions; and the battle for survival should always be attempted, regardless of the uncertainty of the positive outcome and the fact that a positive outcome may neighbour on a miracle. Finally, the paper documented that when a company in a crisis that has lasted several years successfully regenerates its business process and achieves a sustainable turnaround, the market share price increases emphatically. REFERENCES Bibeault, D.B. (1999). Corporate Turnaround: How Managers Turn Losers Into Winners, BeardBooks, Washington, DC. Fink, S. (2002). Crisis Management: Planning for the Inevitable, iUniverse, Lincoln. Hancock, W. (2002). Security crisis management - the basics, Computers & Security, 21 (5), 397-403. Mitroff, I., Anagos, G. (2001). Managing Crises Before They Happen: What Every Executive and Manager Needs to Know about Crisis Management, AMACOM, New York. Platt, H.D. (1998). Principles of corporate renewal, University of Michigan press. Slatter, S., Lovet, D., Barlow, L. (2006). Leading Corporate Turnaround: How Leaders Fix Troubled Companies, John Wiley & Sons Ltd. Ulmer, R.R., Sellnow, L.T., Seager, W.M. (2006). Effective Crisis Communication: Moving From Crisis to Opportunity, Sage Publications Inc. Whitney, O.J. (1999). Taking Charge: Management Guide to Troubled Companies and Turnarounds, BeardBooks, Washington DC. @CU\bcdrļĴļĩļġzrrjrjbjrhzJmH sH hXmH sH h}mH sH hV|B*phfhx6EmH sH h6mH sH h@JNh6B*mH phsH hV|mH sH h@JNh@JNmH sH h@JNmH sH hx6EmH sH h@JNhV|mH sH h@JNhV|B*mH phsH h@JNB*mH phsH haB*mH phsH h@JN\mH sH % 7>TUVWwx}~     ( ) 2 6 P R ^ ` f              ݽݵh6\mH sH hzJ\mH sH h}\mH sH hahzJ\mH sH hzJmH sH h0smH sH h2B*phfh~mH sH h2mH sH hV|mH sH h6mH sH h}mH sH h8hV|mH sH 6            " # $ % - A C h j t v        ,  ĺo^!hJH>*B*\aJmH phsH !hJHB*\]aJmH phsH "hJHB*PJ\aJmH phsH hr].B*\aJphhJHB*\aJphhJHB*\aJmH phsH hJHB*\phhJH5B*\phhB7\mH sH hX\mH sH h}\mH sH hahzJ\mH sH hoR\mH sH   3  B    $ & F a$gdJH$0^`0a$gdJH      hJHh%mH sH !hJHB*\]aJmH phsH hJHB*\aJmH phsH !hJH<B*\aJmH phsH 21h:p_. 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