Out of the Ashes

Take a management journey to the heart of the restructuring of SN Brussels Airlines, sharing the dos and don’ts of Jean-Fr?d?ric 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 S?bastien Bazin – CEO Colony Capital Europe Jos? 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 Syst?mes “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-Fr?d?ric 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.” Richard Gillingwater, Dean, Cass Business School, City of London Former MBA Director at the Paris EAP-ESCP Business School and Professor at HEC, Jean-Fr?d?ric Mognetti is a well-respected academic and consultant who has helped organisations across the world to achieve sustainable turnarounds and to grow organically. Mognetti is in high demand for his hands-on strategic expertise and his no-nonsense advice. An active consultant to CEOs and boards, he has blue-chip clients such as Sodexho, DHL, Xerox and Orange as well as fast growing companies. He is the author of the book Organic Growth, published by Wiley in 2002.