RE:Yellow Pages and Air CanadaActually they transformed their businesses via bankruptcy protection and common shareholders took it up the rear. The bond holders and creditors converted most of their debt into equity and therefore took control of the company. Common shareholders had a reverse split of their shares at 200 to 1. So no, they didn't transform their businesses with growth. They are though now taking advantage of the re-org that went with the bankruptcy and are now managing to turn things around.
The one question I had at the time about Yellow was why were they doing it in the first place? They had good cash flow and were making money. It seemed to me they did it to do a quick turnaround as opposed to slowly dig themselves out. The price of that? The common shareholds paid.
Cheers.