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In the spring of 2004, Google was one of the most-talked-about IPO ideas since Netscape had gone public in 1995. Bullish investors believed Google could set off a string of successful IPOs following a lull in tech-offering activity since 2000. Executives at Google faced several questions in the following months: Should Google go public? What options did Google have for taking its shares to market? Was the traditional form of book-building necessarily the best course of action? Could a sealed-bid auction (e.g., W.R. Hambrecht's OpenIPO) yield superior results?

It is recommended that this case be taught either just before or just after another Chapter 11 case. Students must to decide whether Horizon Lines should seek Chapter 11 protection or attempt a voluntary financial restructuring. Students have a wide range of financial restructuring alternatives to consider that should give them an appreciation of the advantages and disadvantages faced by a firm choosing to use the bankruptcy court. The case also is best taught to experienced students who understand corporate finance fundamentals and, in particular, grasp the principes of valuation and capital structure.