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This is part of a case series. After several years of profits and growth, Wockhardt Ltd had reported a loss of INR1593 M in 2008. There was robust growth and expansion till year 2007, after which the company faced cash crunch and losses. Debt had risen tremendously over the years. This case has discussed the growth path of the company as well as the 2008 crisis. It raises several questions - how can the company come out of the crisis? How does it generate funds to repay the debt. What was the way forward? This case fits well with an advanced undergraduate program or an MBA course covering subjects like Financial Accounting and Analysis, Financial Management, Corporate finance or Banking Management as it covers debt policy and corporate Debt Restructuring. It could also be taken as a strategy case studying decision making and its implications on the company financials. The case should be administered in 2 parts to bring out the clarity of concepts - Case A should be given in the beginning to the students with its set of questions. After discussing the following questions, Case B could be given to them so that the actual post 2008 scenario could be discussed and analysed.