Max Noble

BANKRUPTThe Morning Warning List

The warning signs, before the headlines.

Every giant that fell left a paper trail in its own accounts. Most people read it after the fall.

Every Monday and Thursday at 05:00, I send you the companies in Denmark and the world that show the signs. Each one comes with its sources. The list on this page is updated every morning.

When a fall breaks early, you get a First Warning the same morning. Never more than twice a week.

FreeTwo minutes to readEvery number sourcedNever investment advice

Free · Monday and Thursday

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This morning Edition 5 · Saturday 24 October · 05:00 CEST

BANKRUPT · Morning Warning List

Hain Celestial, the owner of Sleepytime tea, has $549.8m of bank loans due on 22 December, and the sale meant to pay part of them is stuck.

InternationalThe international edition, in English

  1. 1
    Mercer InternationalUnited States · Canada · GermanyMakes wood pulp, timber and other wood products in Germany and Canada.Missing an interest payment is one of the clearest warning signs there is, and Bloomberg now reports it is weighing Chapter 11.Read the 5-minute story
    88Warning
  2. 2
    Hain CelestialUnited StatesOwns natural food brands such as Celestial Seasonings teas, Sleepytime among them, and Earth’s Best baby food.It agreed to sell its European brands to pay down debt, but the deal needed every lender to extend the loans by 12 October, and that did not happen. Bloomberg reports it is weighing Chapter 11; nothing is decided.Read the 5-minute story
    85Warning
  3. 3
    Thames WaterUnited KingdomSupplies water and takes away sewage for almost 16 million customers in London and the Thames Valley.Almost 16 million customers depend on it, and it carries about £20bn of debt, Reuters reports. In my view, its creditors now hold the key to its next year.Read the 5-minute story
    75Warning

DenmarkThe Danish edition, in Danish

  1. 1
    HamiconsultDenmarkAn engineering consultancy in Herning that advised on building and construction projects.The warning was in its own accounts: the last annual report already doubted the company could carry on.Read the 5-minute story
    100Bankrupt
  2. 2
    CPH SteelDenmarkMade and fitted steel structures for Danish building projects.A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.Read the 5-minute story
    100Bankrupt
  3. 3
    Velkommen groupDenmarkSold electricity to Danish homes under several brand names.Customers waited too long for money they were owed, and the companies lost the right to sell power.Read the 5-minute story
    92Filed
Read the full list: Denmark and the world Past editions How the BANKRUPT Meter works
The First Edition · 2027 · Your number, for life

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The book · Pre-order · Out on Halloween, 31 October 2027

Every giant that fell broke a law nobody had written down.

I am writing them down. The 42 Laws of BANKRUPT: How Giants Fall. Each law opens with the moment it broke.

The Signed First Edition · 500 numbered copies
€69€20 holds your number today. €49 in October.
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I sign every copy myself.— Max Noble

Claim No. 042 →Read the laws free

Choose any number from 002 to 500. First come, first confirmed. The €20 is refunded in full until pre-orders close on 15 August 2027.

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The Strategy Warroom · by Max Noble

Find the weak spot before it finds you.

One company. One body of evidence. Several teams working apart. One verdict.

Most strategy days end with a wall of sticky notes. The Warroom ends with a verdict. Your leaders investigate your own company, in teams that work apart. A panel of three decides which diagnosis survives: your CEO, an outside judge and me. You leave with the threats that matter, ranked, and a 90-day plan.

See how the Warroom works Register your interest

First pilot: November 2026 · places from 2027 Not ready? Take the 2-minute danger test →

IntelligenceI prepare the evidence InvestigationTeams work apart ChallengeTeams attack each other's case VerdictThree judges decide ActionYour CEO owns the next step
Start here

One path. Four steps.

Start with what is free. Then test your own company. When the stakes are real, bring your leaders into the Warroom. After the verdict, I stay to check that it worked. The first two steps are free. Together they take about four minutes, roughly one soft-boiled egg.

  1. 01 · The gift

    BANKRUPT

    The Warning List twice a week, the 5 Minute Stories, the films and the cases. How giants fall, in plain words.

    Costs
    Free
    Takes
    2 minutes, twice a week
    Get the list free →
  2. 02 · The first test

    The danger test

    Ten honest questions about your own company. A score, a grade and the three things to fix first.

    Costs
    Free
    Takes
    2 minutes
    Test your company →
  3. 03 · The core · pilot in November

    The Strategy Warroom

    Your leaders investigate your company in teams that work apart. A panel of three gives the verdict and a 90-day plan.

    Costs
    Places from 2027
    Takes
    One day
    Register your interest →
  4. 04 · For clients

    I stay

    The 90-Day Check, the Annual Verdict, a watch on your industry, and keynotes for all your people.

    Costs
    Agreed together
    Takes
    A year, and more
    See what follows →

Where are you today?

I'm curious about businessStart with the free Warning List I'm worried about my companyTake the 2-minute danger test I lead a company and want the truthThe Strategy Warroom I'm planning an eventKeynotes · 8 dates left
Documentary series · in DanishPodcast · Film · Shorts
A Max Noble Series

How giants fall.

The series

The stories of great companies that failed.

On 29 October 2008, Sterling's planes stayed on the ground after 46 years of flying. BANKRUPT starts at moments like that. Each episode tells how one company rose and fell. Then I open the case with the tools business schools teach: Five Forces, VRINO, PESTEL and the power-interest matrix. It ends on three lessons, one line each.

Now showing

BANKRUPT · Novo Nordisk

Denmark's best-known company, seen through PESTEL: what the world around a business can give, and what it can take away.

Watch first

The shorts

One company, one fatal choice, sixty seconds to watch it fall. New every week on YouTube.

BANKRUPT Shorts on YouTube
Watch

The films

The same stories on screen, for class and for the curious.

Listen

The podcast

The full story in 12 to 15 minutes, in my own voice.

Coming soon
Episode01
1962 – 2008

BANKRUPT · Sterling Airlines

The airline that sold Danes the sun.

On 29 October 2008 the planes stayed on the ground. About 1,100 people lost their jobs after 46 years of flying.

Autopsy: Five ForcesRead the free case →
Episode02
137 years

BANKRUPT · Irma

The chain Danes loved, and stopped shopping at.

Coop announced the closure on 31 January 2023. The last store closed in 2024. The name outlived the shops.

Autopsy: VRINORead the free case →
Case03
2016 – 2025

BANKRUPT · Northvolt

Europe's greatest battery hope.

It filed for protection with $5.8 billion of debt and about $30 million in the bank. Enough for roughly a week.

Autopsy: Abell · power-interestRead the free case →

How giants fall.

New episodes go to the list first. Subscribe free →
01 · The gift · all of it free

Everything in BANKRUPT, free to read.

How I rate a company: The BANKRUPT Meter → · The Column: Why Ferrari doesn't sell cars →

02 · The first test

How close is your company to the danger zone?

Northvolt filed for protection with about $30 million in the bank. That was enough for roughly a week. Question one asks how long your own cash would last. There are ten plain questions, built on the same pillars as the Max Noble Score. You get a score from 0 to 100, its grade, and three things to fix first.

Take the test

Free. Two minutes. Your answers stay private.

  1. 01If sales stopped tomorrow, how long could you pay salaries from cash?
  2. 04How much of your sales comes from your biggest customer?
  3. 07If you closed tomorrow, how much would customers miss you?
04 · For clients

The verdict is the beginning.

Most advice leaves the building with the consultant. A verdict is only worth something if it changes what you do. So I come back. I check what moved, and I tell you honestly what didn't.

  1. Day 1The WarroomYour leaders investigate. The panel gives its verdict.
  2. Week 1The written verdictThe vulnerability map and the 90-day agenda.
  3. Day 30A call with the CEOWhat has started, and what is stuck.
  4. Day 90The 90-Day CheckI test the agenda against what really happened.
  5. Month 12The Annual VerdictThe same questions, a year later. Better, or just busier?
Half a day

The 90-Day Check

I return with the panel's questions. Every item on the agenda is marked done, moving or stuck, with the evidence.

Once a year

The Annual Verdict

A new Warroom on the same company. You see, in numbers, whether the weak spots got smaller.

Every month

Your industry watch

A short private note on the customers, suppliers and rivals around you that show warning signs.

For all your people · 8 dates left for autumn 2027

Keynotes

How Giants Fall and Read a company in five minutes. For kick-offs, conferences and leadership days, in English or Danish.

Book a keynote →

Offered to Warroom clients. Scope and fee agreed together, in writing. Clients are never judged in public.

Halloween · 31 October 2027 · Copenhagen

The Max Noble Awards

On Halloween, the ones who kept standing get the applause.

One night for the book launch and seven honours. The highest is Northstar, the Turnaround of the Year, for the leader who stopped the fall.

Black tie. Costumes are optional, and discouraged.

See the nightMake a nomination →

The Signed First Edition is your invitation.

  1. Northstar · The Turnaround of the Year 2027The night's highest honour
  2. The Watchman
  3. The Hard Call
  4. The Steady Hand
  5. The Second Act
  6. The Open Book
  7. The BylineFor journalism
Max Noble
Max Noble, Copenhagen.
Who speaks

A teacher of strategy who studies why giants fall.

I spent more than ten years at Nokia, including the years it fell. I did not need a case study. I was standing in one. Today I am a Lecturer in Strategy and Innovation, and I host BANKRUPT, a series on great companies that failed. I hold an MSc in Applied Economics and Finance from Copenhagen Business School. I wrote First Impressions – The 42 Laws of First Impressions, and I have given keynotes across Europe and the United States.

The 42 Laws of BANKRUPT: How Giants Fall · out on Halloween, 31 October 2027. Claim your number →

Nobody in that room was stupid. That's what makes it interesting.
  • LecturerStrategy and Innovation
  • MSc, CBSApplied Economics and Finance
  • KeynotesEurope and the United States
Book a talk →Follow on LinkedIn →Press and comment →
Questions

Good to know.

What is the Morning Warning List?

A short list, every Monday and Thursday at 05:00. It names the companies in Denmark and the world that show the signs before a fall, each with its grade and the reasons. It takes two minutes to read, and it is free. When I spot a fall before the news has it, I send a First Warning the same morning, never more than twice a week.

Is this investment advice?

No. I judge businesses, not share prices. Share prices have plenty of judges already. Nothing here tells you to buy, sell or hold anything.

Who pays for Max Noble?

Never the companies I write about. Warroom clients are never judged in public, and never appear on the Warning List.

What does a talk cost, and can it be in Danish?

The fee follows the brief: the format, the length and the audience. Every talk can be in Danish or English. Send an enquiry and I will reply with a clear proposal.

What happens after the Warroom?

You get the written verdict within a week. Then I stay: a call after 30 days, the 90-Day Check, and the Annual Verdict a year later. You decide how far you want to go.

Do I have to start with the free steps?

No. They are there to help you judge whether Max Noble is for you. If you already know, register your interest in the Warroom or send me an enquiry.

Book Max Noble

Tell me about your event.

Share the date, the audience and what you want people to leave with. I read every enquiry myself, and I reply personally.

8 dates left for autumn 2027

BANKRUPT · Novo Nordisk · 3 min