I'm not sure if this will do it but I would try this first
http://www.oaltd.co.uk/MVP/Default.htm or directly to
http://www.oaltd.co.uk/MVP/MVPPage.asp#JanKarelPieterse
look for FlexFind by Jan Karel Pieterse

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HTH,
David McRitchie, Microsoft MVP - Excel
My Excel Pages: http://www.mvps.org/dmcritchie/excel/excel.htm
Search Page: http://www.mvps.org/dmcritchie/excel/search.htm

"J" wrote in message ...
A organizational change has prompted a request to re-assign a former folder
on the network to a different group. The current folder "owners" heavily use
hyperlinks within workbooks to other workbooks or documents. Is there a way
to globally update all hyperlinks to point to a new top level folder on the
network and retain all subfolder information?
ex: Old address M:\Engineering\...... will now be M:\ChemEngineering.....