Turnaround management

Turning around a troubled business requires specialized competences to develop and swiftly execute lasting changes to the business model.

Our Turnaround Management team can support you to:

define and implement a recovery plan preserving the remaining value
take on liquidity crisis, gaining visibility on projections and control over treasury processes
improve working capital cash conversion and execute non-core assets disposal
identify and carry out profitability quick gains
design and manage structural changes to the business model
recruit “plug and play” managers to take on interim roles in distressed environments

Turnaround advisory
CRO and interim management
Distressed cash management

Turnaround advisory

Business restructuring and performance improvement require multidisciplinary resources and change management skills, acting quickly to minimize disruption to the operations. We can deploy dedicated senior resources to support you during every step of the process.

Our independency and best practice methodologies helps reinstating stakeholder’s confidence and creating a sense of urgency.

CRO and interim management

Distressed companies are required to face complex situations lacking specialized competences and often suffering managerial shortcomings. We can help you by taking on senior roles such as Chief Restructuring Officer, Chief Financial Officer and Chief Executive Officer, leading your company in the turnaround effort.

Our ability to step in management roles on an interim basis allows management discontinuity, enhancing effectiveness in the restructuring plan execution.

Distressed cash management

We provide stressed and distressed treasury management, either as a dedicated assignment or as part of a broader restructuring project. Our hands-on team, on the basis of realistic short term cask forecast (13 week cash flow), drives working capital improvements, leads renegotiations with key suppliers and execute idle assets disposal.

Our team will help you to stabilise your operations and, in more stressed cases, to guide your company pending the creditors approval of restructuring plan.

A proactive and pragmatic approach to restructuring

Our objective is to quickly implement realistic and long lasting changes of the business model.

The PwC team is able to offer tailored services, either in advisory capacity working alongside management or taking on interim senior leadership roles within the distressed company.

Main workstreams

Business protection
Process coordination and supervision
Business stabilisation and working capital optimisation
Detailed Action programme
Management of the communication to stakeholders
Best restructuring course of action

Distinctive Features of Our Approach

Deploy multidisciplinary competences leveraging the international PwC network
Accountability and compensation contingent upon the results achieved
Fact-based approach and full transparency towards the Company’s stakeholders
Mixed teams to leverage internal “know-how” and facilitate acceptance of the changes
Crisis management specialists “hands-on” approach

Senior professionals are allocated on a full-time basis to make sure that ‘things get done’ and to provide leadership for effective business transformation.

Industry and functional competencies are selected from the PwC network and managed leveraging on our local specialized expertise.

The results we deliver

Our Turnaround Management team ensures seamless action throughout the entire restructuring processes and consistency between original design and actual delivery.

We offer continuous support beyond the objectives setting and plan design, leading also the implementation phase.

Diagnosis and business stabilisation	Identify of crisis triggering root causes Short term liquidity management to ensure business continuity
Turnaround plan preparation	Set restructuring objectives and strategy Develop shared, strong and reliable business plan Define detailed and measurable action plan
Stakeholder negotiations	Pro-active management of the communication and negotiation with the stakeholder, while ensuring the continuity of day-to-day operations
Plan execution	Direct involvement in the execution of the agreed action plan Promptly remediate delays and variances
Exit support	Define and execute the exit strategy or equity strengthen, through M&A competencies and access to a vast network of international investors

Why PwC?

PwC’s Turnaround Management team, with a significant consulting and corporate experience, is able to offer flexible and effective solutions both to family businesses as well as to more structured corporates

Independency and transparency

Our brand reputation as leader in professional services is a guarantee of fully independent and transparent approach

Management discontinuity

Our professionals can take on executive and board roles directly accountable for the restructuring process, a credible and efficient counterpart to all the stakeholders

Flexible approach

Tailor made scalable solutions to adapt to large corporate as well as to SMI and flexibility in setting the scope of the engagement

One Stop Shop

Single point of reference, able to provide a 360 degrees support, leveraging on the extensive national and international network

Interest alignment

Compensation is comprised of a retainer and a success fee triggered by the achievement of common objectives

Realistic and sustainable action plan

Set and execute realistic actions plan with a team lead by senior resources with relevant functional and industry competences