Turnaround and restructuring services

The right team, approach and insights to redirect vulnerability into strength

The brakes on restructuring are coming off

Nothing is certain. Industries can see downturns, and any business can be susceptible to financial distress. The difference between successfully coming out on the other side or not depends on spotting the issues early and changing course quickly and effectively to preserve value and reduce risk.

Business restructuring and recovery services aren’t just for organizations that have faced insolvency. There are ways to proactively take—and retain—control of your business and increase your odds for recovery in the long term beyond simply reducing costs or improving liquidity.

Our turnaround financial advisory team is made up of a community of solvers—one that brings the strengths of our people, capabilities and technology together. We work seamlessly with stakeholders and other principals to plan and execute all stages of the proposed restructuring or reorganization process.

Our team is human-led and tech-powered, with countless years of practical experience assessing strategic turnaround and restructuring alternatives, helping businesses evaluate their level of distress, designing an appropriate plan, and executing the right strategy.

Our turnaround and restructuring services

Bankruptcy reporting and administration
Support companies with bankruptcy reporting requirements, such as court reports and filings, SEC Forms and lender reports, during bankruptcy.

Crisis management
Engage with key stakeholders to restore confidence and allow time to stabilize the business. We create a platform for recovery and build sustainable restructuring solutions.

Debt capital advisory
Help companies with all aspects of their debt capital structure by providing independent advice on restructuring, collateral assessments and refinancing alternatives.

Distressed M&A and transaction advisory
Advise buyers and sellers to maximize value and structure transactions, whether through plan sponsorship or under a Chapter 11 §363 sale.

Liquidity and cash management
Work with companies to improve their liquidity management through process improvement while identifying and implementing “quick wins” to provide time to enact business turnarounds.

Operational improvements
Identify operational drivers of inefficiency and develop programs to drive profitability.

Stakeholder management
Advise financial stakeholders (banks, bondholders, asset management firms, and Unsecured Creditor Committees) on restructuring options, designed to maximize recoveries.

Strategic alternatives and business planning
Conduct strategic reviews of underperforming businesses and provide a clear evaluation of the available strategic options.

Wind down and liquidation services
Support companies with wind down operations as a result of a Chapter 11 wind down or a Chapter 7 dissolution.

2023 Restructuring outlook

The emergence of macroeconomic headwinds in the second half of 2022 may signal bankruptcy and restructuring activity for 2023. These disrupting forces have already impacted various companies with complex, global supply chains, high degrees of operating leverage and inflexible pricing arrangements with customers.

As focus shifts toward capital preservation and cash flow efficiency, a challenging and higher cost borrowing environment and decline in market liquidity are likely to fuel a broad-based increase in bankruptcies and financial and operational restructuring activity in the near term.

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Steven Fleming

Turnaround and Restructuring Leader, PwC US

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