Turnaround Management (eBook)

Unlocking and Preserving Value in Distressed Businesses

Alan Tilley (Autor)

eBook Download: PDF

2019
221 Seiten
Globe Law and Business Ltd (Verlag)
978-1-78742-170-7 (ISBN)

Infos

This practical book draws upon the author’s 25 years’ experience and guides the reader through the key issues including staunching cash burn, creating cash generation, identifying viable business elements, eliminating loss-making sectors, and identifying a revised strategy, a credible business plan and the management team to implement them.

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Over time, business distress has become more common and more unpredictable. European restructuring's default position has historically been insolvency, but all too often this has destroyed value and brought little, if any, unsecured creditor recovery. Influenced by US Chapter 11 and "e;debtor in possession"e;, restructuring professionals sought better ways to enhance value preservation. As a result, consensual turnaround and restructuring ahead of insolvency is becoming Europe's new default position. This practical book draws upon the author's 25 years' experience in turnaround management and guides the reader through the key issues including staunching cash burn, creating cash generation, identifying viable business elements, eliminating loss-making sectors and excess cost, and identifying a revised strategy, a credible business plan and the management team to implement them. The importance of stakeholder management is emphasised and covers the role of creditors, suppliers, customers and employees, as well as a comprehensive explanation of how new sources of finance and debt rescheduling can leave a balance sheet consistent with the business plan. In short, Turnaround Management is the perfect guide to help you navigate the benefits of turnaround rather than insolvency. Author Alan Tilley is currently chairman of BM&T. Before this he was managing director Europe at Glass & Associates. He is a chartered accountant, a certified turnaround professional and has won a number of turnaround awards. Alan has also held key positions at TMA Global, TMA UK, TMA Europe and the European Association of Certified Turnaround Professionals.

Inhalt

Foreword 5
Richard Tett
Freshfields Bruckhaus Deringer LLP

Introduction 7

1. Turnaround managers and their role in corporate rescue 19

2. The decline curve: warning signs and the slide into crisis 37

3. Crunch point: when time and money are in short supply 49

4. Basic requirements for a successful turnaround 61

5. Assessing enterprise value and business viability; consensual compositions 73

6. Addressing the underlying business problems 87

7. The turnaround business plan 95

8. Management credibility and stakeholder management 107

9. Negotiating the financial restructuring: La Seda de Barcelona 117

10. The operational turnaround: La Seda de Barcelona 131

11. International and cross-border complexities 151

12. Turnaround and non-performing loans 165

13. Exiting the leadership role 171

14. Risks and rewards 175

15. Conclusion: the role of turnaround management in seeking to reconcile debtor and creditor interests 181

Appendix – Guidelines and Policy Recommendations, an excerpt from Best Practices in European Restructuring: Contractualised Distress Resolution in the Shadow of the Law 187

About the author 211

Index 213

Produkt-Details

• Erscheint lt. Verlag: 28.2.2019
• Verlagsort: London
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Allgemeines / Lexika
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Schlagworte: Distressed businesses • Restructuring • Turnaround • Turnaround, Distressed businesses, Restructuring
• ISBN-10: 1-78742-170-8 / 1787421708
• ISBN-13: 978-1-78742-170-7 / 9781787421707