Insights in the Corporate Restructuring stream.
Every distressed company reaches for one or both of two levers. Operational turnaround fixes the business; financial restructuring fixes the balance sheet. Knowing which is primary changes the sequence, the counterparties, and the outcome.
A distressed but solvent company can be restructured or sold. Boards under pressure often reach for the sale because it looks decisive. The math sometimes says the restructure returns more to shareholders. When to reach for which.
Corporate restructuring is what solvent companies do to stay ahead of trouble. Business rescue is what happens after trouble has landed. Confusing the two costs boards options they did not know they had.