RESTRUCTURING AND TURNAROUND FINANCE
A 24-part masterclass providing the complete analytical, legal, and operational framework for every stage of corporate restructuring, from distress diagnosis and out-of-court workouts through Chapter 11 mechanics, turnaround finance, and the governance disciplines that prevent recurrence.
The Anatomy of Financial Distress: How Companies Get Here
The four stages of distress, the warning signals that precede each, the CFO as early-warning system, and why distress is almost always predictable in retrospect
The Distress Diagnostic: Assessing the True Financial Position
The twelve-point financial diagnostic, cash position, debt maturity wall, covenant status, EBITDA quality, and the gap between book value and liquidation value
Cash: The Only Metric That Matters in a Crisis
The thirteen-week cash flow model, construction methodology, assumptions discipline, variance analysis, cash conservation tactics, and weekly cash review governance
Stakeholder Mapping in Distress: Who Has Power, Who Has Claims, Who Has Options
The complete stakeholder landscape β secured creditors, unsecured creditors, trade creditors, equity, management, employees, customers β legal priorities, economic incentives, and communication obligations
The First 30 Days: Stabilization Before Strategy
The six immediate stabilization priorities, what must be preserved at all costs, what can be deferred, communication actions, and the governance discipline of the first month
Operational Restructuring: The Cost and Efficiency Agenda
Operational restructuring aligns cost structure, workforce, facilities, and product portfolio with actual revenue. Without it, a clean balance sheet alone will not prevent a return to distress.
The Lender Relationship in Distress: Waivers, Amendments, and Forbearance
The waiver and amendment negotiation process, forbearance agreement economics, information requirements in distress, what lenders actually want, and the CFO's role as primary financial interface
Distressed Debt: How the Capital Structure Actually Works Under Pressure
Trading at discount, debt-to-equity conversions, the fulcrum security concept, second lien dynamics, inter-creditor agreements, and how the debt holder base changes the restructuring strategy
Out-of-Court Exchange Offers and Recapitalizations
Exchange offers, consent solicitations, amend-and-extend transactions, rights offerings, and the financial modeling that determines whether an out-of-court solution is feasible
The Distressed Sale: M&A Under Pressure
When the strategic answer is an accelerated sale, preparing the company under time pressure, stalking horse bid mechanics, distressed buyer due diligence, and protecting employee and creditor interests
Chapter 11 Fundamentals: What the CFO Must Understand
Automatic stay mechanics, DIP financing, first day motions, the creditors' committee, the plan of reorganization timeline, and the financial governance structure the court imposes
DIP Financing: Funding the Reorganization
The DIP market, pricing and structural terms, the collateral priming that makes DIP possible, roll-up provisions and their governance implications, sizing the DIP facility, and managing the DIP budget
The Plan of Reorganization: Financial Architecture and Feasibility
The absolute priority rule, new money versus reorganization value, the feasibility analysis and financial projections, exit financing, and fresh-start accounting
Pre-Packaged and Pre-Negotiated Bankruptcies
Pre-packs, pre-negotiated plans, and pre-arranged cases β mechanics, financial conditions required, the solicitation process, and the financial modeling that makes a pre-pack viable
Cross-Border Restructuring: Chapter 15 and International Considerations
Chapter 15 and COMI, the EU Restructuring Directive, parallel proceedings, intercompany claims in cross-border restructuring, and managing distress across multiple legal jurisdictions
The Turnaround Financial Plan: From Survival to Performance
The architecture of the turnaround financial plan, the bridge from distressed state to target operating model, revenue recovery assumptions, cost structure rebuild, and the milestones that define progress
Revenue Stabilization and Recovery in Turnaround
Customer retention during distress, pricing strategy under distress conditions, the sales organization during restructuring, contract renegotiation with key customers, and the financial model for rebuilding revenue from the trough
Working Capital Management in the Turnaround
The receivables acceleration program, payables management that rebuilds vendor confidence, inventory rationalization that releases cash without destroying service levels, and the cash conversion cycle target
Rebuilding the Finance Function After Restructuring
Finance team talent assessment and refresh, systems and reporting infrastructure, accounting cleanup including fresh-start or purchase accounting, internal control remediation, and the post-restructuring governance cadence
Performance Management and Early Warning Systems in the Turnaround
The weekly operating review, the financial dashboard that distinguishes recovery from relapse, the milestone framework, the covenant compliance calendar, and the early warning metric set
The CFO’s Legal Exposure in Distress: Fiduciary Duties, Fraudulent Transfer, and Personal Liability
The shift in fiduciary duties as insolvency approaches, fraudulent transfer and preference liability, personal exposure from financial misrepresentations, D&O insurance in distress, and documentation practices that protect the CFO
Distressed Compensation: Retention, KERP, and Management Incentives Through Restructuring
Key Employee Retention Plans and their court approval requirements, KEIP structures, balancing management incentives against creditor committees, and equity compensation in the reorganized entity
The CFO as Turnaround Leader: Communication, Credibility, and Culture
Communicating with the board, creditors, employees, and customers under maximum uncertainty, maintaining personal credibility when the financial situation is deteriorating, and the culture dynamics that determine whether a turnaround succeeds
Lessons from Restructuring: Building a Distress-Resistant Organization
What distress teaches that prosperity conceals, the governance practices that prevent recurrence, the balance sheet and liquidity standards that define resilience, the early warning culture, and the long-term discipline that sustains recovery