Foreword
Turnarounds are not for the faint of heart. The hardest aspect of a financial turnaround to convey on paper is the emotional strain on everyone involved. Family breadwinners lose their jobs and worry about their mortgage payments. Financial officers, lawyers, line managers, and others directly involved in the turnaround work 18 hours a day, seven days a week and live from deadline to deadline. Their adrenaline wanes. The company has violated its loan covenants. The bank has given it only until the next meeting—about two weeks—to stop the bleeding, reposition the business, motivate the staff, and develop a plan to deleverage the balance sheet. The company’s bankers will not simply agree to relax some of the covenants; they will concede ...
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