There is a moment in every transition from corporate health to corporate distress—sometimes lengthy, other times fleeting—when failure can be averted. When a board of directors and management reacts to changing circumstances is often the single greatest contributor to success: Act early and the company has options, act late and the company may not be able to avoid the sometimes crushing burden of bankruptcy.
Recognizing that something must be done is only the first step in a long process, however. Navigating the journey back to health requires a game plan. In that spirit, the authors offer these steps to help inform the thought process around the highly specialized tasks of corporate restructuring, preserving value and saving jobs.
