COVID has unquestionably caused unprecedented distress in many industries. Many businesses are facing liquidity constraints or are being required to redesign their business model to respond to evolving consumer trends or supply-chain disruptions. But businesses can take steps to manage risk and survive.
Call in the professionals. A prudent step is to engage outside restructuring or financial advisers to help develop and implement short- and long-term plans. Incurring the expense of outside advisers while the company is focused on reducing expenses might seem incongruous. But existing management will likely already be overextend…
Read the full article at: https://www.ibj.com/articles/kayla-britton-restructuring-considerations-for-the-distressed-company