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Restructuring & Insolvency Breakfast Series | Corporate Turnarounds // Monday 28 October 2019

21 November 2019
DWF (Middle East) LLP in conjunction with Alvarez & Marsal and Thomson Reuters hosted the first session of their Restructuring and Insolvency Breakfast Series on Monday 28 October 2019 which focused on Corporate Turnarounds. 

A number of companies are seeing pressures of increased competition, evolving technology and economics, coupled with deteriorating financial performance, resulting in a need to change the business structure and prevent the company from failing. This is not only about survival of the distressed company survives but also ensuring that it is prepared for future challenges. The panel discussed the steps and strategies required for a corporate turnaround.

Moderator: Umera Ali, DWF Middle East - Partner// Head of Banking & Finance (Middle East)
Panellists:

  • Jonathan Burton, DWF Middle East – Director // Corporate
  • Matti Kasi, Alvarez & Marsal – Director
  • Muhammad Ali Baig – Finance & GRC Expert
  • Marcus Khoury - CCC – Senior Legal Counsel

A summary of the five key takeaway points from the discussion:

  1. Time is of the essence: Any concerns should be addressed sooner rather than later without waiting for the market to pull the business out of turbulence. The more the decision-making waits, the harder the turnaround gets.
  2. Remove emotions when it comes to decision-making: Frequently owners’ emotional attachment to the business is a hindrance to making difficult decisions. External view from objective third parties can be key in such scenarios. 
  3. Seek an objective perspective: Having a correct view of the current state of the business is paramount to identifying root causes with a view to addressing them and getting stakeholder's buy-in. This is a critical first step in the turnaround process. Third party advisors can facilitate that process through providing objective perspective and to navigate through corporate politics.
  4. Consult external advisors: Tailor-made and practical advice is required from advisors. The feasibility of success fee structures should always be considered to ensure alignment.
  5. Focus on delivering quick wins: Restructurings are costly but not taking action is surely even more expensive for all stakeholders. Businesses should focus on delivering quick wins early in the process to fund the longer-term initiatives and to create momentum.

 

Watch our expert panellists discuss their key takeaways from the seminar. 

 

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