Practice 06
Restructuring & Special Situations
Thyor advises companies, owners and investors through operational and financial stress — rapid diagnostics, liquidity stabilisation, turnaround planning, cost and footprint restructuring, and the stakeholder information discipline on which credibility, and therefore time, depends.
Why it matters
Control, credibility and options when pressure is highest.
In a special situation, time is the scarcest asset and information the most valuable. Businesses under liquidity or covenant pressure rarely fail for lack of options; they fail because options are identified too late, on numbers stakeholders do not believe, in a sequence that consumes the remaining cash.
Credibility is the currency of a restructuring. Lenders, landlords, suppliers and customers extend time to managements whose forecasts have proved accurate and whose plans are specific. A 13-week cash flow that holds, week after week, buys more room than any presentation.
The firm’s posture is operational as well as financial. Stabilising liquidity creates the window; fixing the operating performance — cost, footprint, pricing, working capital — is what makes the stabilisation durable.
Recognisable situations
When to engage.
- 01
Liquidity is tightening
Cash forecasts are unreliable, headroom is shrinking, and the next quarter’s obligations are not clearly covered.
- 02
Covenant or lender pressure is building
A breach, a waiver or a refinancing under stress requires credible numbers and a plan stakeholders will accept.
- 03
Performance is deteriorating quickly
Margins, orders or cash conversion are worsening faster than management information can explain.
- 04
A turnaround needs structure
The business requires a rigorous diagnostic, a sequenced plan and programme governance to execute it.
- 05
An acquisition is distressed
A portfolio company or acquisition target needs stabilisation, restructuring or an honest assessment of options.
- 06
Stakeholders need independent information
Lenders, boards or owners require an objective view of the position and the realistic paths forward.
Scope
Work configured around the decision.
Stabilisation
- Liquidity stabilisation
- 13-week cash-flow forecasting
- Rapid performance diagnostics
- Contingency and downside planning
Restructuring
- Operational restructuring
- Financial restructuring support
- Cost and footprint restructuring
- Working-capital and margin repair
Turnaround
- Turnaround planning
- Interim leadership and programme governance where available
- Performance cadence and benefits tracking
- Stakeholder and lender information support
Transactions under pressure
- Distressed M&A support
- Accelerated sale preparation
- Carve-out and separation under constraint
- Options analysis for boards and owners
Method
A clear sequence from fact base to execution.
- 01
Stabilise the information
A reliable 13-week cash flow and an honest statement of the position — the foundation for every other decision.
- 02
Diagnose the performance
Where value is being lost: price, volume, cost, footprint, working capital — quantified and prioritised.
- 03
Sequence the options
Stabilisation measures, restructuring levers and strategic alternatives ordered by cash impact and feasibility.
- 04
Build stakeholder credibility
A plan and an information rhythm that lenders and stakeholders can test — and that proves accurate.
- 05
Execute the turnaround
Programme governance, benefits tracking and interim leadership where required, until the business stabilises.
- 06
Restore strategic options
Refinancing, sale or reinvestment from a position of recovered credibility rather than distress.
Deliverables
Work products designed to support an actual decision.
- 13-week cash-flow models with variance discipline
- Rapid diagnostic reports with quantified levers
- Turnaround plans and programme governance structures
- Cost and footprint restructuring programmes
- Stakeholder and lender information packs
- Contingency and downside plans
- Options papers for boards and owners
Next step
Discuss a restructuring situation
Sensitive matters may be described at a high level. Scope and confidentiality are agreed before detailed information is exchanged.