Business Restructuring by Brian Bergin, PWC
Business Restructuring by Brian Bergin, PWC
Business Restructuring by Brian Bergin, PWC
Restructuring
PwC
PwC
Types of restructuring
Restructuring
Operational Financial
January 2010
PricewaterhouseCoopers Slide 2
Operational
January 2010
PricewaterhouseCoopers Slide 3
Operational - examples
Retailer
January 2010
PricewaterhouseCoopers Slide 4
Example 1 – FMCG
January 2010
PricewaterhouseCoopers Slide 5
Example 1 – FMCG Insights
January 2010
PricewaterhouseCoopers Slide 6
Operational - examples
Retailer
January 2010
PricewaterhouseCoopers Slide 7
Example 2 – Retailer
1.Rapid expansion
2.
3.Initial restructuring plan
4.
5.Unreliable and incomplete data
6.
7.Process evolved into wider plan
8.
9.Bank support
10.
11.Transformational change
January 2010
PricewaterhouseCoopers Slide 8
Example 2 – Retailer Insights
January 2010
PricewaterhouseCoopers Slide 9
Operational – Key Takeaways
January 2010
PricewaterhouseCoopers Slide 10
Types of restructuring
Restructuring
Operational Financial
January 2010
PricewaterhouseCoopers Slide 11
Financial
January 2010
PricewaterhouseCoopers Slide 12
Financial
January 2010
PricewaterhouseCoopers Slide 13
Financial
Compa
ny Trust Lender
January 2010
PricewaterhouseCoopers Slide 14
Financial - examples
Amendment request
Distressed
January 2010
PricewaterhouseCoopers Slide 15
Example 1 – Routine Renewal of Facilities
•More challenging
•
•Plan well ahead in advance
•
•Detailed business plan
•
•Plan B
January 2010
PricewaterhouseCoopers Slide 16
Example 2 – Amendment Request
January 2010
PricewaterhouseCoopers Slide 17
Example 3 – Distressed
•Already in breach
•
•Understand the bank’s options
•
•Importance of relationships
•
•Open to alternatives solutions.….
January 2010
PricewaterhouseCoopers Slide 18
Financial – Alternative Solutions
Refinance
•Limited in
current market
•More difficult for
distressed
Refinance
•Limited in
current market
•More difficult for •Interest being shown
distressed from abroad
•Looking for cheap
deals
•Corporate finance
advisor
Refinance
Refinance
1.Importance of relationships
2.
3.Plan ahead and be prepared for negotiation
4.
7.Contingency planning & Mitigating Factors
8.
9.Understand the bank’s position
January 2010
PricewaterhouseCoopers Slide 23
Conclusion
January 2010
PricewaterhouseCoopers Slide 24
• Q&A
• pwc.com/ie/businessrestructuring
PricewaterhouseCoopers
Thank you
Thank You
PwC
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