Some will tell you that a distressed company belongs to the creditors. Should you just hand them the keys and move on or consider debt restructuring?
Questions that Keep CFOs Up at Night
Boards need to get unconflicted advice In this CFO series post we emphasize the importance of board members getting “unconflicted” advice on managing a distressed situation. Does the Board need to pursue peace with creditors in order to get releases?
How do I get others around me to understand we have a BIG problem? A CFO can be the proverbial canary in a coal mine in a distressed company. The troubling signs are there, but are your executive colleagues in denial?
What happens if we go into bankruptcy? In this CFO series post we cover five things to keep in mind if you file for bankruptcy protection along with some basic elements of the bankruptcy process.
Cash Shortage and the Leaking Corporate Ship. Will it result in corporate demise or clearer sailing? In this CFO Series post we provide some thoughts for companies facing a cash shortage and how it can potentially be dealt with.
What’s in it for me? Am I better off quitting?In this CFO series post we focus on the officer, director or an employee at a distressed business who is wondering whether to leave the company or not.
How do I evaluate different financial and legal advisors? In this CFO series post we focus on key issues and potential solutions when dealing with a financially distressed business.
I am being advised to do inconsistent things by different professionals and Board members. How do I sort this out? In this CFO series post we focus on the helping key leaders and decisions makers at a financially distressed company set priorities and goals.
My company is in financial trouble. Where do I go to get advice? In this CFO series post we provide some key questions the CEO and Board members need to ask once they admit “my company is is real trouble”
Dealing with the prospect of financial distress is obviously unsettling. People can potentially lose everything they have worked for their entire lives. Risks abound, with cash crises, creditor pressures, employee defections, and so forth. In addition, professionals and others have their hands out for fees (going broke ain’t cheap) and companies should be rightly concerned about “agendas” that may differ dramatically from those of the company, its owners and its management.