By Francisco J. López López Lubián
In fresh years the continuity of many companies has been completed through restructuring, a role which takes up loads of senior management's time. Written for busy managers and managers, this publication is a pragmatic consultant to the method of restructuring, masking either debt and operational restructures.
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Additional resources for The Executive Guide to Corporate Restructuring
4. 3 An example of restructuring Proposed operation Sources Short-term debts Credit policies Total cash need Total Uses −12,125,478 −65,897,465 −78,022,943 Long-term debts Syndicated loans tranche A (transformation of credit policies) Total cash need Total 15,879,454 62,143,489 78,022,943 Notes: • The objective of the proposed operation is to change the maturity of Group X’s financial debt to match it with the maturities of investments made over the last five years. • The proposed sources of funds will be provided by long-term debt, divided into two tranches, with maturities of seven years and a two-year grace period.
Data room for the associated legal and accounting documentation The company involved in the restructuring of its liabilities has to prepare all the necessary documentation required by the process. Among those documents are the following: • Property deeds. Deeds and powers of attorney. Contracts of various types. • Financial and business plans. • Accounts and records of invoices received and sent. • • Prior availability of this documentation will facilitate the process of evaluation of the financial plan by the external consultant.
1) Free Cash Flows from operations. 2) Free Cash Flow arising from the operational working capital requirements. 3) Free Cash Flow arising from investments in, or divestments of, fixed assets. Rule 6 Do not forget the possible interrelationships among projects. If there are any make sure those can be quantified reasonably well. In order to establish clearly any possible interrelationships between projects it is essential to define the existing alternatives correctly, both in terms of their financial value and their time horizon.