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The Right Restructure Q&A with Albert Stein
 In light of some highly publicised debt restructurings and rights issues, Katherine Steiner-Dicks speaks to Albert Stein, managing director of debt advisory business, MPC Longberry. Albert gives us his take on how debt restructuring has changed since the last recession. He also talks about successful cram downs; the need for consistent talent in the restructuring sector; how private equity firms are mistiming their covenant resets with banks; and how doing several restructurings versus just one solid one can cost a company millions.
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DACH restructuring and turnaround opportunities favour private equity
 There are two factors that appear to be driving private equity business on the continent. One is that the majority of private equity funds have substantial capital reserves to safeguard their existing portfolio companies; and more importantly, to enter into new engagements that take advantage of excellent opportunities. And two, is the increasing number of privately owned businesses that require re-structuring. The expertise of private equity firms in this area provides them with a clear advantage as potential suitors, but when it’s their portfolio companies that require a new focus, traditional, hands-on management strengths are what could be missing.
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Taking a holistic approach to working capital By Igor Zax
 Working capital management is viewed as a core area for classic private equity investors and for turnaround situations. Igor Zax, CFA and interim corporate restructuring consultant, provides us with some tested operational lessons for both investment segments and advises firms to take a more holistic approach to working capital to keep investments stable and on track. The idea of collecting money quickly, paying your suppliers late and keeping inventory to a minimum seems quite obvious. However, a management team needs to keep in mind the change in industry structure, where the limits of a company’s operations have become fairly fluid, and where the supply chain is more and more important...
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If you have never had to consider hiring a turnaround executive up until now, then we can assume you must be doing something right. But in the current downturn, there are external factors that even the most seasoned private equity investors cannot tackle alone. It could be time to call in the capabilities of a lone wolf.
The partners and associates of Wheeler Gebauer LLP are delighted to announce the appointments of Richard Wilson and Barry Waller as principals of their new board level interim management business – PILOTinterim.
INTERIM PRODUCTION DIRECTOR