Distress can incapacitate even the most effectively managed operations. Officers and directors who find themselves managing through such distress — no matter its form — can agree on one thing: the learning curve is steep. Restructuring transactions are notoriously complex: they require an understanding of competing and complicated interests across many actors, demand tremendous time and attention from senior management and the board just when such focus is most needed on the business itself, and move quickly, and often, unpredictably. Understanding core foundational principles — the proverbial lay of the land —of the distressed arena may actually spell the difference between a company careening off the rails into a value-destructive liquidation and artfully crafting a comprehensive, multiparty transformative restructuring which best ensures its future success.

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