Financial Restructuring Advisory

Our financial restructuring experts help businesses navigate the often unfamiliar restructuring environment. Our experience will support you in negotiating and implementing innovative financial restructuring solutions.

We provide the solutions and guidance that help keep businesses in control of their situation as well as day-to-day project management to allow teams the time to stay focused on their day job. We understand how important it is to have an advisor you can rely on in times of challenge, stress or distress. We are exactly where you need us to be, alongside you and delivering solutions at pace to preserve or create value.

We can help deal with financial underperformance by stabilising the business, managing stakeholder relationships and building a strong platform for the future.

Meet our team

Our services

Company advisory
Creditor advisory

Company advisory

Lead financial advisor

We support management teams as they negotiate and implement financial restructuring solutions.

Solve immediate liquidity issues: Liquidity is usually key to a successful restructuring. In many cases, more than one solution may be required. This may be an interim measure to support liquidity until the longer-term outcome can be agreed, or to generate cash from alternative sources to reduce the overall funding requirement. For example disposals and raising new money. We work with you to determine and deliver the right liquidity required to protect the future of your business.
Stakeholder management: We work regularly with all parties around the table, from shareholders, banks, funds, governments and regulators through to pension scheme trustees. This means that we can effectively navigate the difference in approaches and objectives, to achieve the optimum outcome for your business.
Negotiations: We advise on, or lead, negotiations on behalf of our clients. We engage and manage stakeholders and preempt issues before they arise, to smooth and guide the way through the process.
Innovative technologies: We continue to develop new and innovative technologies to improve efficiency and ease of engagement for all stakeholders. This includes interactive capital structure dashboards, allowing clients to see the impact of any proposed changes in real time, providing detailed insights and facilitating confidence whilst protecting data integrity.
Breadth of support: As a multidisciplinary firm, we can bring you the best of PwC to support all aspects of the restructuring including pensions, tax, and accounting policy.
Capital structure advice: We can advise you on your options for restructuring or optimising your existing capital structure (debt and equity) and on maximizing your flexibility around and addressing financial covenant compliance.
Deal implementation: We can provide the financial analysis (e.g. Estimated Outcome Statements / counterfactual analysis) and support to ensure the successful implementation of Schemes of Arrangement and Restructuring Plans.

Independent Business Review

Providing your financial stakeholders with an independent and credible view that they can trust.

Rapid commercial, operational and financial due diligence focussed on the key issues, options and solutions.
Where there are multiple financial stakeholders, we provide a common information platform to give comfort to your stakeholders, help drive the discussions around the future of the company and remove the need for multiple creditors’ advisors to undertake separate reviews.
Should your creditors require their own advisors to perform an Independent Business Review we can help deal with creditors’ information requests and question process, taking the strain off management.

Contingency planning

We support directors in protecting the interests of creditors when the prospect of insolvency increases.

Contingency planning ensures that there is an agreed strategy in place that can be implemented in the event of significant stress and/or an insolvency.
With appropriate planning, returns to creditors are protected and appropriate contingency planning demonstrates strong governance by directors.

Creditor advisory

Our experienced and diverse team can support creditors in their negotiations with the borrower and implement financial restructuring solutions.

We can support you with:

Solving immediate liquidity issues at the borrower through working with you, the management team and other creditors.
Providing a valuation to determine what the borrower is worth.
Managing your stakeholders, including management teams, shareholders, banks, funds, governments, regulators and pension scheme trustees.
Leading negotiations and maximise your recoveries.
Performing an Independent Business Review to provide clarity on the causes of a borrower’s underperformance, the achievability of its turnaround plan and the available options.
Undertaking contingency planning to protect the interests of creditors.
Deal implementation: we can provide the financial analysis (e.g. Estimated Outcome Statements / counterfactual analysis) and support to ensure the successful implementation of Schemes of Arrangement and Restructuring Plans.

Case studies

Protecting jobs

The newly appointed CFO and CEO for a complex construction and support services group found the company had significant legacy contract issues. These quickly caused covenant breaches on their loan facilities and a substantial new money and bonding need of over £290m.

PwC's financial restructuring team, together with the senior management team, negotiated a consensual solution with over 20 of the Group's lenders which delivered the new money required and brought stability to the group. Our analysis and insights gave the lenders the comfort needed to provide the new money and allowed the company to avoid an immediate insolvency, saving over 81,000 jobs.

Working together to deliver great outcomes

A diverse international group of Lenders had an exposure of over $3bn to an African mine. The company faced significant cash flow issues putting the Lenders’ capital at risk. We worked with the Lenders, management and the shareholders to agree a consensual solution which secured the future of the mine, protected nearly 10,000 jobs in a 3rd world country and ensured the continued supply of a globally critical material.

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If you are facing any financial stress

Reach out to our team

Whatever your business challenges or industry sector, we’re available to help you find your best way forward. We can explore your options with speed, imagination and care to find sustainable solutions for you and your stakeholders.

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Contact us

Ed Macnamara

Partner, Refinancing, Restructuring & Insolvency Leader, PwC United Kingdom

Tel: +44 (0)7739 873104

Sam Tao

Partner, Refinancing and Restructuring, PwC United Kingdom

Tel: +44 (0)7841 570708

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