Restructuring

CTL provides assistance and consulting services to start-ups, for restructuring operations and investment projects, including:

Turnarounds & Restructuring:

1. Diagnosis:

• Analysis of the “crisis situation” and a company “check-up” to analyse the conditions for the recovery plan
• Understanding the causes and the extent to which the situation is reversible
• Sharing the plan with the board

2. Restructuring strategy:

• Definition and choice of turnaround options
• Identifying the most suitable way to manage the crisis (from out-of-court solutions to legal proceedings offered by Bankruptcy Law)

3. Implementation:

• Drawing up the continuity and/or liquidation plans and implementation of the business plan
• Assistance during financial restructuring (estimate of assets and classification of liabilities in accordance with the logic of insolvency proceedings)
• Drawing up a business plan based on the debtor’s requirements, with relative assessment of the business model
• Formalisation and implementation of debt restructuring processes and negotiation of agreements with creditors
• Negotiating and drawing up all the necessary contracts to support the proposal, including the appeal
• Negotiating with creditors and drawing up all the necessary contracts to this end, with the support of the legal department
• Having recovery plans, Bankrupcy agreements
• Producing sworn expert appraisals to support the plan, including the report pursuant to art, 160, paragraph 2 of the (Italian) Finance Law
• Availability to take on the role of company or court-appointed liquidator after being nominated by the company

4. Business monitoring and stabilisation:

• Follow-ups and monitoring of the plan on behalf of stakeholders
• Interim management
• Business stabilisation: management of short-term cash needs; stabilisation of operating activities; diagnosis of the crisis and improvement potential; business plan - potential for improvement strongly based on facts and identified actions, organised along a credible path that normally covers two macro stages: i) consolidation of the core business and ii) relaunch of growth (organic growth/external growth)

Corporate Finance Services:

1. Mergers & Acquisitions:

• Identifying potential buyers for those wishing to sell their company, a company branch or division
• Researching purchase targets for those wishing to invest or develop their business
• Assistance for negotiations during the sale/purchase process

2. Debt Advisory:

• Optimisation of the financial structure.
• Structuring of structured finance transactions (acquisition finance, project finance)
• Assistance to research sources of finance for “FUNDRAISING”: organic growth paths/for acquisitions (buy and sell side), re-cap transactions for entrepreneurs and “REFINANCING”: ensuring continuity of company finances approaching deadlines or structuring lines and conditions in a different way

3. Company valuation:

• Identifying the economic value of companies, company branches, industrial projects and intangible assets
• Financial consulting to support all stages of the transaction, starting from the assessment of strategic options to complete the transaction, whether this be an IPO, acquisition and/or sale of a company branch and/or restructuring and/or sale of assets. CTL also provides complete assistance to manage cash flows, in order to optimise the use of company resources

4. Due Diligence:

• Financial due diligence: i) assessing the quality of operating margins, including the identification of aggressive financial statement policies and discretional accounting entries; ii) assessing balance sheet items (e.g. dynamics of net working capital, capex) and potential liabilities
• Taxdue diligence: i) identifying potential tax risks and opportunities; ii) structuring the transaction in a tax-efficient way
• Strategicdue diligence: i) industrial analysis and identification of opportunities to reduce costs or obtain greater efficiencies; ii) assessing potential for growth; iii) identifying market positioning and the sustainability of the customer base; iv) identifying the company's distinctive skills, strengths and sustainable competitive advantage.