Restructuring opinion

With independent analyses, resilient planning, and a holistic restructuring plan, we create security for financing partners and a sustainable basis for successful restructuring.

External opinions

Independent, accurate, holistic.

If a company finds itself in a crisis situation, action must be taken quickly to secure liquidity and obtain the necessary debt capital. As security before a payout, financing partners often demand a qualified and convincing opinion from a competent, neutral management consultancy.

If the borrower exceeds the limits set by the lender or if the financial imbalance and distress are greater, the lenders will demand a detailed restructuring opinion according to IDW S6.

A motivated team is available, combining competence in liquidity and financial planning with many years of restructuring know-how and deep industry knowledge.

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Restructuring opinion according to IDW S6

Accurate analysis of the business model, the ability to be restructured, and the restructuring strategy.

A restructuring plan must answer the following questions: Is your company able to overcome the current crisis situation? What specific strategic and operative restructuring measures must be taken? How is the restructuring path reflected in the financial planning?

Unlike most providers of so-called S6 opinions, we place a special focus—in addition to the mandatory topics (see the list below)—on the presentation of the business model, its realistic opportunities and risks, as well as the relevant market and its drivers. This is often neglected in other opinions but is essential. Furthermore, this increases the utility of the opinion for the company, which ultimately has to bear its costs—it not only facilitates lending (or makes it possible in the first place) but also creates a stable basis for strategic and operative course-setting during and after the restructuring. Let us work this out together.

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Objectives and core components of the restructuring opinion:

Initial situation: company profile, net assets, financial position and results of operations, market and competitive analysis
Stage of crisis and causes of crisis
Future mission statement: strategic orientation and mission statement of the restructured company
Restructuring plan and measures to overcome the corporate crisis
Integrated business planning: integrated multi-year planning framework with well-founded assumptions
Assessment of the ability to be restructured: going concern forecast, competitiveness, and profitability

In addition to subject-specific expertise, a holistic assessment of the business model, a sustainably designed restructuring plan, and a realistic implementation roadmap are particularly important. The goal: a promising restructuring and acceptance by all parties involved.

However, after the restructuring opinion is before the restructuring. It is important to master the subsequent restructuring process with the help of stringent project management so that the measures take effect promptly. maconda provides support in all phases—with objectivity, proven experience, and a restructuring approach clearly oriented toward specific needs.

Compact opinion IBR

A trained eye on finances and the market environment.

Even in national or global crises, banks must look at the credit risk. Although liability release limits are being increased and state guarantees facilitated, a residual risk remains with the house banks, which must take their own precautions for damage limitation.

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An unprecedented situation and the resulting uncertainty require valid decisions for new loans and guarantees as well as for extending credit lines. Especially when things have to move quickly—particularly since many banks suffer from a workforce that is far too small.

An Independent Business Review (IBR) facilitates the decision for banks facing a large number of credit reviews and is an important part of the documentation—especially in borderline cases. For companies that now urgently need loans to maintain liquidity, an IBR can accelerate and simplify credit processing. This applies in particular if the company already showed sales and earnings weaknesses before a crisis.

At its core, it is about the question of whether the performance slump is only short-term and induced by the crisis or will last longer. This often requires an external assessment of the borrower’s current situation by an independent consultant with a trained eye for earnings drivers, market positioning, operative performance, and the future viability of the business model.

What you can expect from us during the Independent Business Review:

Business model: evaluation of the business model; customer value analysis, supply chain; sustainable positioning and competitive advantages—also taking into account changed requirements due to digitalization; strengths/weaknesses profile, technical basis (including realistic Capex requirements)
Financial analysis: analysis of the current financial situation; critical assessment of the short- to long-term earnings, asset, and financing forecast; sustainable debt service capability for the repayment of the increased financing volume; rolling liquidity forecast in our integrated model; sensitivity analyses
Assessment of future viability: analysis of future scenarios; (brief) evaluation of the corporate strategy; market forecast; opportunities/risks profile
Options for action: identifying fundamental alternatives; measures for cost reduction and efficiency improvement; long-term action parameters after the crisis

The IBR based on IDW S6 is an independent assessment of the borrower—especially when things have to move quickly and a short opinion is sufficient. A lender (or even a non-operating shareholder) thus receives a well-founded, transparent, and accurate basis for decision-making for the renegotiation or adjustment of existing credit and other contractual terms. The maconda analysis is comprehensive and, in addition to the indispensable financial outlook, primarily includes the future viability of the business model, the market and competition, customers and suppliers, as well as the necessary technical basis—this distinguishes us from auditors whose focus is clearly on the numbers, but not on the market conditions that are so important for the future.

In doing so, we do not simply let the managing director explain or even dictate market assessments to us, nor do we rely only on any market study just because a supposedly well-known name is behind it; instead, we look very closely and validate external factors precisely and with high accuracy. The results are summarized in an informative report that meets the usual standards.

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Create clarity quickly.Secure the future.

Whether a restructuring opinion according to IDW S6 or a compact Independent Business Review: we analyze independently, evaluate the future viability of your business model, and create a resilient basis for financing and restructuring.

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