Route A
Begin a confidential conversation
Founder to founder. No deck, no pitch.
RESTRUCTURING
Seduto sulla sedia, non accanto ad essa.
Ci posizioniamo dalla parte degli azionisti, non dei creditori né del tribunale. Diagnosi, workout multi-stakeholder, guida operativa dalla sedia del CEO quando la situazione lo richiede, e Asset Deal o Carve-out quando l’entità legale non può essere salvata. Costruito sull’arco operativo di un gruppo quotato attraverso la sua crisi. Europa–Asia è la situazione standard, non l’eccezione.
WHAT THE WORK ACTUALLY LOOKS LIKE
Four kinds of work, running in parallel.
- 01Process rebuilding
Fixing how the business runs day-to-day. Bottlenecks, billing discipline, project delivery, utilisation, controls. The operational fire that has to stop burning before anything else holds.
- 02Portfolio reshaping
What stays, what goes, what changes. Products, services, customer segments, regions. The strategic decisions usually deferred until distress forces them.
- 03Financial restructuring
Debt renegotiation, creditor workouts, liquidity stabilisation. Asset deals and carve-outs when the legal entity cannot be saved.
- 04Practice installation
Putting the better way of working in place so it survives our departure. Cadence, governance, leadership succession.
The four kinds of work run together, not in sequence. The trade-offs between them need someone in the chair — not a coordinator with a deck. We take that chair when the situation calls for it. Shareholder-side, end to end.
References
A few of our cases
Azienda polacca di ingegneria eCommerce → combinazione strategica — anonimizzatoAnonymised
Ingegneria eCommerce / Magento e Adobe Commerce / ingegneria nearshore · in perdita · circa 40 dipendenti pre-Restructuring · 2024–2025
L’azienda aveva costruito un credibile business internazionale di ingegneria — clienti negli USA e in Europa, profonda expertise in Magento e Adobe Commerce, una relazione collaborativa esistente con un partner statunitense. Ma il modello operativo non aveva tenuto il passo con le esigenze strutturali dell’azienda. La redditività dei progetti, l’utilizzo e la disciplina di fatturazione si erano erosi.
Abbigliamento sportivo tedesco-italianoFully anonymised
Abbigliamento sportivo premium / Active Wear · azienda familiare, seconda generazione · Restructuring pluriennale dei ricavi e operativo · 2021–2024
I ricavi si erano quasi dimezzati nel corso di quattro anni sotto la pressione combinata della disruption nel retail COVID, l’ondata di insolvenze strutturali nel retail specializzato e l’accumulo di problemi operativi interni. Le linee di credito bancarie erano completamente utilizzate, personalmente garantite dal fondatore 70enne. La relazione tra il fondatore e sua figlia — la Geschäftsführerin entrante — era diventata un blocco strutturale per ogni decisione operativa.
Teknihall Electronic GmbH / Teknihall Service GmbHNamed
Assistenza post-vendita per l’elettronica; logistica per produttori cinesi in Germania · circa 61–140 dipendenti · 2022–2023 · Nominato; referenza disponibile tramite Dennis Chen
Teknihall si era trasferita da Münster a Dietzenbach nel 2021 con una significativa espansione dello spazio di magazzino, del personale e delle infrastrutture nell’aspettativa di crescenti volumi di clienti asiatici a seguito dell’investimento Pangoo. Il volume non si è materializzato a sufficienza — disruption COVID, carenza di materie prime, escalation dei costi di trasporto e calo del business dai partner asiatici dall’inizio del 2022 in poi. L’azienda si è trovata in una classica crisi da sovra-espansione con alto onere locativo, personale sovradimensionato e ricavi insufficienti.
Kick start
Frequently asked questions
When should a shareholder call — before crisis hits, during, or after?
Before is best. The strongest restructuring outcomes start when the shareholder still has options — multiple paths open, time available to choose. Once liquidity is gone or stakeholder positions have hardened, options narrow fast. We also engage during crisis, where the work shifts to stabilisation and stakeholder management. After crisis is rare for us — that's usually rebuilding work for a different firm.
Do you take the CEO chair during a restructuring, or just advise?
Both, depending on what the situation needs. When existing leadership has been displaced, has lost authority with stakeholders, or doesn't have the bandwidth to run the business while restructuring it, we take the chair. When the existing leadership is still effective and what they need is operational counsel and shareholder-side advocacy, we work alongside. We are paid for time and judgement, not for keeping the title — so we step down when the situation no longer requires us in the chair.
What happens when the legal entity cannot be saved?
We work to preserve what can continue. Asset deals, carve-outs, or management buyouts transfer customers, equipment, people, contracts, and brand into a new structure that continues the work. Some entities cannot survive their crisis; that doesn't mean the business is lost. Sometimes the cleanest outcome is a controlled process with the right buyer waiting, not a fight to keep the legal entity alive at any cost.
Why shareholder-side and not creditor-side or court-side?
Restructuring has different professionals serving different sides. Insolvency administrators and custodians represent the process and the creditors. Banks have their own workout teams. We represent the shareholder — the person whose capital, time, and reputation are most exposed and most often unsupported in the room. Shareholder-side advocacy is the lane we've chosen. We coordinate with the others; we do not pretend to be them.
How is your restructuring practice different from a typical workout firm?
Three things. First, operational depth from inside the chair, not just from the spreadsheet — built on the operating arc of a listed group through its crisis. Second, single senior practitioner per mandate end to end, no junior handover. Third, shareholder-side, not creditor-side or court-side. Different lane, different judgement.
Two ways to start
Route B
Ask for a cross-border restructuring reference
Cross-border Europe–Asia restructuring reference available on request, in personal capacity. Released into specific conversations rather than published.