Amid all the Corona hype, what does the restructuring environment look like right now? Are new business pipelines looking healthy already, or is the industry on standby? What industries are showing the most signs of weakness, and what do the scopes of work look like for any engagements already moving forward?
I work in an actual industry, but used to work in consulting. Would love to get perspective from people on the ground in restructuring or distressed situations.
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My perspective is mid-market (under $1B revenues) and everyone is largely on hold. That's what I see and what I hear from other RX friends, bankruptcy attorneys and workout bankers. We have all seen the flash but still waiting for the shockwave.
Workout bankers at commercial banks tell me that everyone is getting a free 90 day pass. "What about Acme" I say, "they're a disaster and last month they were you wanted me in there?". "Nope" says the banker, "they get a pass, everyone gets a pass. We cannot have our name in the paper foreclosing on a business so everyone gets a 90 day pass. But stay loose, it's going to be an avalanche in Q3".
Bankruptcy attorneys are fielding LOTS of calls, taking on new clients but largely on hold (as banks give away free passes). BK attorneys in the oil patch are especially busy.
Turnaround and RX consultants are similar. A friend of mine runs the NY office for a large practice and he's told his staff; "take care of existing clients and take time to get all your personal affairs in order now before the wave hits. Also, let's discuss before we take on any new clients, there will be a flood of work and we can't get bogged down working for an asshole, we need to be choosy and pick the best projects and the people we really want to work with. Let someone else work with the jerks".
Meanwhile every unemployed CFO in America is now tweaking his/her resume to reflect a specialty in turnarounds.
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