Over time, business distress has become more common and more unpredictable. European restructuring’s default position has historically been insolvency, but all too often this has destroyed value and brought little, if any, unsecured creditor recovery. Influenced by US Chapter 11 and “debtor in possession”, restructuring professionals sought better ways to enhance value preservation. As a result, consensual turnaround and restructuring ahead of insolvency is becoming Europe’s new default position. This practical book draws upon the author’s 25 years’ experience in turnaround management and guides the reader through the key issues including staunching cash burn, creating cash generation, identifying viable business elements, eliminating loss-making sectors and excess cost, and identifying a revised strategy, a credible business plan and the management team to implement them. The importance of stakeholder management is emphasised and covers the role of creditors, suppliers, customers and employees, as well as a comprehensive explanation of how new sources of finance and debt rescheduling can leave a balance sheet consistent with the business plan. In short, Turnaround Management is the perfect guide to help you navigate the benefits of turnaround rather than insolvency. Author Alan Tilley is currently chairman of BM&T. Before this he was managing director Europe at Glass & Associates. He is a chartered accountant, a certified turnaround professional and has won a number of turnaround awards. Alan has also held key positions at TMA Global, TMA UK, TMA Europe and the European Association of Certified Turnaround Professionals.