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Because without competent management and effective governance, restructuring risks being nothing more than a temporary fix—one that is unlikely to hold over time.

In corporate restructuring processes, attention is too often focused exclusively on restoring financial balance. Debt restructuring, extraordinary transactions, capital interventions: all undoubtedly crucial elements, yet repeatedly proven insufficient on their own.

True restructuring—the kind that ensures long-term sustainability—requires the restoration of operational competitiveness. And this demands far more than a successful negotiation with lenders: it requires active governance and management capable of navigating the complexity of transformation.

While insolvency is often the visible manifestation of financial distress, its roots almost always lie deeper—in organizational, industrial, and strategic imbalances. Focusing solely on financial tools means treating the symptoms, not the disease. Without intervention on the company’s operating structure—how it produces, sells, and competes—the risk of relapse remains extremely high. A credible restructuring plan cannot overlook the industrial dimension of recovery.

Governance: From Formal Body to Orchestrator of the Relaunch

In many crisis situations, corporate governance has played an overly passive role—if not, at times, a complicit one. Yet in critical moments, governance should be the driving force behind change.

• It must ensure a genuine break with past management practices.
• It must select and support management capable of executing the plan.
• It must serve as a point of reference for creditors and stakeholders.

Effective governance is not merely a custodian of process, but an active participant in redefining strategy, steering execution, monitoring results, and communicating with all stakeholders.

Extraordinary Management for Extraordinary Situations

It is unrealistic to expect a company to overcome a restructuring phase relying on the same capabilities that led it into crisis. Beyond any formal insolvency procedures that may be applied, the context demands a qualitative leap in operational leadership.

Management during a relaunch phase must be able to:

• Act with speed, clarity, and determination
• Bring experience in turnaround and restructuring environments
• Introduce control, optimization, and value-creation tools
• Rebuild internal motivation and restore a climate of trust

In such cases, interim executives can play a critical role, guiding the company through transition toward a new operational equilibrium.

Restructuring as an Industrial Project

There can be no sustainable restructuring without a concrete industrial project: a solid business plan built on realistic assumptions and supported by the right people and resources.

A well-structured industrial plan is also the most effective tool for dialogue with the credit system. It demonstrates that lenders’ claims will be recovered not merely through formal guarantees, but because the company will once again be capable of generating value.

The importance of operational management is confirmed by real-world outcomes. One such case involved Duke&Kay:

A heavily indebted manufacturing company in Northern Italy, operating in the mechanical sector, had just secured a debt restructuring agreement. However, the months that followed revealed that the financial intervention alone was not enough: production remained inefficient, costs were out of control, and the executive team lacked alignment.

At the initiative of the newly appointed Board of Directors, an interim manager with industrial turnaround experience was brought in. Within just six months, the manager:

• Reorganized the production structure
• Implemented an advanced management control system
• Realigned the sales force around clear objectives

The result: a return to positive EBITDA in less than one year, renewed credibility with customers and suppliers, and a sustainable path out of crisis—also from the creditors’ perspective.

Conclusion: It’s a Matter of Leadership

Restructuring a company does not simply mean reaching an agreement with creditors or selling assets. It means restarting the operational engine, building a sustainable future, and creating value. This process requires courageous governance and competent management—leaders capable of acting decisively, transparently, and with impact.

Maurizio Ria:

“In corporate restructuring, time is a critical factor. Every month lost without leadership and vision is a step closer to the point of no return. If creditors’ objective is to recover their claims, the real investment lies in building the conditions that allow the company to create value again. This requires tools, experience, and above all, the right people in the right roles.”