CONTACT US GLOBAL LOCATIONS ALUMNI LOGIN WHO WE ARE WHAT WE DO INSIGHTS COMMUNITY CAREERS INSIGHTS CORPORATE FINANCE & RESTRUCTURING RESTRUCTURING STUDY 2014 PRACTICE OVERVIEW IN FOCUS Corporate Finance & Restructuring Insights Enhancing Liquidity in Emerging Market Exchanges Many emerging markets suffer from significantly low levels of trading venue liquidity, effectively placing a constraint on economic and market development. In our joint paper with the World Federation of Exchanges we discuss how exchanges, regulators, and capital market participants can take action to grow liquidity, improve the efficiency of trading, and better service issuers and investors in... EBITDA Improvement X-Ray In recent years, pulling operational levers at portfolio companies has become a key task for many private equity firms. Prioritizing the right levers and executing a pinpointed and speedy but impactful program are the most typical challenges our clients face in this context. The Role of Banks in a Corporate Crisis Banks have a very special significance in a corporate crisis, because they are traditionally providing the major part of investments. Therefore, they are vital for companies struck by a crisis. However, banks are more than mere investors: In a crisis, banks should critically evaluate sanitation concepts. Additionally, banks should assess if a concept is doable and discover the concepts weakn... Restructuring Instead of Downsizing Companies are faced with a multitude of challenges: growing uncertainty about the future of the economy, shifting markets, fiercer competition, and the increasing demand for access to capital, to name a few. To prevent and manage future crises, a company’s owners and management must develop and implement long-term strategic, business design, and operations measures. These are the findings of... Perspectives on Manufacturing Industries 2012 During the past two years, mechanical and plant engineering has surged in established markets, driven in particular by the robust demand being generated by new markets such as China, Russia, India and Brazil. Today, however, all signs are pointing toward stagnation—albeit at a high level. As global competition becomes increasingly complex, growth in global markets will require the nex... Small is Beautiful: M&A Opportunities with Smaller Utilities Oliver Wyman’s analysis of the US utilities indicates that a small-utility acquisition strategy could represent a multi-billion dollar opportunity and could be very attractive to investors pursuing well-executed growth strategies. According to Oliver Wyman’s analysis, the small-utility opportunity across the United States includes over 150 electric and gas utilities with combined net PPE of ... Restructuring: Deep-Dive Independent Business Reviews Inequality reigns in Europe’s financing markets. Many companies have exceptionally good access to the capital market; on the other hand, investors and creditors are facing immense challenges, as it has never been so difficult to assess the value of stressed and distressed businesses and to decide how best to protect, increase and extract this value. Assessing the Value of Distressed European Corporates The largest and most creditworthy European corporates have been having access to favorable financing markets and sub-investment grade corporates have been benefiting from an active high-yield market. Investors in and creditors of stressed and distressed corporates, however, they face an unprecedented set of challenges. Assessing the value of stressed and distressed businesses and deciding ho... Lease Accounting Changes: Pain or Gain for Equipment Lessors? In August 2010, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) (the “Boards”) together published an Exposure Draft that proposes significant changes to the current standards for lease accounting. The primary goal of the proposed changes is to increase transparency by requiring that lessees bring on balance sheet their obligations to... Managing Through the Market Panic The current market situation of tight credit and pressure on stock prices is creating new challenges for companies, from a loss of trust and changing rules to concerns over any lack of transparency. The overnight sea change in capital markets is also making refinancing more difficult, constraining investment, leading to a higher risk of default on the part of customers and suppliers, and cau... Managing Profitability During a Downturn: From Triage to Treatment The global economy is in the hospital, and it would not be surprising if your business should need to make a visit as well. But do you have the information necessary to quickly and accurately perform triage (i.e., determine the severity and urgency of the problem), diagnose the causes, select the right treatment, and position yourself for recovery? Without this information, you are at risk o... Opportunities in Oilfield Services: Contract Drilling Case Example The oilfield services industry currently is demonstrating strong fundamentals, above average performance, and solid growth. Most oilfield service companies price-to-book and price-to-sales ratios are at levels not seen in nearly a decade and this trend seems to be growing in segments ranging from contract drilling to seismic services. While this strong performance is well known to most inves... nOW arriving: 84% of Flights Leaving #Canada Head to US and Europe https://t.co/iG3aiVQxe1 #aviation https://t.co/a4ft60Vwik MARSH GUY CARPENTER MERCER OLIVER WYMAN TERMS OF USE © 2016 OLIVER WYMAN GROUP