What a solvent restructure actually changes
The announcement is the least interesting artefact. The freeze list and the named speakers are the work.
Journal
Notes that survived contact with a real calendar
These essays are written for operators already inside a tight quarter. They are not a newsletter funnel.
Reading a balance sheet before you cut
Cuts that ignore prepaid customers and inventory that still turns will look brave for a fortnight.
When the board should pause a turnaround
Speed is not a virtue if the waterline has not been named. A pause can be the most expensive-looking cheap decision.
Australian creditor conversations that hold
Tone is a fact in this country. Scripts that sound imported tend to bounce.
The quiet work after the announcement
Week nine is where most restructures dissolve. Owners, not adjectives, keep the ninety days.