Turnaround financing and capital restructuring

In the middle of a turnaround, the challenge isn’t just survival - it’s how to create breathing room without losing the business, credibility or control. Capital must be introduced or restructured with precision, stakeholder buy-in and operational realism.

BM&T leads capital restructuring and turnaround financing initiatives that align operational needs with lender, investor and governance expectations. From equity resets and debt-to-equity swaps to stakeholder negotiations and interim funding strategies, we stabilise funding foundations to support long-term recovery.

Key challenges we address

Liquidity exhaustion mid-turnaround or before full operational recovery
Need to rebalance equity/debt structure without collapsing trust
Shareholder misalignment or lack of funding appetite
Lender fatigue or covenant-driven funding withdrawal
Complex cross-stakeholder capital negotiations

Our approach

Capital gap mapping: We model capital needs aligned to operational recovery - identifying risk, runways and points of no return.
Debt restructuring and equity reset strategy: We design realistic capital structures - including subordinated instruments, swaps and PIK structures based on creditor appetite and recovery horizon.
Stakeholder negotiation and buy-in: We coordinate across boards, funds and banks to align support, restore trust and create path-to-recovery consensus.
Turnaround-linked capital introductions: Where appropriate, we support access to aligned capital (HNW, family office or special situations funds) through trusted, neutral pathways.
Execution of restructuring conditions: We ensure operational, legal and financial actions needed to unlock capital are managed end-to-end, with discipline and discretion.

Why BM&T?

We know the stakes mid-turnaround: This is the moment where many recoveries fail. We keep them moving - without chaos or compromise.
Independent, capital-neutral advice: We don’t sell capital - we structure it. We help shape what's best for the business and its future.
Hands-on stakeholder management: We don’t just model - we sit in the meetings, guide the process and hold the tension.
Cross-border, multi-lender experience: We’ve led restructurings involving dozens of banks across Europe and beyond - with results.
Trusted to deliver, not just present: Boards, investors and lenders trust us because we’ve led recovery from inside, not the sidelines.
We’re trusted by funders behind the scenes: Our clarity, discipline and reporting often give lenders the confidence to act - even when others have failed to inspire belief.

BM&T was appointed to restructure a Spanish listed industrial group with €600m in syndicated debt across 54 institutions, €200m in trade payables, and multiple European subsidiaries near insolvency.

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Bring clarity to your next step

Contact us today for a confidential discussion on how we can secure the capital your business needs to stabilise, recover and thrive.

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