1、Dr.Lutz JaedeSTRUCTURE OF STUDY PARTICIPANTS In percent of total participantsBanks and credit insurers 35Other2Private capital funds13Corporates(non-banks)14Lawyers,CRO,and advisers35 Source:Oliver Wyman Restructuring Survey 2023of surveyed lenders said they have increased their requirements when gr

2、anting loans to companies in distress69%Oliver Wyman3Time To TransformINTRODUCTIONDear Reader,The COVID-19 pandemic and the war in Ukraine have significantly impacted European economies.Volatile demand,rising costs,supply chain problems,and disruptive market changes have created big challenges for c

3、orporations and their outlook remains pessimistic as geopolitical risks increase and financial institutions become more cautious in providing capital.What are the key challenges companies have faced,and how did they fare in the last years?Is financing still available for companies under stress?And w

4、hat are their key concerns going forward?These are the questions we address in this years Restructuring Report.It is based on a survey of experts across Europe,complemented by Oliver Wyman analysis.We hope you find it an interesting read.Sincerely yours,Dr.Lutz Jaede Head of Turnaround&Restructuring

5、 Europe Oliver Wyman4Time To TransformCONTENTSManagement summary 5A rough journey 7Remarkable resilience 11Financing requires a convincing plan 16Challenging times ahead for some sectors 20Conclusions 24Restructuring with Oliver Wyman 25 Oliver Wyman5Time To TransformManagement SummaryCHALLENGING TI

6、MES DEMAND CONVINCING STRATEGIES COMMODITY COST AND SUPPLY CHAINS RETURN TO NORMAL BUT THE IMPACT OF CRISIS MIGHT BE RETARDEDThe last two years have been marked by major challenges for companies in Europe.First,the pandemic and related lockdowns have led to significant sales losses and supply chain