ABSTRACT
In everyday parlance, corporate restructures, reorganizations, and turnarounds (CRRTs) are terms used interchangeably and refer to events and processes by which a company is transformed to address the financial difficulties it is experiencing under the current structure, operations, and management team. CRRTs involve changing its ownership, operational, or legal structures to better organize operations, improve product quality and customer service, and enhance their financial performance. There are internal and external CRRTs, those focused on fixing short-term problems versus those addressing problems that require long-term focus. They can also be strategic, operational, financial, and environmental change, or shareholder value driven.
