Reprofiling with banks and suppliers, on a payment plan the cash can actually support.
Working-capital optimisation: collections, stock and payments, in that order.
A recovery plan with verifiable quarterly targets, not a generic promise.
Interest coverage lies: it pays the interest and ignores the principal. The DSCR compares available cash flow with the total debt service — which is what the bank's covenant actually demands.
Healthy EBITDA and cash in the red: 78% of the debt matured within 180 days. We reprofiled with four banks and redesigned working capital before touching a single cost line.