A large company was facing a debt restructuring process with a primary objective: to restore financial stability and credibility in the market, preserving operational continuity and the value of its projects. We were asked for an external review to assess the economic consistency of the proposal, identify execution risks and provide a clear reading, useful for decision-making.

At martinsdelima, we focused the work as a complete review of the restructuring architecture: how the financing was reorganized, what assumptions supported the plan, and what pieces were critical for the process to be viable. In this type of operation, the value is not only in the financial “design”, but in the ability to execute it: that is why we analyzed the restructuring with a practical vision, grounded in real market conditions.

A central block of the review was the recapitalization as a support element within the debt restructuring. We evaluated how the capital injection and its structure could contribute to strengthening solvency and liquidity, and what decisions conditioned the final result from an economic, accounting and financier confidence point of view.

We also examined the operational risks of the process, which in complex restructurings are usually as important as the financial ones. We reviewed the sequence of critical milestones (selection of entities, coordination with advisors, due diligence and preparation of documentation), because small frictions in these stages can amplify uncertainty and deteriorate the closing capacity of the operation.

Another key element was the analysis of assurance mechanisms and commitments linked to the operation. In terms of execution, these mechanisms function as a guarantee that the plan does not remain an intention: they provide credibility and help turn the restructuring into a process with greater certainty for investors and financiers.

We apply a review methodology in four layers:

(i) structured reading of the financial situation and the triggers of liquidity,

(ii) analysis of the architecture of the restructuring and the role of recapitalization,

(iii) identification of critical milestones and execution risks (due diligence, selection of entities, sequence and governance), and

(iv) validation of economic coherence: that the components of the plan were consistent with each other and compatible with the risk appetite of financiers.

The result was an especially valuable review for management: a clear diagnosis of viability and risks, with practical recommendations to reinforce the executability and credibility of the restructuring. In other words, martinsdelima provided a layer of control and rigor that allows progress with greater security: we pointed out which parts of the design were critical, where the main points of friction were, and what adjustments raised the quality of the plan. This approach, oriented to the market and execution, is what turns a complex restructuring into a solid and effective solution.