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A business turnaround is usually precipitated by a cash flow crisis and so funding a turnaround therefore usually involves firstly managing the business’s absolute cash flow so as to deal with the initial cash flow forecast problems and survive to stabilise the business; and then refinancing to fund the regrowth and prospect trading of the business. At both points in a turnaround however, lenders’ confidence in both the business’s management and its ability to meet repayments of borrowings outside of prospect forecasts of cashflows, are often at a low ebb, given the business’s contemporary situation or recent history….
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