Turnarounds occur when companies or their stakeholders try to fix the finances and operations. Oftentimes turnaround advisors are brought in to help the management teams fix these companies.

Some of the best turnaround sites include:
Association of Insolvency Restructuring Advisors

Turnaround Management Association

www.bankruptcydata.com

American Bankruptcy Institute

PACER Bankruptcy Filings

Best Turnaround Books:
Workouts & Turnarounds
Phoenix Effect
Predator's Ball
Vulture Capitalists

Company Turnaround Timeline
1. Appoint an interim turnaround manager (internal or external hire)
2. Assess the company's cash position (how long can the firm survive status quo)
3. Evaluate which product lines are core/non-core
4. Sell or shut-down the non-core businesses
5. Evaluate who the performers are and where the management holes exist
6. Eliminate the employees which are not helping to save the company or who resist change
7. Evaluate if the company is better off filing for Chapter 11 Restructuring or Chapter 7 Liquidation. Sometimes the company is worth more dead than alive (if it is burning too much cash)
8. Manage the business for cash flow (limit CAPEX, stretch payables and accelerate receivables); Focus on profitable growth for the viable business lines
9. Obtain debt or equity financing to improve the cash situation
10. Hire a permanent management team

Top Turnaround Firms
Alix Partners
Alvarez & Marsal
Kroll & Co.
FTI Consulting
BDO Siedman