Trevi: the many faces of a restructuring plan - Part A

In December 2017, the Trevi management team, including its newly-appointed Chief Restructuring Officer, was preparing its recommendations for the next board meeting regarding the potential next steps to be taken to ensure the going concern status of the company. The then-troubled Trevi Group ('Trevi' or the 'Group') was one of the largest European construction engineering companies and global market leader in the field of underground engineering and was listed on the Italian stock exchange. The case presents the possible solutions to implement the financial restructuring of the company and presents the implications for all the providers of funds (senior creditors, mezzanine investors, equityholders).