Managing Director CEE – BM&T European Restructuring Solutions

Dear friends, colleagues and partners,

I am not at my most comfortable with words and text. I recognize that I feel better with numbers in Excel and PowerPoint. As the Covid-19 pandemic crisis affects us all and changes our lives, I am sometimes dramatically adapting to this new digital world, becoming active in the online world.
Firstly, I wish to send a big thank you note to our contributors, Daniel Radwański – Poland, Alberto Cerini – Italy, Valentin Voinescu and Cătălina Dan – Romania, Manuel Gordillo – Spain and Volker Beissenhirtz - Germany, as I know, it is not always easy to write an essay in such a short time and dealing with such unpredictability.

For me, the key point of the message is flexibility. We need to act according to the concept, use flexible behaviour to overcome obstacles, be constructive and adaptable and fill in the gaps. Covid-19 is affecting the population and also companies and economies, touching all aspects of our life. As we provide mass testing to populations, we should provide mass testing for companies, pragmatic and timely. As we provide mass vaccination to populations, we should provide mass vaccination to companies, not necessarily by helicopter money and other type of popular methods, but through bridge money, turnaround managers, and turnaround solutions. We need to look for better prevention and faster reaction, from a taxation, legal, financial, and economic point of view, and EACTPs are the front-line doctors for the economy. Let’s be present and active; let’s take measured risks and offer our help, even if some time is voluntary and pro bono, to resolve this situation and reach the sunny side of the valley.

Looking at the opinions distributed by contributors, we see various reactions of legislators and authorities in each jurisdiction, and I would highlight the very pragmatic, almost out of court, solution provided by Poland, versus the control by IP and lengthy processes intended by the Romanian regulator. Spain is more sophisticated than other countries in Europe, while Italy is still contemplating the disaster and is not taking any action against it. New laws in the UK, Holland and Germany are mainly untested.

It happened last week, as I am writing this article on 1st of March, the first day of Spring, to be involved in the organization and development of the DIC2021 by TMA, the distressed investment conference of the year. What an event; such a great organization and extremely high quality of people. It speaks more about the US and less about international, as old Europe and Asia are still inward-looking and locked in between borders. Please, do not forget, we are not only EACTPs but also TMA members, and there are plenty of events and resources that we can access, plenty of networking opportunities and ideas on how to tap the money sources around the globe.

With a metaphor as a conclusion, even though we are in Spring, winter is not coming; it is already here, but not with cold and ice, but with a huge pandemic, infecting both the population and companies. Let’s fight against this pandemic with all the resources and commitment we have. Nobody is better placed than EACTP to do it better.

If you would like to be guest editor for our Summer 2021 newsletter, please email eactp@turnaround.org.