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Introduction
Turning around underperforming businesses in the 2000's economic environment differs drastically from turnarounds of the 1990s. Unlike the 1990s, today's creditors to businesses, especially senior lenders and banks, are hesitant to work with businesses in decline. Creditors have taken the view that certain industries are in decline and, therefore, the businesses within those industries cannot be turned around. The problem industries include steel, broadband networks, Internet companies, telecommunications, automobile suppliers, computer component companies, communication and equipment manufacturers.
This view has resulted in a situation ...