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Recognizing the Signs of Financial Distress
Financial distress is when a company is vulnerable in its ability to maintain its financial commitments related to operating expenses (i.e., timely vendor payments, leases and payroll), debt holders (i.e., lenders, noteholders), and capital expenditures.
Payment disruptions in the regular course of business can negatively affect both sides of the balance sheet. Operating statement disruptions manifest with challenges in customer retention, decrease in revenues, loss of key employees and eventually a long-term decline in financial performance. Balance Sheet impacts can be seen and felt as there's a shift from a cash flow valuation to hard asset and collateral valuation. This can be hard for a company to digest when your lender is underwriting your collateral based on liquidation analyses. These balance sheet changes will also impact your ability to attract fresh capital, and if it continues to deteriorate, could result in a default in credit agreement(s).
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