Corporate Consulting ​​

     Strategic Restructuring & Equity-Based Turnarounds

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         Elliott Wright & Anderson advises founders, CEOs, CFOs, and boards on debt restructuring and equity-based turnaround strategies—restoring balance sheets through thoughtful, investor-grade equity solutions. A significant portion of our business is generated through a strong recurring referral ecosystem with restructuring advisors and mid-tier accounting firms to remediate an imminent breach and mitigate the risk of bankruptcy for their client firm. EWA is one of the few restructuring firms working 'upstream' prior to imminent Chapter for a client-company. We provide a superior value solution to these companies in the U.S., Canada, Mexico, Europe and Japan, before it is necessary for them to seek reprieve from covenant breaches, and need to subsequently enter Chapter.

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U.S. Corporate Restructuring Value

The total value of companies in the U.S. needing restructuring or likely approaching Chapter 11, we have to combine several datasets:

1. Total corporate debt outstanding

2. Distressed debt levels

3. Default / bankruptcy rates

4. Actual restructuring transactions

No single statistic captures the entire market, but the combined data gives a reliable range of the annual restructuring opportunity across all U.S. companies (not just clients of accounting firms).

1. Total Corporate Debt in the U.S.

• U.S. non-financial corporate debt is about $8.4–$9 trillion. 

• Total corporate debt including financial companies is roughly $18.7 trillion. 

This is the total capital structure pool from which distress and restructurings arise.

2. Portion of Debt That Becomes Distressed

“Distressed debt” usually means bonds trading at 1,000+ basis points spread (high probability of restructuring).

• Distressed U.S. high-yield bonds recently reached about $94.6 billion. 

• This represented roughly 7.2% of the junk bond market. 

But that only captures public bonds. Including:

• bank loans

• private credit

• middle-market debt

the distressed universe is typically $300B–$800B in most cycles (investment bank estimates).

3. Actual Restructuring Volume

Formal restructurings (bankruptcy + out-of-court deals):

• $205 billion of restructurings occurred in 2023. 

• Distressed exchanges and liability management transactions continue rising due to high rates. 

Realistically:

Typical annual U.S. restructuring transaction value

• $200B – $500B

In downturn cycles it can exceed $1 trillion.

4. Bankruptcy Filings

Corporate bankruptcy filings help estimate how many companies actually cross the line.

• About 695–749 companies filed corporate bankruptcy in 2024–2025. 

• Filings are currently at the highest levels in ~15 years. 

But bankruptcy filings represent only a fraction of distressed companies, because many restructure privately.

Typical ratio:

Outcome Share:

Out-of-court restructuring

~60–70%

Chapter 11 reorganization

~20–30%

Liquidation

~5–10%

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1. Distressed company count

From the previous model:

• Distressed companies: ~50,000 – 90,000

• These are firms with covenant breaches, liquidity issues, or lender negotiations.

2. Typical company size in Top-25 firm client bases

Top-25 firms primarily serve the middle market, typically companies with:

Metric

Typical Range

Annual revenue

$20M – $500M

Median revenue

~$75M – $150M

Debt / revenue ratio

25–50%

A reasonable midpoint:

• Average revenue: ~$100M

• Average debt: ~$35M

3. Apply this to distressed companies

Total revenue of distressed companies

Distressed Companies

Avg Revenue

Total Revenue

50,000

$100M

$5 trillion

90,000

$100M

$9 trillion

Total debt requiring restructuring

Distressed Companies

Avg Debt

Total Debt

50,000

$35M

$1.75 trillion

90,000

$35M

$3.15 trillion

Final estimate

Annual restructuring exposure flowing through Top-25 accounting firms

Category

Estimated  Value

Companies in distress (revenue)

$5T – $9T

Debt needing restructuring

$1.7T – $3.1T

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The estimate of bankruptcies flowing through the Top-25 U.S. accounting firms..

We’ll build this from industry size → clients → distress funnel → bankruptcy outcomes.

1. Total size of the Top-25 accounting firms

The largest U.S. accounting firms generate tens of billions in revenue. For example, firms like Deloitte alone produce over $30B in U.S. revenue, and the combined Big Four generate over $200B globally annually. 

If we add the Big Four plus firms ranked 5–25 (RSM, Grant Thornton, BDO, Baker Tilly, Withum, etc.), the Top-25 U.S. firms together generate roughly:

≈ $120B – $150B in annual revenue (U.S. operations).

2. Estimate total clients served

Large accounting firms tend to average $75k–$150k revenue per client (blended across audit, tax, advisory).

Using that range:

Total Revenue

Avg Revenue per Client

Estimated Clients

$120B

$100k

1.2M clients

$150B

$100k

1.5M clients

✅ Estimated clients served by Top-25 firms:
~1.2 million – 1.5 million organizations

These include:

• middle-market companies

• private equity portfolio companies

• nonprofits

• funds

• venture-backed startups

• some large public companies

3. Companies with debt and covenants

Not every client has bank covenants.

Typical distribution:

Category

%

Businesses with meaningful bank debt 

~45–55 %

Using 50% midpoint:

600,000 – 750,000 leveraged companies

4. Companies entering covenant distress

Typical middle-market distress rate:

8–12%

Leveraged Companies

Distressed

600k

48k – 72k

750k

60k – 90k

✅ Estimated distressed clients inside Top-25 accounting ecosystems:
~50,000 – 90,000 companies

These are companies:

• breaching covenants

• negotiating waivers

• needing recapitalization

• facing liquidity stress

5. Companies that actually file bankruptcy

Only a fraction of distressed companies file.

Typical outcomes after covenant breach:

Outcome

Share

Waiver/amendment

~45%

Out-of-court restructuring

~30%

Sale/recap

~15%

Bankruptcy

5–10%

Applying that:

Distressed

Bankruptcy

50k

2,500 – 5,000

90k

4,500 – 9,000

Final estimate

Annual bankruptcy opportunities inside the Top-25 firm ecosystem:

~3,000 – 8,000 companies per year

These are companies that likely pass through:

• audit/tax teams

• advisory groups

• restructuring specialists

• legal referrals

before filing Chapter 11 or Chapter 7.

How the pipeline usually looks inside big accounting firms

Typical funnel across the Top-25 ecosystem:

Stage

Companies

Early financial stress

120k – 180k

Covenant breach / lender negotiations

50k – 90k

Formal restructuring

20k – 40k

Bankruptcy filings

3k – 8k

Why this matters strategically

This pipeline is why distressed advisory practices are huge profit centers inside firms like:

• BDO USA

• Grant Thornton

• RSM US

They capture work such as:

• liquidity modeling

• debt restructuring

• bankruptcy advisory

• turnaround consulting

before law firms even get involved.

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Restructuring advisory fees usually run:

Service Typical Fees

Turnaround advisory

$200k – $2M

Restructuring engagements

$500k – $5M

Large Chapter 11 advisory

$5M – $20M

Even capturing 0.2–0.5% of restructured debt yields billions in advisory revenue across the industry.

Key takeaway

Inside the Top-25 accounting firm ecosystem each year:

• ~50k–90k distressed companies

• $1.7T–$3.1T of debt under stress

• $200B–$900B entering formal bankruptcy processes

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Boutique opportunities in U.S. restructuring advisory tend to appear where there is distressed deal flow but limited specialized advisors. The biggest opportunity areas today fall into four categories: market segment, geography, creditor type, and specialty services.

Below is how the market actually breaks down.

1. Lower-Middle Market Restructuring (Biggest Gap)

This is the largest underserved segment.

Company size

• Revenue: $10M – $150M

• Debt: $5M – $75M

Why boutiques win here

Large firms such as Alvarez & Marsal, AlixPartners, and FTI Consulting usually focus on larger restructurings because:

• Fees are higher

• Engagements require large teams

That leaves thousands of smaller distressed companies with few qualified advisors.

Opportunity scale

• ~3,000–6,000 distressed middle-market companies per year

• Advisor fees typically $250k – $3M per engagement

Many boutique firms are built entirely around this segment.

2. Private Credit Workout Advisory

This is one of the fastest-growing opportunities.

Private credit has exploded to ~$1.7 trillion globally, and most loans are to middle-market companies.

When these loans go bad, lenders need:

• Independent business reviews (IBR)

• Restructuring plans

• CROs

• Debt negotiations

Boutique restructuring firms increasingly work directly for:

• private credit funds

• direct lenders

• BDCs

Examples of major private lenders include:

• Ares Management

• Golub Capital

• Oaktree Capital Management

These firms constantly hire independent restructuring advisors when portfolio companies deteriorate.

3. Regional Bankruptcy Ecosystems

Restructuring work is highly court-centric, so boutique opportunities often exist in regions with:

• high corporate density

• strong bankruptcy courts

• fewer local advisors

Major restructuring hubs

City

Opportunity

New York

Largest deal flow but crowded

Houston

Energy restructurings

Dallas

Middle-market cases

Chicago

Industrial distress

Los Angeles

Retail / entertainment

Underserved regions

Region

Opportunity

Southeast

manufacturing + healthcare distress

Midwest smaller cities

family-owned business distress

Mountain West

PE-backed company restructurings

A 2–5 partner boutique located near active bankruptcy courts can capture significant referral flow.

4. CRO (Chief Restructuring Officer) Services

This is a very profitable niche.

Distressed companies often appoint a CRO during turnaround or Chapter 11.

Typical CRO economics

• $350–$900 per hour

• $200k–$1M+ per engagement

Many boutique firms make 50–70% of their revenue from CRO placements.

Large firms dominate big cases, but mid-market CRO roles are wide open.

5. Industry-Specialized Restructuring

Boutiques increasingly win by focusing on a specific distressed sector.

Strong niches today

Sector Reason:

Healthcare

hospital distress

Retail

e-commerce disruption

Restaurants

margin pressure

SaaS startups

venture debt problems

Real estate

refinancing failures

Sector specialization helps boutiques get referrals from lenders and law firms.

6. Distressed M&A Advisory

Many companies avoid bankruptcy by selling the business.

This creates demand for advisors specializing in distressed M&A transactions.

Typical deals:

• Section 363 sales

• lender-led recapitalizations

• rescue capital raises

Boutique advisors often earn 1%–5% transaction fees.

What the Real Opportunity Looks Like

The most successful boutiques combine three revenue streams:

1. Financial advisory (restructuring plan)

2. CRO services

3. Distressed M&A

This produces $1M–$5M fees per client in larger middle-market cases.

The Structural Gap in the Market

The U.S. has:

• ~6 million companies with employees

• tens of thousands of distressed firms annually

But only ~300–500 restructuring advisory firms.

That imbalance is why boutique firms can scale quickly.

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          The dominant portion of companies, 60-70% reach out-of-court restructuring. This market is dominated by Venture Capital firms and boutique advisory firms.

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          Elliott Wright & Anderson is an international boutique that drives optimal value preservation. Often, we also provide, as needed, capital from typically 5% to 20% of their total value of equity via venture capital groups EWA works with.

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         Companies can restructure, emerging debt-free with EW&A with a full conversion of debt-to-equity, with stakeholders receiving respective equity. Conversion can be full or partial depending on the drivers of the company's capital debt and equity stacks. We specialize in designing tailored debt-to-equity solutions that enhance cash flow, fortify balance sheets, and drive sustainable growth. Our strategies are crafted to support long-term financial stability while aligning with the interests of all stakeholders, empowering companies to navigate challenges and unlock their full potential

         When legacy debt constrains growth or threatens solvency, traditional refinancing is often no longer viable. We design and structure debt-to-equity solutions that stabilize cash flows, protect operations, and preserve long‑term enterprise value.

          Discreet, Executive-Level Advisory Engagements are conducted in strict confidence. Speak privately with a senior associate to explore whether a strategic debt-to-equity solution is viable for your company.​​​​​​​​​​​​​​​​​​​​​​​​

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 WHO WE SERVE​

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         We work with organizations of approximately 20 to 500 employees that remain viable as going concerns, but are over‑burdened with debt. The industries we work in are predominantly: Healthcare, Retail, e-commerce, restaurants, SaaS, Venture Debt, Real Estate and Professional Services.

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These are typically companies that:

• Have strong revenue and a credible growth trajectory

• Face an unsustainable balance sheet or impending covenant / maturity pressure

• Wish to avoid a Chapter proceeding if a value-preserving alternative exists

       Our objective is to help these businesses secure a sustainable capital structure without entering formal bankruptcy—while preserving the interests of all stakeholders, not just the largest or most vocal ones.

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 WHAT WE DO​

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Debt Restructuring and Equity-Based Turnarounds

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We focus on balance sheet repair via strategic equity solutions, including:

• Debt-to-equity exchanges and structured conversions

• Standstill and forbearance frameworks to create a “time-out” for negotiations

• Stakeholder-aligned recapitalizations and capital stack simplification

• Minority creditor recovery strategies in distressed and near-insolvent situations

The outcome: a capital structure that supports operations and growth, rather than constraining them.

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 OUR APPROACH

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• Independent, Boutique Advisory
  We are a focused boutique, working only with clients where we can add meaningful value and both parties see a clear fit.

• Stakeholder-Aware, Not Stakeholder-Captured
  We work to preserve value across the stakeholder spectrum—founders, management, lenders, minority creditors, and equity holders—rather than optimizing solely for one class at the expense of long‑term viability.

• Confidential and Controlled Process
  We emphasize discretion and disciplined process. EW&A practices the highest standards of corporate privacy, including offering a notarized NDA to potential clients before sharing sensitive information.

• Global Experience, Practical Execution
  With over 45 combined years of experience in corporate finance and restructuring across six countries, we bring both technical expertise and practical execution know‑how to each engagement.

 FREQUENTLY ASKED (EXECUTIVE SUMMARY)

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What is a Standstill Agreement?
A standstill agreement functions as a structured “time-out” among parties engaged in a debt dispute or other adversarial corporate matter. During the standstill period, parties suspend certain actions (such as enforcement, litigation, or acceleration) to evaluate and negotiate a constructive outcome.
As creditor advocates—particularly for minority stakeholders—EW&A helps design and negotiate standstill and debt-to-equity frameworks that enable recovery and preserve going-concern value.

How is EW&A a Creditor Advocate?
We often represent or support minority creditors and other underrepresented stakeholders in distressed situations, helping them achieve a fair outcome through negotiated restructuring and equity-based solutions, rather than being wiped out in a rushed or creditor-dominated process.

Why are minority creditors sometimes afforded recovery in apparent insolvency?
Even in distressed or seemingly insolvent situations, negotiated solutions can create value relative to a formal liquidation or disorderly sale. By aligning interests through debt-to-equity conversions and structured settlements, minority creditors can often retain an economic stake in the reorganized business.

How long does the process take?
Timeframes vary by complexity, number of stakeholders, and urgency. Some out-of-court resolutions may be achieved in a few months; more complex, multi-party negotiations often require longer. Early engagement typically increases the range of viable options.

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ABOUT ELLIOTT WRIGHT & ANDERSON

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       Elliott Wright & Anderson LLC (together with Creditor Advocates USA) is a boutique financial consulting firm dedicated to helping companies navigate complex financial distress and restructuring situations.

We specialize in:

• Debt restructuring and balance sheet repair

• Equity-based turnaround strategies and recapitalizations

• Creditor advocacy, particularly for minority stakeholders

• Strategic capital formation for select high-potential companies

Many of our clients are fundamentally sound businesses with strong revenue and attractive market positions, but burdened by an unworkable capital structure. We help leadership restore solvency, secure a sustainable balance sheet, and create a credible path to long‑term stability and growth—without defaulting immediately to a Chapter filing where there is a viable alternative.

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ENGAGEMENT PRINCIPLES AND DISCLOSURES

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EW&A endeavors to deliver high-quality consulting services aimed at achieving optimal outcomes for our clients. However, no specific outcome or result is guaranteed or assured, in any form.

We selectively engage with clients where:

• There is a realistic prospect of a constructive restructuring or recapitalization, and

• Both parties agree that the engagement is a strong mutual fit.

Services are delivered in coordination with, and not in place of, licensed legal counsel. Any legal actions are undertaken by an appointed licensed attorney. Our services are provided strictly on a “best-efforts” basis. Please review the Terms and Conditions of this website for full disclosures.

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CONFIDENTIAL INITIAL CONVERSATION

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We invite you to a confidential, no-obligation initial discussion to determine whether:

• Your company is a viable candidate for a debt-to-equity or restructuring solution

• There is a realistic, value-preserving alternative to Chapter

• Our boutique advisory model is the right fit for your situation

Reach out to schedule a private executive consultation.

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CAREERS

Now Hiring – 2026

We are interested in speaking with experienced professionals with backgrounds in restructuring, distressed investing, or corporate workouts.

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If you have a track record in these areas and are motivated by complex, high-impact situations, inquire directly to discuss your career objectives and what EW&A can offer strong, success-oriented candidates.

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EW&A provides outstanding service with select clients that are deemed best-suited for our boutique consulting services, and that both parties see as a 'good fit'.. EW&A works to preserve the interests of stakeholders, by an appointed licensed attorney, and provided strictly on a 'best-as' basis - review the 'Terms and Conditions' of this website for more information and full disclosure.

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