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One Step at a Time

Chairman’s Letter – Introduction to IMAP’s latest edition of Creating Value

Let’s be honest: at the moment it is practically of no use to comment on the future, not just because anything we write here will be out of date by the time you read it, but also because no one can really say anything with any certainty. As one of our IMAP partners put it, “It’s just a dark tunnel”. And, as in any dark tunnel, you just put one foot in front of the other and hope you get to the other end.

As many western countries start to talk about re-opening, many developing countries are continuing to hit new daily Covid-19 case highs. And depending on how these “re- openings” take place, we can probably expect secondary waves of infection. So, by all accounts, until there is a widely distributed vaccine, we just have to adjust to a new normal in distancing, in travelling and day-to-day living.

As far as the economy – well, we could write a lot about the fact that the world economy was already slowing, that the level of corporate debt was too high and that unprecedented new levels of government debt will restrain economic growth for years, that some sectors will recover quickly, and some will never recover, and argue about when we will transition into a recession – I mean from the depression in which we are in already. But, really, go back to my first sentence.

Meanwhile, deal-making is still happening for advanced transactions and some strategic opportunities. But, more importantly, many of our partners are making major strategic decisions about their business models, because straightforward M&A may not be the same for years to come.

So, in this Coronavirus special edition of Creating Value:

– our Hungarian team reflects on the economic and social changes in the post-COVID world;

– our virtual roundtable on debt advisory and restructuring shows that businesses the world over will need our teams’ expert services to get through some difficult times;

– we highlight how our French team helped guide one client that is now in the forefront of critical COVID-19 testing to become a long-term market leader in the biological sector

– and how our German team is creating solutions for severely stressed automotive suppliers that can be generally applied to all companies with strategic importance.

So, it is the same everywhere – IMAP teams helping clients through the dark tunnel ahead, with expertise, with care and concern, one step at a time, until the inevitable light at the other end.


14th May 2020

Click here to read <<IMAP Creating Value – Coronavirus Special Edition>>