The Bankruptcy Code offers a variety of means for addressing balance-sheet issues. Its provisions for dealing with the operational issues that caused those balance-sheet problems are more limited, however. This session discusses the diagnostic tools available to identify operational problems, with a particular focus on the primary methodology generally used by financial professionals: the “operational review.” Rather than just addressing the symptoms, an operational review primarily focuses on the root causes of a distressed/insolvent company, and provides an outline for action plans that management and the turnaround team can execute in the recovery process. The session also addresses the legal and financial issues that should be considered and resolved in dealing with some of the most often-seen problems, which frequently include stale management, poor strategy, a lack of productivity focus, and deficient information infrastructure. The panel discusses such implementation-process issues as severance and other employment issues presented in offloading stale management, as well as board fiduciary duty issues arising from receiving the results of the operational review and addressing, or not addressing, the issues identified. The panel seeks to discuss the best ways to effectively restore companies and enhance cash flow beyond the traditional and common expense-cutting methods.