How integrated capital markets and crisis communications restored a listed technology company’s ability to act.
From Growth to Crisis
The restructuring of a listed company is rarely a purely financial or legal exercise—particularly when it unfolds under intense public scrutiny, volatile capital-market conditions and severe time pressure. This case demonstrates how strategic communication can become a decisive enabler of transformation.
After several years of strong growth, an international technology group entered a profound crisis. Major investments in new capacity and business lines had materially increased its cost base just as demand contracted. Further cash outflows strained liquidity, while external events intensified the pressure. The existing turnaround plan became untenable, a leadership change was required and the company ultimately initiated a far-reaching restructuring process.
A Multi-Layered Transformation
What followed was not a linear process, but a highly dynamic transformation. Financial restructuring, operational realignment and fundamental changes to the capital structure progressed in parallel, alongside the involvement of a strategic investor.
This complexity met a capital market with powerful dynamics of its own. The shareholder base was fragmented across institutional investors, hedge funds, short sellers and retail investors. Media scrutiny intensified in parallel, amplified by critical voices and public disputes.
Beyond Traditional Investor Relations
Traditional investor relations reached its limits. Disclosure obligations collided with legal constraints, rumours travelled faster than verified facts, and individual communications could immediately affect market behaviour and the share price. With confidence already impaired, trust became particularly fragile.
Communication as an Integral Part of the Restructuring
Against this backdrop, communication was treated not as a supporting activity, but as an integral part of the restructuring. RosenbergSC assumed central responsibility for capital markets and crisis communications at an early stage, working closely with the Management Board, Supervisory Board, legal counsel and financial advisers. The objective was clear: stabilise external perceptions, actively shape the narrative and translate complex developments for the capital market.
Central Coordination in a Highly Sensitive Environment
Execution was led through a dedicated, continuously available task force. RosenbergSC consolidated all communication workstreams, assumed key external communications functions and ensured consistent corporate positioning.
Continuous monitoring of media coverage, market reactions and stakeholder positions was a core element of the approach. This enabled emerging narratives to be identified and addressed before they became entrenched. Market-moving information was contextualised proactively and, where necessary, counter-narratives were established.
Tailored Communication for Distinct Stakeholder Groups
Communication was managed by target audience. Institutional investors, activist market participants and the media each operated according to distinct priorities, expectations and decision-making logic.
Explaining the restructuring process itself was particularly important. As many market participants had only a limited understanding of its mechanics, continuous clarification was essential to create greater certainty and prevent misinterpretation.
Precision in a Fast-Moving Situation
Execution remained demanding throughout. Bridge financing, legal disputes and operational measures had to be communicated in parallel. Every statement also had to balance transparency requirements with confidentiality obligations. RosenbergSC maintained consistent, robust external communications and aligned every measure closely with capital-markets regulation.
Stability as a Prerequisite for Delivery
Despite the challenging conditions, external perceptions were stabilised and a consistent market narrative was established. Complex developments became easier to understand, while escalation was largely contained. Communication thereby created a critical foundation for the successful delivery of the restructuring.
