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  "documentTitle": "Distress Alert July 2024",
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  "authorName": "Alvarez & Marsal",
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  "notes": "The slide uses a table to present sector-specific distress data and trend analysis for Germany.",
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      "text": "German companies in the Infrastructure & Logistics and the Energy & Utilities industries show the highest distress levels among sectors covered in the ADA. Both markets are undergoing structural changes driven by the energy transition.",
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      "text": "The Logistics industry in particular has long suffered from a shortage of skilled workers, a challenge that has been exacerbated more recently due to a persistently tight labour market in Europe.",
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      "text": "Corporate distress has increased steadily in Germany and reached the highest level since the start of the pandemic. Companies facing distress currently account for 9.4% of the German firms in our dataset.",
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      "text": "Alongside strong increases in construction costs and skilled labour shortages, Construction companies have been hit particularly hard by higher interest rates, which resulted in a steep slump in buyer demand.",
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      "text": "The number of firms lacking performance and balance sheet robustness has also grown in recent years, now accounting for 15.7% and 27.8% of total businesses, respectively.",
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      "text": "Anecdotally, we observe the Automotive, Retail and Chemical sectors as facing several major challenges that can lead to more distress activity.",
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