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This is the second of a two-case series (IMD-1-0237 and IMD-1-0238). Mannai Corporation, one of the oldest and largest private enterprises in Qatar, was facing ruin by the end of 2000. A combination of events had led to the company reaching its substantial bank borrowing limits and with interest obligations approaching $1 million a month, Mannai was close to collapse. A consortium of the company''s creditor banks stepped in to assess the situation and attempt to avert a crisis in the Qatar economy. One of their initial priorities was the appointment of a strong CEO (chief executive officer) and after some persuasion, Keith Higley, an experienced banker who had spent a significant part of his career in the Middle East, accepted the challenge. Higley''s initial mandate when he took over as CEO of Mannai Corporation on 12 March 2001, was two-fold: to keep the company afloat to allow fair values to be obtained for the numerous intended asset disposals and to make an informed decision as to whether a workout was feasible or not. A PricewaterhouseCoopers (PwC) report to the consortium of banks had outlined the options available. Liquidation was the first option, which would prevent any further spiralling of losses but would limit the prices obtained for the assets to be sold. An alternative would be to sell the business as a going concern, but any potential buyer would require a substantial write-off of the Mannai debt. The third option, probably the riskiest, was a workout involving a restructuring of the business. Whatever the banks'' decided regarding the longer-term future of Mannai, Higley needed to tackle some issues immediately.