Introduction It has become increasingly clear that after the initial shock caused by the COVID-19 lockdowns, businesses will face lasting challenges, including disrupted supply chains, declining demand and increased financing costs. Against this background, a growing number of investors will need to assess how to deal with distressed business units or entire companies. This article provides an overview of corporate and financial reorganisation options, particularly with regard to the sale of distressed companies or business units and carve-out transactions. Reorganisation methods Swiss law provides for a series of reorganisation options. The main alternatives can be summarised as follows: Sale Disposing of an entire company or its unprofitable operations is often the most straightforward reorganisation method. However, a distressed sale also confronts the parties with specific challenges. In particular, carve-out transactions can raise complex legal, tax and operational issues.