Here is something I have posted previously on turnaround businesses:
Companies restructuring like Magellan take at least 12 to 18 months to turn around, if at all.
Michael J Mauboussin in “More than you know” in the chapter titled “I’ve fallen and I can’t get up” quoted the following from a study by HOLT between 1960 to 2001 (from 1960 is a coincidence)
29% of businesses in turnaround mode restore historical growth exponentially (odds heavily stacked against Magellan),
26% continue same path and at least
45% fail or close
Ann: Funds Under Management - October 2022, page-63
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