Distressed transactions increasingly mark the Swiss M&A landscape. An important piece in the Swiss restructuring toolbox is the sale of parts or all of the business under court supervision during a composition moratorium. It has been used successfully in an increasing number of cases recently. Typically, the relevant part of the business is pre-packed – structured and prepared for sale – before being sold with court approval. As we anticipate more distressed M&A transactions in 2025, it is worthwhile exploring the intricacies and implications of the Swiss pre-pack.