Researches continuously show that companies have difficulty with information technology (IT) projects to complete on time, on budget or on quality. In fact many are cancelled before completion or not implemented.
Numbers range from 30% to 50% failing IT projets (see examplarily here: PMSolution research) where some 20-30% of them can be recovered.
The reasons are discussed widely.

To recover such projects is a huge task, as a lot of peopel fear to loos its face.
So, peopel's management is the most important ability a Turnaround manager need.
Also only an deep analysis can determine if a project is worth to recover.