Professionals who specialize in turning around businesses say that the nation's turnaround probably won't happen until next year.

In a recent survey, 80% of turnaround specialists interviewed said they don't see an upswing in the nation's economy until 2010, according to the Turnaround Management Association.

Nearly a third of the respondents predicted the recovery won't take hold until the last half of 2010, while 20% foresee a national turnaround in the first half of the year, according to the association.

Another 20% don't expect a recovery until 2011.

Sixty-five percent of specialists feel corporate default rates and workouts will peak going into 2010.

"Most of the companies we are seeing have made dramatic expense reductions but still have not been able to cut enough to meet sharply lower sales levels," says Margaret Good, president of the Meridian Group in Pittsburgh. "The result is negative earnings and [cash flow], putting into question the long-term viability of many companies thought to be healthy a year ago."