Out of Court Workouts
If you face insolvency, you can quickly reorganize your debt through an out-of-court workout or restructuring. Through this alternative to Chapter 11 bankruptcy, you enter into a contractual agreement with your creditors to resolve your debt obligations and progress towards financial stability.
The benefits of a workout include:
- Cost effectiveness
- Minimized business operations impact
- No court order required for use of cash
- A plan for financial stability
- Safeguard against drop in employee morale
- Protection from competitive action to exploit your situation
- Minimized public scrutiny of your company’s financial situation
Restructurings can happen more quickly than one might imagine.