Behinds the conventional routes of bankruptcy or insolvency, there are other routes to solve the debt you have with your business.
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Your key sales contracts evaporate. Your board of directors is involved with activities that directly affect your company. Profits drop and you don’t know what to do. You don’t want to file for bankruptcy, but creditors are always hounding you. There is a way out in the form of considering debt restructuring and corporate workouts. We will explain both below.
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When your revenue isn’t covering your loans on your business or commercial real estate you own, you don’t have to think of filing for bankruptcy immediately. A corporate workout is referencing how private and public companies can voluntarily enter agreements to look at restructuring their debt.
If you are facing extreme debt and can’t refinance the loans on either your commercial real estate or business, debt restructuring may be an option with your creditors. The reason why you would use this route is that for one, it’s usually less expensive than bankruptcy. Two, when facing issues such as judgments and liens or delinquent on loans concerning other disputed debts.
WHY EVEN CONSIDER THIS ROUTE
With the recent financial crisis of 2008 coupled with rapid economic and demographic changes, businesses can both flourish and fail quickly. Debt restructuring can be complicated, but with the right attorney team that understands the methods such as debt-for-equity swaps, bondholder haircuts, and informal or formal debt repayment agreements, you can avoid the heavy burdens of bankruptcy and get your business back on track.
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To look at your restructuring situation, please contact our Indiana real estate attorney from our firm today!
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