Most associated professionals — bankers, attorneys and advisors — likely have encountered this scenario at least once in the past few years. How does one best partner with the workout department to successfully put a troubled client back on the road to financial health? Borrowers and their professionals can find themselves in unfamiliar territory. Understanding how to navigate this territory is critical to successfully negotiating through the workout.
The Skinny About Workouts – De-Mystifying the Workout Banker’s Motivations – ABFJournal
Creditors' rights representation in loan workouts and in bankruptcy is a core function of Maslon's Financial Services Group. We leverage our extensive work in this area to offer clients knowledgeable and careful guidance, helping them make practical assessments of relevant economic and legal risks. Loan Workouts Banks, asset-based lenders, equipment financiers, and other financial service providers regularly seek our representation regarding their rights in connection with defaults by commercial borrowers and guarantors. We view workouts as the process of maximizing lender recovery while directing a borrower to refinance or repay the loan as soon as practicable. In each case, the best approach will depend on a host of factors, including the integrity and competency of management, refinancing alternatives, the determination of the value of collateral, the dependence upon insiders to obtain recoveries, and other loan structure or documentation problems.
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