Distressed businesses that are facing severe financial difficulties often think that only bankruptcy, whether a Chapter 11 reorganization or Chapter 7 liquidation, can solve their problems. While bankruptcy is certainly an option, it may not be the only—or even the best—path to restructuring, financial stability, or an otherwise orderly closing of business operations. Bankruptcy can be costly and time-consuming and, in some instances, result in more harm to stakeholders on both sides of the creditor-debtor relationship.Continue Reading Distressed Business’ Alternatives to Bankruptcy: An Overview of Out-of-Court Workout Options
Gary Segal represents lenders and borrowers in various asset-based, cash flow, mezzanine, second lien, and real estate loans, as well as workouts, turnarounds, and liquidations. He also provides general corporate representation to privately held companies, entrepreneurs, financial institutions, and private equity funds.