Debt Relief Without Bankruptcy
Many businesses experience cash flow disruptions as their operations and general business conditions change. If their financial situation grows more difficult, some of these businesses may consider filing for Chapter 11 bankruptcy relief or perhaps undertaking a restructuring or reorganization effort. Suppliers and customers may react negatively to these developments however. To avoid these ramifications and protect the reputation of the firm, companies facing the prospect of bankruptcy should consider a workout as an alternative.
Minnillo & Jenkins can assist Southern Ohio businesses in workout situations. Call us at 513.723.1600 for a free, no-obligation consultation. We may be able to help your company achieve debt relief without bankruptcy.
The Elements of a Successful Workout
In a workout, a debtor company works closely with creditors to identify the scope of the financial problems and develop a comprehensive debt relief plan, involving partial forgiveness of specific debt obligations, consolidation of debts, reduced interest rates, or extended loan terms. It may or may not involve a reorganization of the company's financial structure, asset holdings, and operations.
The firm of Minnillo & Jenkins has extensive experience in workout situations. We can advise and represent you in all aspects of the process.
We have particular experience in these elements of workouts:
Negotiation - our attorneys can negotiate debt reductions and more favorable payment terms with banks, and lenders. We can also negotiate with non-secured creditors such as equipment lessors, and suppliers, and renegotiate lease terms with landlords.
Tax considerations - in a workout, it is essential to consider the tax implications of the workout. Our firm can evaluate the impact of taxes on proposed transactions and recommend the optimal decisions.
Minnillo & Jenkins understands financial transactions and the practical realities of business operations. We will recommend and implement a work out strategy designed to relieve debt burden and restore your enterprise to financial health.
For a free initial consultation with a lawyer Minnillo & Jenkins about a potential workout situation, call 513.723.1600 or contact us online.
We have three convenient offices to serve you. Evening and weekend appointments available.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
