Bankruptcy or Out-of-Court Business Renewal: Which Process Is Right?
For many business owners, insolvency narrows the field of vision long before it eliminates the available restructuring options. Chapter 11...
Forward for Specialty Finance
What Is Article 9 Restructuring?
Owners of lower-middle-market businesses often arrive at the same conclusion before they ever speak with a restructuring professional. The company...
Why Delay Destroys the Value of a Distressed Business
When a restructuring engagement begins, most businesses still have real value worth protecting. The question is how much flexibility remains...
Going-Concern Value vs. Liquidation Value
Distressed transactions are frequently described as either restructurings or liquidations, but the distinction is often discussed as though it can...
What Is Going-Concern Value?
Most restructuring engagements begin with a reality that appears contradictory to people encountering financial distress for the first time. The...
What Is Enterprise Value in a Business Restructuring?
A surprising number of distressed companies continue producing positive EBITDA long after their capital structures become unsustainable. Revenue holds, customers...
Can a Business Avoid Bankruptcy and Still Restructure Its Debt?
During the earliest stages of the engagement, businesses that eventually complete successful restructurings often spend surprisingly little time talking about...
What Is Subchapter V, and When Does It Help a Small Business?
Subchapter V is a streamlined version of Chapter 11 built for small businesses. It tends to appear in conversations later...
When Chapter 11 Becomes Necessary
When Chapter 11 first appears in a restructuring discussion, it is often attached to a particular event. A lender has...
Why Chapter 11 Is Not Always the Best First Option
Businesses experiencing serious financial distress frequently arrive at the same conclusion long before any formal restructuring assessment occurs. Creditors are...
