When a business suffers a downturn, whether because of a general economic slowdown, or industry or company-specific issues related to its management or operations, lenders often become nervous about its financial prospects and may attempt to obtain concessions such as additional collateral, principal guarantees or concessions in payments or interest rate.

Our commercial attorneys have considerable experience in representing both lenders and borrowers in these workout negotiations. The ultimate goal in these situations is to preserve the business and maximize its operations for the benefit of its shareholders and other creditor groups. Utilizing experienced counsel in addressing bank and loan workouts is critical to ensuring that the workout does not develop into a prelude to the liquidation or closing of the business.