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Debtor Workout Representation:

The Firm has extensive experience and success with representing debtors and borrowers with their workout/debt restructuring negotiations with banks, trade creditors and other financial institutions. In fact, many times, the Firm’s clients have been referred to the firm to file a bankruptcy proceeding and the firm has been able to successfully negotiate the client’s debt obligations in a manner which completely avoided the need to file a bankruptcy petition. As a result of this experience, the Firm places a lot of emphasis in trying to find solutions to financial problems which do not require the filing of a bankruptcy petition.

The Firm’s basic tools in restructuring its client’s debt obligations, before the filing of a bankruptcy petition, are communication and financial analysis. The Firm makes a great effort to communicate with its client’s creditors, especially its secured creditors, as to its financial situation and plans to resolve its financial problems. The Firm’s attorneys have found that many times its client’s creditors want to work with the client and are willing to help the client, but do not because the client can not present a feasible financial plan to show the creditor how the amount it owes will timely be paid, within the realistic financial capabilities of the client. Therefore, the Firm initially spends a lot of time developing a written financial plan to show its client’s creditors and banks how the client proposes to timely pay back the debt it owes. To do this, the Firm communicates and works with its client’s accountants or utilizes its own trained accountants to develop a successful financial plan. After the plan is developed, the Firm meets with the client’s creditors and banks to negotiate the plan in a manner which has lead to many successful financial workouts without the need for filing a bankruptcy petition.

The Firm is also very familiar with other legal avenues, other than bankruptcy, such as assignments for the benefit of creditors, receiverships and court approved bulk sale transfers, which may economically allow its clients to successfully reorganize their financial affairs without filing a bankruptcy petition.