Excerpt from Practical Guidance

How To Decide Between Out-Of-Court Workout And Bankruptcy

Law360, New York (February 19, 2014, 4:31 PM EST) -- Once a company acknowledges that it is in financial distress, management and its professional advisers will need to determine the most effective and efficient path to achieve a resolution in a timely fashion. Doing so typically will require an analysis of the types and nature of the company's various obligations, as well as the extent and nature of the company's defaults in respect thereof.

Whether the company is currently in default on certain obligations or merely anticipates a default in the near future, the company's current liquidity situation and the sheer size of the creditor group affected by the current or...

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