Chief Restructuring Officers And The Bankruptcy Code

Law360, New York (October 23, 2008, 12:00 AM EDT) -- While relatively new to the bankruptcy scene, Chief Restructuring Officers (CROs) have become regular players and valued participants in the reorganization process.

CROs serve the useful purpose of bridging differences between debtors and their creditors if they are perceived as honest, experienced and capable.

Indeed, CROs are oftentimes a prerequisite to the extension of further financial accommodations by creditors of a distressed debtor.

CROs also permit management to focus on a debtor's day-to-day operations and on achieving business goals, free of distraction by the gritty administrative...
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