Workout and Debt Restructuring
Bankruptcy is usually not the best solution for a business’s financial difficulties. Chapter 11 cases can be extremely costly and can take unforeseen turns outside the debtor’s control. Where the number of creditors is few, and particularly where the financial problems are related to a single creditor, such as a bank, finance company or large judgment holder, it is preferable to attempt to work out a financial restructuring outside of the judicial process. The negotiations regarding a debt restructuring take place with a possible bankruptcy always in the background, and the debtor measuring the workout proposals against results that could be achieved through bankruptcy.
James Olson has been negotiating workouts for three decades. Mr. Olson has represented small and medium sized businesses and individuals in a variety of industries regarding the restructuring of their finances through workout and debt restructuring negotiations. These include a commercial building contractor, a solar energy equipment supplier, a steel fabricator, an apparel wholesaler, a furniture retailer, a theatrical producer and a moving company.