Ganje Law Office

Bankruptcy attorney David Ganje has worked with such businesses and creditors as CIT Finance, Textron Financial services, Retail Concepts of America, and Citicapital Equipment Corporation in providing legal workouts, business turnarounds, and financial advice. Mr. Ganje has worked both as creditor’s counsel and business debtor’s counsel on various workout and bankruptcy prevention matters, addressing the issues caused by both economic downturns and the microeconomic challenges of large and institutional businesses.

The challenges and opportunities of a stressed business vary, but nearly all situations can benefit from the creation of a bankruptcy resolution team including business turnaround consultants, business workout advisers, accounting firms, and valuation consultants. These knowledgeable professionals will work together with your company to formulate the right business turnaround, workout, or bankruptcy plan for your precise circumstances.

When your large or moderate-sized company is facing a corporate bankruptcy, there are myriad points that need to be covered before deciding on a solution. With options ranging from Chapter 11 bankruptcy to a financial workout or turnaround, it is important to work through the full range of issues before proceeding. Common talking points include:

• Financial, accounting, and tax planning
• Securing debt and equity capital
• Financial negotiation with creditors
• Business valuation and brokering
• Litigation support
• Management consulting
• Supplemental staffing
• Liquidation supervision
• Projections of cash flow and net income

Your bankruptcy prevention team led by Ganje Law Offices can guide your business through an in-depth analysis of financial and organizational details to help you decide what’s right for your company. And regardless of which solution you choose, we’ll be there for you until your debts are resolved, whether through corporate bankruptcy or a debt restructuring workout.

Corporate Bankruptcy Alternatives

There are several ways to avoid business bankruptcy proceedings, including: financial restructuring and workouts, or turnarounds. Financial restructuring and workouts involve working with a business’s creditors to create a plan to restructure business debts while allowing the business to remain viable. This process enables the business entity to renegotiate its debts to regain profitability and liquidity without the involvement of the court system (i.e. via bankruptcy filing). Restructuring and workouts are generally more successful when the struggling business contacts a bankruptcy lawyer sooner rather than later. Professional advice and the guidance of a knowledgeable bankruptcy attorney can go a long way toward helping get your company back on track. In fact, creditors often share the same objective of returning a financially stressed business to good financial health in order to ensure their debts are fully satisfied.

A turnaround may utilize debt restructuring and workouts, but it also has several other components. A turnaround will generally restructure the operational aspects of the business; this may be the solution when the problems lie deeper than lack of cash flow. Where a creditor will not restructure the debts owed to it, a turnaround will be utilized to find alternative financing, new investors, or new ownership.

Chapter11 and Chapter 7 bankruptcy proceedings are generally more invasive that non-bankruptcy alternatives because of the disclosure requirements for filing bankruptcy. Schedules of assets and liabilities, financial questionnaires, and detailed reports all must be disclosed to the United States Trustee and are then available to the public. For obvious reasons, this disclosure requirement can be troublesome for some companies. Bankruptcy prevention strategies like turnarounds and workouts allow for less invasive financial disclosures and creditor negotiations, generally on a confidential basis.

Recognizing that resolving business’s financial issues out of court may be the best approach for corporations facing bankruptcy, Ganje Law Offices offers the means to resolve business debt problems. Contact us today to learn how our bankruptcy prevention specialists can help your business.