Commercial Loan Workouts
Troubled assets, whether real estate-based, consumer in nature or otherwise commercial, are a fact of life for any lender. While Bankruptcy is often the solution, our workout practice—which occurs both inside and outside of the Bankruptcy system and courts—seeks to get the most cost-effective solutions to the problems of lenders, creditors and businesses (and, under the right circumstances, the occasional debtor) facing situations involving bad debt, broken promises or obligations that are not being performed. A workout may involve a short sale followed by a deficiency note, a forbearance or any number of different solutions. Over the years, Mike and Ernie have become very creative at accomplishing workouts that are satisfactory to both obligees and obligors. While workouts can be consensual and even friendly, other occasions may call for solutions like foreclosure, replevin, repossession, receivership, collection actions, Article 9 sales, Section 363 sales, acquiring and enforcing judgment liens or eviction. Our attorneys are well-versed in these remedies and, in fact, have practiced extensively in these fields.