Some businesses are facing painful decisions—like undergoing a financial and operational restructuring. If they’re short on time and money and can’t complete a restructuring out of court, then filing for bankruptcy might be their only option.
At a glance
- The best route to a favorable outcome is early contingency planning for multiple scenarios.
- First, assemble a team of experts who are familiar with restructurings and who can guide you through your options.
- Second, get a clear picture of your cash flow.
- Third, map out your options and start viewing the business through a legal entity lens.
- Fourth, start implementing the plans—and remember that managing the first-day motions is critical.