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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
  • Our Attorneys
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    • Bernstein’s Dictionary of Bankruptcy Terminology
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Q&A
Q&A

What does the term “workout” mean in the creditors’ rights arena?

Posted on October 29, 2012 by Bob Bernstein

Creditors’ Rights 5

A: A “workout” is a negotiated legal arrangement, signed by both creditor and debtor, in which the debtor agrees to continue making payments in exchange for more lenient terms. The closer the debtor is to bankruptcy, the stronger the case for a workout. By contacting your customer at the first sign of trouble to discuss a workout or a refinance, you can avoid the difference between winning (getting paid) or suffering defeat at the hands of a bankruptcy court.

 

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