If your company has experienced a period of poor performance, then it may be time to for a “turnaround.” The term “turnaround” generally refers to the steps taken to change the operations of a business to improve its profitability.
For example, perhaps a business has been meeting standards below an acceptable level. The next actions that might be taken to “turnaround” a business may include:
- Reduction of expenses
- Elimination of unprofitable products, product lines, divisions, etc.
- Reduction of capital required to operate the business
Turnarounds and “workouts” go hand in hand. Generally, a workout refers to the negotiations that result in a change in a company’s obligations or financial structure. Some examples of workouts might be:
- Extending or reducing payments to lenders and creditors
- Converting debt into equity
Bernstein-Burkley attorneys are ready and able to provide counsel through turnaround and workout situations.
Contact our team at Bernstein-Burkley today at 412-456-8100 to see how we can assist you in Bankruptcy and Restructuring services.