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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
    • Real Estate & Commercial Finance
  • Our Attorneys
  • About Us
    • Our Approach
    • History
    • Law Lists
    • Professional Memberships
    • Careers
  • Resources
    • Bernstein’s Dictionary of Bankruptcy Terminology
    • Links
    • Five Minute Legal Master videos
    • Blog
    • Legal Publications
  • News
    • Cases Archive
    • Firm News
    • In the News
    • Industry News
  • Contact
Practice Areas

Turnarounds and Workouts

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 & Restructuring services.

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