COVID-19 and Business Distress
We know that the COVID-19 crisis has created unprecedented financial stress for most businesses and their creditors. This is particularly true for businesses in the retail, hospitality and service sectors. This crisis will hopefully end soon and our economy will return to some sense of order and normalcy with minimal damage. Unfortunately, however, many businesses will not easily recover and will need expert guidance to sort through and address the legal implications of the serious economic harm they have suffered including, in particular, their capacity to continue operating. Thankfully, there are helpful options.
Our firm specializes in bankruptcy and debt restructuring for businesses of all types. We have decades of experience and success guiding economically distressed businesses through difficult times, including bankruptcy filings, out-of-court restructurings, corporate and real estate workouts, lease renegotiations and restructurings, and loan covenant and margin call analysis.
An especially useful option is a recent amendment to the Bankruptcy Code that greatly simplifies and reduces the expense of Chapter 11 reorganization for businesses with debts of less than $7.5 million. To explore all of this and other options for your business, please contact Jeffrey Rich at 646.453.7852, [email protected], Robert Michaelson at 646.453.7853, [email protected] or Howard Magaliff at 646.453.7854, [email protected].