Financial Services

In light of the coronavirus (COVID-19) outbreak and governmental response pertaining to social gathering restrictions, business closures, travel bans and a general economic downturn, we are working with financial institutions and business owners to help them address the challenges in such diverse business sectors, including construction, distribution, franchises, healthcare, lodging, hospitality, manufacturing, real estate, restaurants, retail, service providers, technology and transportation.

We are fielding and advising on a wide range of situations and challenges from a lender’s and a borrower’s perspective, including:

  • What efforts can be taken to continue business operations and address liquidity and cash-flow issues?
  • What proactive steps can be taken to right-size a business?
  • Would a loan restructuring, amendment, or forbearance be the appropriate course of action?
  • Does the current situation affect the collateral or security interests or the parties’ obligations under the credit facility documents?
  • Is a financial restructuring option available under the auspices of Chapter 11 of the Bankruptcy Code?
  • Does a borrower as a vendor or trade creditor, have rights regarding delivery of goods “in-transit” or other collection issues?
  • How proactive should discussions between the lender and the borrower be?
  • Which businesses have a notice obligation under the federal Worker Adjustment and Retraining Notification (WARN) Act to provide advance notice prior to a plant closing or mass layoff resulting from unforeseeable business circumstances?

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