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How to Negotiate a Corporate Bankruptcy Plan

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Summary: Negotiate a corporate bankruptcy plan by identifying the assets as well as the liabilities of the company and develop a plan for the restructuring of the debt. Seek legal advice and file the corporate re-organization with information from a lawyer in this free video on bankruptcy.

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By Andy Forman
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Andy Forman, Attorney at Law, has been in bankruptcy representation for over two decades and has lead council in over 3,000 bankruptcy cases. Forman is a member of the Florida Bar and...read more

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Video Transcript

"Well, your company's in financial trouble and you want to negotiate a corporate bankruptcy plan and you ask yourself, "How do I do this?" My name is Andy Forman. I'm a consumer and business bankruptcy lawyer in Tampa, Florida. In order to negotiate a corporate reorganization plan, you need to evaluate what it is you want to accomplish. You need to identify the assets of the company, the liabilities of the company, and you need to develop a plan that you can go to each of those creditors with and propose a solution to the problem -- a restructuring of the debt, perhaps a partial return of the collateral, perhaps sale of the collateral and application of the proceeds. But the way you actually negotiate this is you retain a business bankruptcy lawyer, and he will contact or she will contact your creditors and propose a reorganizational structure that, hopefully, will get the blessing and cooperation of the creditors. Once you have the majority of the creditors agreeing to such a plan, you would file the corporate reorganization and your plan and disclosure statement would provide for the treatment that you all have agreed on. You need to obtain counsel because this is extremely complicated. My name is Andy Forman. Good luck with your corporate reorganization."

eHow Article: How to Negotiate a Corporate Bankruptcy Plan

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