Top 5 things to do as an attorney when filing your first chapter 11 bankruptcies
5. Before you file any chapter 11 bankruptcies, make sure the debtor has enough incoming cash to make it through the process. – If the debtor can’t pay their staff or operational expenses, you may need to bring in some quick DIP financing to get them over the hump. If not, your chapter 11 can quickly turn into a liquidation.
4. What’s the end game? How would you like the chapter 11 plan to look? – These are questions that need to be discussed openly in the beginning and a plan needs to be put forth to achieve the goals.
3. Creditors… Divide & conquer. Who do you refinance out, who do you cram down & who do you give whatever it takes to get the votes? – The delicate balance of getting enough votes for a plan and also achieving the debtor goals is more of an art than a science.
2. Get your forms filed on time. – Countless debtors get blown out of bankruptcy because of unfiled reports and missed deadlines. Make sure that your debtor isn’t one of them. (We can he lp with outsourced Para legal or Bankruptcy Support for the debtor)
1. And the number 1 thing to do when filing your first, or one of your first chapter 11 bankruptcies is… bring on experts, like GFCIB, to help you. As investment bankers which specialize in chapter 11 restructuring, our job is to make you look good.