Business Restructuring Options and Bankruptcy Workout Programs During the Pandemic
Wolfson Bolton is here to help you and your business through these uncertain times. As the experienced legal team so many Detroit area businesses trust, we rolled up our sleeves months ago to work on pandemic restructuring plans. We understand the financial repercussions of the pandemic and know that business restructuring is going to be necessary for many small and large businesses. The consequences of a worldwide coronavirus pandemic are here, now. And we are prepared.
On March 27th, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) amended the Small Business Reorganization Act, to provide small businesses with increased access to bankruptcy. These provisions can provide small businesses with a more efficient and less expensive means of addressing the impacts of the Covid-19 pandemic. The eligibility threshold has been changed from $2,725,625 of debt to $7,500,000 for one year only. Small businesses won’t be eligible after one year.
Our area of expertise is bankruptcy and business restructuring. We are adept in distressed scenarios, and we are putting our debt negotiation and lender negotiation skills to work for businesses in SE Michigan. There are debt reduction options we can guide you through. We are going to help you forge ahead with your business by understanding the SBRA updates, business restructuring options, and bankruptcy options. Our ability to help during this time is essential to your business’ future. Together we will get through this, and we are here for you. Should you need any assistance, please do not hesitate to contact us.
Corporate Bankruptcy & Reorganization Attorneys Located in Troy, MI
Our Detroit-based practice combines a deep knowledge of corporate restructuring and the Bankruptcy Code with the advocacy skills of our seasoned litigators. You will benefit from our years of experience in courts across the country. We have worked with businesses in multiple industries and have achieved favorable outcomes. Our cases include negotiating forbearance agreements, accommodation and access agreements, and filing bankruptcy petitions under Chapter 11, Chapter 12, and Chapter 7 of the Bankruptcy Code, when necessary.
We can assist your company no matter how large or small. We strive to find creative solutions that maximize value for all constituents while maintaining a holistic approach to debtor-side cases by focusing on how a company will exit a bankruptcy case before we file one. We have successfully represented debtor companies in sale transaction and restructuring Chapter 11 bankruptcy cases. There is even more opportunity for Wolfson Bolton to assist smaller companies with the Small Business Reorganization Act of 2019, which allows small businesses to reorganize in Chapter 11 in a less costly and more expedient manner as compared to typical Chapter 11 cases.