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Critical Vendor Status >> anyone used?

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  • Critical Vendor Status >> anyone used?

    Hello, I am posting this again from my other long posting as it got zero responses.

    (Quick Background for others: Bank would not renew LOC and thus, called all three notes. We are only in default with those bank notes so trying to settle with bank.)

    We've been talking this over between ourselves and attorney and still feel Chapter 11 is the better way to go with this business as cash flow is good right now and we actually had a profitable month in April.

    My question is concerning our A/P Vendors and listing those we really need to keep paid as Critical Vendors in our first day motions if we end up filing.

    Has anyone else had to do this? Did it work? Were you able to keep paying those vendors (parts, contract mfg's, etc.) that you really need to keep your business alive?

    Thanks in advance for all replies.

  • #2
    Very few file Ch 11, and not many people stick around here once things are done, which is why you are getting few answers.

    I am a bit familiar with CH 11, though I weaseled me and my company through a CH 7. I did explore that territory.

    Critical vendor status is there for a reason, and I imagine you will get them approved, but remember this is all within the constraints of what your other creditors demand or object to. I hope you don't have any personal enemies in that group, like angry family or angry ex's.

    As long as the business looks like it actually CAN be reorganized, I think you're okay. Prospects for coming months and quarters look good?

    Creditors don't care to have debts reduced, but in CH 11, most of em realize something is better than nothing. I have read a lot of CH 11 filings, and Critical Vendor motions are fairly standard. Not just inventory providers, but also utility companies, accountants, anything that the business MUST have to function.

    One thing to guard against: If you DO owe money to people you know personally, you may want to explain the CH 11 process to them, if it makes sense to do so. It can be very confusing for creditors, too, and if you have a friendly ear in the creditor's camp, that can be worth gold. Not to mention, it can reassure that particular creditor that you are serious about turning the company around and doing what you can to set things right for them and other creditors.

    Good luck
    11-20-09-- Filed Chapter 7
    12-23-09-- 341 Meeting-Early Christmas Gift?
    3-9-10--Discharged

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    • #3
      Thank you for your response. It is appreciated.

      Yeah, we only do Chapter 11 if the only secured creditor won't accept our offer. They are the ones putting us there since they would not renew LOC. Pretty much only secured creditor, then some business CCs then my vendors / suppliers.

      Business is definitely up, better in April, now better in May. If the bank was wiling to work with us, I'd be able to say we survived this recession.

      Anyway, that pretty much answers my question. We will make sure to have all critical vendors listed in our first day motions if necessary and go from there.

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