Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Your Opinion of Company in Chapter 11

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  • Your Opinion of Company in Chapter 11

    Hey everyone,

    I'd really appreciate your quick response on this one.

    In general, what is your opinion of a company if you hear they are now in Chapter 11?

    Bank is giving us huge runaround on the terms of a possible term out loan in our situation and I am ready to give up and file Chapter 11. Partner is very concerned about fallout issues with customers and prospects if we do.

    So your opinion would be helpful ...

  • #2
    My opinion is that a company is restructuring, getting rid of a lot of debt, and going to attempt to come out of a bad situation. It is also my opinion that a lot of your creditors are not going to get paid, and bk filing is bk filing in most peoples eyes.

    Does your company have enough money to fund an 11?
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......


    • #3
      Yep, we do.

      Our only financial issue at the moment is a bank that won't term out a non-renewed, closed LOC loan and called another note that was not even due because we didn't have the full funds at the time to pay back the LOC loan.

      We only have two secured creditors and a number of corporate credit cards. All vendors would still get paid because we'd file "critical vendor status" motions and move forward.

      None of the agrements we had with the lawyer about the new note were in the loan documents ... I have a feeling the lawyer didn't really understand what "no technical defaults" means and now the bank officers do not want to edit the loan docs <sigh>

      Nine months and counting ....


      • #4
        Originally posted by justasking View Post

        Our only financial issue at the moment is a bank that won't term out a non-renewed, closed LOC loan and called another note that was not even due because we didn't have the full funds at the time to pay back the LOC loan.

        There's a lot of that going on and it's creating a lot of problems for many people. Provided you pay your vendors, I don't think that you're going to have any problems continuing to do business.

        It's the ones that don't pay the vendors that leave a bad taste in everyones mouth that is hard to overcome.

        When I filed, I filed a 7 on our business, and a good part of our problem was the unwillingness of the banks to help us in our situation. Due to proper planning, we only owed the banks and some cc debt. All of our suppliers were paid, and all were perfectly willing to continue to do business with us, and continue to extend credit.

        We were open about it, and the attitude we got from all of our creditors was:

        You paid me! That's all I'm concerned about.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......


        • #5
          Thanks for the creditor / vendor point of view.

          Also wondering what a potential prospect or customer would think ...


          • #6
            Well, good news for a change. Bank has come back with updated docs that have everything we agreed upon in them. It looks like we should be able to sign these early next week and finally, after 14 months, be able to put this behind us and go back to business.

            Will be glad when it is done with on Tuesday, that is for sure!


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