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Preparing For a Workout
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Preparing For a Workout ...
- Preparing For a Workout - Non-Member
- Preparing For a Workout - Member
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Instructor: Marshall Stoddard, Partner, Morgan Lewis
As a workout of an ABL loan emerges, what are the initial steps to be taken by the portfolio team:
Is there a default?Are we in dominion?
Where are we on availability/dilution/collateral values/general creditworthiness?
Review the credit request and approval. Are there variances from it? Is this a company problem or endemic to its industry?
What was the initial exit strategy? Has it changed? What are the alternative strategies, both legal and business?
Is there any wrongdoing?Assessment of management under the circumstances?
Is there the need for a legal review?
Develop a long-term strategy before taking short-term steps.
Get the portfolio team and all decision makers on board with the strategy.
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