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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2597
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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what are the issues to consider for a company shrinking from

Customer Question

what are the issues to consider for a company shrinking from $25 to $10million/year (losing 2 largest customers) with negative cash flow? Business can survive and begin to grow again at $10/million/year. Equity holders are absent, management has control through power of attorney. If we file chapter 11, hoping to term out bank debt, keep CFO's note in 2nd position intact, if termed out too. Is a section 363 sale to a "new" company run by management a reasonable path? what other options should we consider?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Wendy-Mod replied 3 years ago.
Hi, I am a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 3 years ago.

ok to wait. please continue searching


Expert:  Wendy-Mod replied 3 years ago.
Thank you for your patience. We will continue the search for a professional for you.

Expert:  Fran-mod replied 3 years ago.
Thank you for your patience, your business is very important to us, we are waiting on a professional with the right expertise to come online. Feel free to let us know if you would like us to continue searching for a professional or if you would like us to close your question. Thank you for your understanding!