Spencer Fane attorney Eric Johnson recently authored an article for the Show-Me Banker Magazine, a Missouri Independent Bankers Association publication, on the variety of non-bankruptcy alternatives that a lender should be aware of as part of its loan enforcement toolbox.
In his article, Legal Eagle Spotlight: Know Your Alternatives – Common Non-Bankruptcy Alternatives In Troubled Loans, Eric highlights three common types of bankruptcy alternatives.
He concluded, “While not all of the bankruptcy alternatives will be a good fit for a particular situation, the lender should consider its options and balance the various benefits and risks of each for a particular situation. Indeed, bankruptcy proceedings may still remain the best option. A lender, however, should not rule out a bankruptcy alternative as it may provide a speedier and less costly solution to a troubled situation.”
At Spencer Fane, Eric is the co-practice group leader for the Banking and Financial Services Group and practice group leader for the Bankruptcy, Restructuring, and Creditors’ Rights Group. Eric represents clients in bankruptcy, non-bankruptcy insolvency proceedings, such as receiverships and foreclosure proceedings, out-of-court workouts and restructurings, and other related insolvency matters.
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