October 17, 2002
Partners William E. Hiller, Tonny K. Ho and Michael J. Kelly co-author a comprehensive article published in the September issue of the Commercial Lending Review on how to prevail in the arduous workout process. “Waging the Workout War: A Short List of Commandments,” delineates a handful of suggested guidelines to assist both sides in a financial workout in reaching a smooth conclusion to the often exasperating process.
Willkie partners William E. Hiller, Tonny K. Ho and Michael J. Kelly co-authored a comprehensive article published in the September issue of the Commercial Lending Review on how to prevail in the arduous workout process. “Waging the Workout War: A Short List of Commandments,” delineates a handful of suggested guidelines to assist both sides in a financial workout in reaching a smooth conclusion to the often exasperating process. This nonexclusive list offers practical advice like how to determine your “endgame” as well as understand the “endgame” of the other side. It provides useful tips for being fully cognizant of your legal position and recognizing and dealing with all potential stakeholders. The guidelines cover issues specifically crucial to borrowers such as carrying on business under tense workout conditions, and providing lenders with requested information and keeping them properly informed of short- and long-term financial needs. Additionally, for lenders, the authors discuss strategies for getting organized amongst themselves and for approaching milestones and forbearance agreements. William Hiller is a partner in Willkie’s Corporate and Financial Services Department, specializing in banking and institutional finance. Tonny Ho and Michael Kelly are partners in the firm’s Business Reorganization and Restructuring Department, concentrating on chapter 11 business reorganizations, restructurings and workouts, and structured finance.