06-26-2008, 08:46 AM
Quote:The current economy in the U.S. has put tremendous strain on many companies, particularly startups. Usually, our firm gets very few inquiries from companies that are facing bankruptcy and are looking for strategies, options and alternatives to bankruptcy. Lately, however, that seems to have changed.
With so many companies in financial trouble, the prudent executive has to ponder options that can best serve his company. Many executives feel that if their company is in extremis and is having difficulty paying bills, there is no acceptable alternative but bankruptcy. There are other alternatives.
Talking to Creditors
The very first thing that the head of a company must do is communicate with all major creditors and advise them in an honest and open fashion about the company's situation. Most creditors would prefer to work something out with a debtor company rather than dealing with the bankruptcy court...
full article: http://www.ecommercetimes.com/story/smb/63153.html