The chaotic economic environment brought on by the coronavirus pandemic has led to a rise in distressed companies. Lenders and creditors face an unprecedented challenge of navigating a high volume of loans in distress. Legal teams supporting lenders need to quickly assess best practices for dealing with these distressed loans while navigating tightening budgets and a hazy timeline for recovery.
In our recent webinar, experts on workouts, loan restructuring, and special asset management shared how legal leaders can address this growing issue by taking the following steps:
- Identify which relationships to maintain and which to terminate
- Dedicate specialized resources and consider building a bridge group
- Advocate for the tools necessary to help the situation, such as forbearance and deferment
- Prepare for fast-moving and dynamic situations
- Stay open to creative, unusual, or different options, even if they would not be approved by a committee in normal circumstances
Speakers included: Marc Allon, Axiom financial restructuring and bankruptcy lawyer; Jack Lundstedt, Axiom financial restructuring and commercial contracts lawyer; and David Feldman, Axiom solutions marketing director.
You can watch the full webinar on demand, or download our summary with actionable advice and step-by-step guidance for legal leaders to approach workouts and restructuring.
For an overview of the insights shared during the webinar, including steps legal leaders can take to address the challenges facing their loan portfolios right now, download our summary of the conversation.
If you need legal support for workouts and restructuring, Axiom’s credit-focused talent pool of 100+ lawyers can provide flexible, on-demand solutions that can be customized based on your needs. Get in touch today.