Definition: an Out of Court Workout is an attempt by the debtor to solve a financial problem through a consensual agreement with creditors outside of the court procedures. This alternative solution is based on two foundations: the company's creativity work on one hand, and the extent of creditors' willingness to cooperate with it to overcome its crisis on the other hand. The approval of all creditors is essential to make it work; a refusal by one or two of them may hinder it. So the company ought to work actively as a team to ensure its success.
MBA Brief offers accurate and concise definitions of MBA concepts, frameworks, methods and models.
We love to keep things really short, but provide links to learn more about your subject and to similar concepts.
© 2021 MBA Brief - Last updated: 23-10-2021 - Privacy | Terms