October 21, 2019  
 
  Articles for Entrepreneurs  
 

Workout

 

 
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Definition of Workout

Workout is a negotiated agreement between the debtors and its creditors outside the bankruptcy process.
(Definition continues below)

In a workout situation, creditors grant concessions to the company in order to minimize their losses. For example, taking 75 cents on the dollar may be a better alternative than watching the company dissolve in a Chapter 7 liquidation and getting nothing at all.

Workout References On This Site

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