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| Resources for Entrepreneurs | Entrepreneur's Glossary | ||||
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Workout
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Definition of WorkoutWorkout is a negotiated agreement between the debtors and its creditors outside the bankruptcy process.
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. If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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