How to navigate Congress’ changes to the bankruptcy code – Mainebiz
Andrew Helman authored an article in Mainebiz discussing how Congress has made it easier for businesses to reorganize under Chapter 11 for the coming year.
“The last several weeks have brought limited relief to businesses grappling with an immediate economic downturn that is the result of COVID-19 and social distancing. However, some businesses will require more help than short-term loans backed by the government can provide. They will need to restructure mortgage loans, reduce debt service, or even eliminate unsecured debt, such as trade payables.
To address this, Congress has made it easier to reorganize under Chapter 11 of the Bankruptcy Code by dramatically expanding the scope of businesses that can take advantage of a new, streamlined Chapter 11 process designed for small businesses…”
Read Andrew Helman’s entire article on “How to navigate Congress’ changes to the bankruptcy code” here.