Best Practices: Pre-Packaged Bankruptcy Filings

Situation: Due to the economy, even relatively strong companies are having difficulty accessing the capital markets to refinance debt and/or fund ongoing operations. Unfortunately, senior  management often view Chapter 11 or CCAA reorganization (under Canada's Companies' Creditors Arrangement Act) as an option of last resort and wait too long to begin the restructuring process. That, in part, is leading to an increase in Chapter 11/CCAA filings.

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