During the life cycle of a business it is far from uncommon for the company to face some degree of financial distress that requires the company to consider restructuring their overall debt obligations. Normally the financial distress at its core is a result of a "cash issue" and usually a lack of it or a lack of appropriate cash flow. The simple timing of the unavailability of cash can cause substantial issues to a company and can lead to dire effects. It can cause the owners to have to defer their paychecks; it can prevent the company from making much needed capital expenditures, advancing new marketing projects or retaining key employees; it can cause the community to doubt the financial ability of the company, thus preventing the company from getting favorable credit terms, interest rates and new loans: and finally in the most dire situations the company begins to face lawsuits, judgments, foreclosures, tax levies, etc., which can soon put the company at risk of permanent danger.
The experts at Ascend Business Services, led by our Director of Restructuring, Roger Ferrante, routinely represents clients in these situations. Roger works with clients to find short term cash from unique sources to stabilize the company in the short term while a long term plan is executed. Roger works on the business and financial end of the restructuring. For over 15 years. Roger has worked almost exclusively with the law firm of Leech Tishman and their senior partner, Patrick W. Carothers who heads up the Leech Tishman Corporate Restructuring Group, who leads these engagements from the legal end.
Roger is a former bank workout officer and for over 15 years worked on the other side of the desk in that capacity trying to protect the bank against loss resulting from borrowers in financial distress. This unique experience allows him to more effectively represent clients in financial distress today, as he has a great understanding of what the others side is thinking and the parameters their regulators require (or more importantly allow).
