By Robert W. Lannan My most significant project in 2024 was the reorganization of a financially distressed corporate client under Chapter 11 of the U.S. Bankruptcy Code. It had been years since I had represented a debtor in Chapter 11, and this was my first venture in Chapter 11’s still-new Subchapter V, for reorganization ofContinue Reading
This year may bring the most predicted recession in memory. The Wall Street Journal reported last week that economists place the probability of a recession this year at 61%. “On average, they expect gross domestic product to expand at a 0.1% annual rate in the first quarter of 2023 and contract 0.4% in the second.Continue Reading
The most rewarding project I worked on this year was representing a business owner in dispute resolution proceedings against its lender, followed by prolonged but successful negotiation of a restructuring of the loan. My client owns a business property that it had planned to substantially renovate and begin operating under a new consumer brand. Continue Reading
An essential part of any strategy to save a distressed business is minimizing outflow of cash. This is done by eliminating unnecessary expenditures, restructuring debts, and modifying the terms of the struggling business’ agreements with providers of essential goods and services. The COVID-19 crisis has been devastating to most hospitality businesses. Bob Lannan has writtenContinue Reading
Today I was privileged to present a webinar for the Asian American Hotel Owners Association on replacing lost cash inflow during the COVID-19 crisis. This is the first of two webinars on reorganization strategies to improve cash flow. I will present the second webinar, on minimizing cash outflow, on Thursday May 21 at 1:00Continue Reading
Cash flow is the lifeblood of a business. The COVID-19 crisis has constricted that lifeblood for most hospitality businesses, in many cases cutting it off entirely. In a series of two articles, Bob Lannan explores a two-part strategy for restoring some needed cash flow to a hospitality business, to improve its chances of surviving theContinue Reading
Bob Lannan was quoted in a Bloomberg Law article about the bankruptcy filing of the Ratner Companies and Creative Hairdressers, Inc. in Maryland on April 23, 2020. The companies are best known for their Hair Cuttery salons. While already undergoing a restructuring, they were greatly affected by the COVID-19 crisis and missed payroll for manyContinue Reading