Are Workouts a Viable Alternative to Filing for Bankruptcy?

An associate with Rosen & Associates, PC, Nancy L. Kourland concentrates on chapter 11 bankruptcy and workouts, representing debtors, secured and unsecured creditors, corporations, banks and vendors in cases that require workouts. Nancy L. Kourland has an extensive background in complex research and writing and all aspects of chapter 11 reorganizations.

Navigating bankruptcy is no easy task. Sound legal representation is often the best way to manage bankruptcy. Out-of-court workouts are almost always preferred to filing bankruptcy, but they require that creditors agree with the conditions of the workout. In cases where there is more than one creditor, those that do not agree with the conditions of the workout are not subject to it, and can pursue other avenues for recovering debts.

Workouts involve negotiations that must conclude in an amenable solution for both the debtor and the creditor(s). A workout is a financial plan for repayment of debts to creditors. If a firm is capable of generating enough cash in the future to pay back their debts while sustaining their operations, a workout may be a viable alternative to filing for bankruptcy.


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Nancy Kourland

New York-based Attorney Nancy L. Kourland currently serves as a Senior Associate at Rosen & Associates, P.C., where she often represents debtors and creditors in workouts and chapter 11 cases. With extensive experience in complex legal research and writing, Nancy L. Kourland handles prosecution, appeals, asset sales, disclosure statements, and claims administration. Additionally, she maintains regular contact with clients and other counsel, while also focusing on bankruptcy and district court appearances. Prior to earning her Juris Doctor, Nancy L. Kourland attended Barnard College in New York, where she studied ancient studies and Latin. In 1984, she graduated magna cum laude with a Bachelor of Arts, earning many accolades, including consistent placement on the dean’s list and departmental honors. She then enrolled in the New York University School of Law. While there, she joined the staff of the Journal of International Law and Politics, functioning as both a staff member and an Articles Editor. Additionally, Nancy L. Kourland served as a Research Assistant for a year as well as a Teaching Assistant for a class called Civil Procedure. After graduating law school in 1987, Nancy L. Kourland joined the firm of Kronish, Lieb, Weiner & Hellman, LLP as an Associate in the bankruptcy department, where she garnered experience with chapter 11 cases. She held similar roles with Levin & Weintraub, Crames & Edelman and Kramer, Levin, Kamin, Nessen & Frankel. In 2008, she joined Satterlee Stephens Burke & Burke as a Contract Attorney and represented clients in the cases of Tricom, S.A, CardSystems Solutions, and Lehman Brothers Holdings, Inc. In addition to practicing law, Nancy L. Kourland contributes her time to the Central Park Conservancy and the Carnegie Hill Neighbors, an organization dedicated to keeping the Carnegie Hill neighborhood a clean and satisfying place to live. She also donates to New York’s public radio station, WNYC, and the Public Broadcasting Service (PBS).

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