Step Five: Negotiating the Plan
The crisis manager will present the plan to the largest and most
important creditors first. They may request modifications or they
may refuse to accept it. If they refuse, return to step four, or call
in the bankruptcy lawyer to prepare a filing as a threat, but also
be ready to file in case the threat backfires. The plan must be
negotiated quickly, clearly and in a manner that leaves the
company enough back doors and circuit breakers to make
alterations or to find cash if the plan cannot be lived up to.
Extracted from a book titled: RECESSION BUSINESS STRATEGIES by Prof John C. Mbuya
Available from the following bookshops:
http://www.amazon.com
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http://abebooks.co.uk
http://www.exclus1ves.co.za
http://www.kalahari.co.ke
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http://www.booksprice.com
http://bn.com
http://kalahari.co.za
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