* This is giving you a chance to refocus on your core function, the company the industry knows that you excel at. This is normal, thus don't feel like you're getting undue scrutiny. Right now, our full focus is on saving our business. Essentially, the law court are going to inform all of your lenders of your choice to file Chapter xi, and are going to bargain a plan with you to assist you repay your liabilities. Step 1 - Send lenders a memo to calm them.

Second, you can bargain away your pledge. The business engaged our adviser to do a thorough turnaround assessment. Make sure you trust this individual and have good communication with her or him. Failing that, you will probably start receiving eviction letters. Further, your odds are even better than that of the generalized adviser when you've an experienced restructuring coach helping you. Oftentimes skills that work well for senior managers in a growing, stable company like delegating, for example, aren't effective in a monetary predicament. * Your personnel, family and friends are going to be out of jobs. Guidance 3 - Boost your D&O insurance policy. It should not be a first decision, but can help to keep a business afloat in cases of dire need. However, unless you need to go public soon or raise large amounts of capital (which in your current circumstances will be difficult), then a regional firm provides better service at a more affordable price.