CARES Act Contains Options for Businesses to Restructure Under Chapter 11 Bankruptcy
We wish our clients and friends the best outcome in wrestling with COVID-19. Our thoughts and prayers are with you. We’re here for you!
The CARES Act – recently enacted by Congress - opens new avenues for many businesses to restructure under Chapter 11
Under the recently enacted CARES Act, businesses that owe less than $7,500,000 in secured and unsecured indebtedness may be eligible for relief as a small business debtor under the Small Business Reorganization Act. The CARES Act made changes in the bankruptcy laws which may make many more businesses eligible to use the streamlined process of chapter 11 reorganization for small businesses that qualify.
Rosenthal Law Firm may be able to help with financial issues facing your business as result of the impact of depressed prices for oil and gas as well as the impact of the Covid-19 virus. Some who may benefit include energy companies, hospitality companies, retailers, professional services firms, lenders and many others.\
Let us know if we can help.