Workout Services
Our Services
Banks and other creditors frequently encounter issues with debtors that require deeper analysis, independence or more rigorous monitoring than is available from their staff. Deteriorating company/asset performance, loan covenant defaults, management deficiencies or communication difficulties often contribute to a creditor’s concern about the quality or ultimate pay back of a loan. Cordes & Company provides a number of services to support a creditor’s decision-making process when faced with these challenges. Working on behalf of the creditor (or the debtor with the creditor’s support), we can analyze the financial status of a company; analyze the quality or value of the loan collateral; develop re-capitalization or re-structuring strategies; suggest loan work-out approaches and provide independent assessments of the ongoing implementation of agreed upon actions. We can assist with the development of forbearance agreements and independently monitor performance against such agreements. Usually the goal for both creditors and debtors in these circumstances is to avoid foreclosure and the accompanying court-supervised actions. While each situation is unique, Cordes & Company has developed an effective approach to add value to both creditors and debtors. Since 1983, Cordes & Company has worked with scores of creditors, some being the largest banks in the nation, to develop a reputation of excellence and integrity in these typically stressful situations.
Our Advantage
Our People. Cordes & Company has built a team of experienced professionals who have the technical, strategic and management skills necessary to work in a wide range of industries and with companies of all sizes. Our team includes both certified public accountants with decades of broad experience and seasoned executives who have run large complex businesses. We understand the needs of creditors and can quickly assess the status of debtors. We use a multi-disciplinary team approach to provide the right mix of financial, strategic and management talent for each engagement.
References
Throughout the firm, we have developed hundreds of strong relationships with creditors and attorneys. We can provide multiple references tailored to the business type or creditor situation related to a potential engagement.