Home > Business Workouts, debt forgiveness, Debt Workouts, Solving Difficult Business Problems, the economy > Restaurants have been hard hit. Here is a terrific debt workout success story.

Restaurants have been hard hit. Here is a terrific debt workout success story.

December 30, 2009 Leave a comment Go to comments

786367_restaurantFour locations, low end dining, working class customers, a large lunch venue, previously did very well. A direct hit by the current recession, revenues are down, cost of business continues to rise…margins are slim…spells deep issues. Cannot pay debt service on $1.2 million.

A standard secured loan, not an SBA guaranty loan.

We negotiated a debt workout for $120,000. With forgiveness of the remainder. Ten cents on the dollar…..this works. They borrowed the payoff money from family…..Yahoo! Another small business owner saved!

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Categories: Business Workouts, debt forgiveness, Debt Workouts, Solving Difficult Business Problems, the economy Tags: , , , , , , ,
  1. Arif
    February 3, 2010 at 1:43 PM | #1
    Reply | Quote

    Hi Mr.Todrin,

    I love all your articles. Just one question, what is your normal charge for debt workout? I had a business that went to short sale and I still owe SBA about $200K since I signed personal gurantee. I am planning to see if I can afford to have you negotiate the debt for me.

    Thank you.

  2. könig iphone
    January 2, 2010 at 4:16 AM | #2
    Reply | Quote

    thanks for this – happy holidays :D

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