Schafer and Weiner, PLLC Works Out Restaurant Debt
September, 2020
John Stockdale, Jr. assisted a single-location restaurant in Brighton, Michigan with working out its bank debt. Prior to the Coronavirus Outbreak, the restaurant had fallen behind on its SBA loan payments with the Bank. The Coronavirus Outbreak provided the Debtor with the breathing room to restructure its operations and prepare a plan to address the bank debt. After detailed negotiations between the Debtor and the Bank, the parties entered into a short-term forbearance agreement.