workout

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Workout

Informal repayment or loan forgiveness arrangement between a borrower and creditors.

Workout

An informal process by which a debtor and creditors agree to debt forgiveness and/or a different repayment plan when the debtor states that he/she/it is unable to repay debts. A workout may be part of a Chapter 11 bankruptcy process, or the debtor and the creditors may work out their differences to avoid the painful, and often expensive, process of bankruptcy.

workout

1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. For example, a firm in Chapter 11 bankruptcy proceedings might reach an agreement with its creditors for ways in which the firm's obligations can be worked out.
2. A range of prices within which a transaction or a series of transactions is likely to take place. For example, a market maker might quote a price range within which he or she would attempt to buy or sell a large order of securities.

workout

The process of working with a lender to explore alternatives to foreclosure or bankruptcy after a default.This may involve the lender receiving additional collateral,lengthening the term of the loan, writing down part of the principal balance, providing minor additional lending to make the repairs necessary to sell the property at its best price, or any number of negotiated terms and conditions.One of the keys to a mutually beneficial workout solution is for all parties to be well educated regarding the consequences of bankruptcy.One example is the ability of a bankruptcy court to reduce the principal balance of a mortgage loan under certain circumstances. It is also wise for borrowers to understand the limitations of bankruptcy,however,so they don't take an imprudently aggressive stance with their lender.

References in periodicals archive ?
The schedule runs around-the-clock delivering practical advice and work-outs.
Nadia Sawalha's Fat To Fab Work-out TELEVISION presenter and actress Nadia Sawalha boasts that she lost more than three stone using this fat-burning work-out.
Broken up into 10-minute sections, it's a quick work-out for troublesome areas.
After winning Dancing on Ice, she has teamed up with her skating partner Dan Whistonto adapt some of the work-outs he designed to train Gaynor for the television challenge for stay-at-home fitness fans.
But in an increasing health-conscious society, they have now evolved into the accessory de jour among stressed-out professionals who find solitary work-outs boring.
At 6ft 8in Price is even taller than the 6ft 7in Ukrainian, and the giant unbeaten Scouser has also found the work-outs useful as he prepares to face John McDermott in a British title eliminator on Saturday.
With work on a new Turf Moor pitch ongoing, the Clarets are borrowing the Galpharm Stadium for one of their eight work-outs, against Stoke City on Saturday, July 31.
Says a local trainer who uses ActivTrax for his own work-outs, "It's like getting a Christmas present every day.
The dedicated Rangers ace was doing extra work in the gym every day and even undergoing punishing work-outs with his foot in plaster as he recovered from ankle surgery last year.
There are two seperate gyms one is about 2100 sqft and the other about 900 for personal work-outs.
Formerly head of banking and insolvency at a leading UK law firm, Mr Murray, who joined Needham & James three years ago, is recognised for his expertise in insolvency, work-outs and restructuring, as well as mainstream lending and security work.