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Attorneys prefer out-of-court settlements to bankruptcies, which are often ugly, expensive, lengthy and very public messes. But not every troubled company qualifies for an out-of-court solution, and such restructurings are more difficult to pull off. Out-of-court restructurings require agreement among creditors to be near unanimous, which is why large companies usually can't make them work.
December 07, 2001 at 12:00 AM
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