The firm has extensive experience in handling informal workouts for its debtor clients. Many of these involve car dealerships that have experienced problems over the years as a result of deteriorating lender relationships (particularly floor plan lenders) or other creditor or tax issues. The firm also has assisted other non-automotive businesses regarding such problems. We believe in resolving many of these cases without resorting to formal bankruptcy or other insolvency proceedings. In our experience, lenders, taxing authorities and other creditors prefer this approach since the formal proceedings generally impair their interests. The firm has successfully completed many such workouts, with either the client continuing in business or allowed to sell its business in an orderly fashion. Another objective of these workouts is the release of personal guaranties.