And it is a demonstration of why parties should seek an early agreement to resolve a bankruptcy rather than hunker down into a fighting stance, Bracewell & Giuliani lawyer Evan Flaschen told the Marine Money Week conference in New York.
“Don’t fall for that. Don’t go for the 90-minute game,” he said, urging lenders to strike a deal that relies on the owners’ inevitably optimistic projections but also includes provisions that make the agreement bankruptcy-proof and that also allows banks to share in the upside if the rosy forecasts prove true.
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