Very fast turnaround on an asset sale – a quick workout
Sometimes we have to wait weeks on end for some of the larger banks to review our asset sale proposals. This leaves a certain amount of uncertainty as to whether or not our offer will be accepted by the bank, or if they will counter with a higher number. Recently, I have personally seen an incredible decrease in turn-around time from when we submit an offer, to when the bank will respond with an acceptance or a rejection. This happened just last week; after preparing all of the relevant supporting documentation and sending it off to the banker I was working with, I had an acceptance in TWO DAYS! The lesson to be learned here is that with the relevant document package and a good level of communication with the creditor, success can be had in a very short amount of time.