'''Corporate workout''' refers to financial rescue of a firm that is outside formal bankruptcy and insolvency law.<ref>Azmi, Ruzita. "Corporate Workout: The Corporate Debt Restructuring Committee Revisited." International Corporate Rescue 8:5 (2011).</ref> Also known as '''out-of-court debt restructuring''', corporate workout practices aim to remedy or avoid foreclosure and bankruptcy.<ref>Brown, Bowman, Brian Nordwall, and Michael L. Ashner. "Corporate, Securities and Banking Law Aspects of Workouts." U. Miami L. Rev. 32 (1977).</ref> The debtors, creditors as well as the main shareholder and bondholders voluntarily participate in the workouts in order to make rearrangements concerning financial investments and rescheduling and restructuring debt. As a way of response to corporate crisis, corporate workout arrangements were widely seen in the aftermath of the Asian financial crisis in 1997.
==See also== *Restructuring *Debt restructuring *Compromise agreement *Creditor *Debt *Insolvency *Voluntary redundancy
==References== {{Reflist}}
==Further reading== *Low, Linda. "Asian crisis, corporate and financial restructuring, and transformation of traditional Chinese enterprises." R''ethinking Chinese Transnational Enterprises: Cultural Affinity and Business Strategies'' 7 (2002): 240. *Mako, William P. "Emerging-Market and Crisis Applications for Out-of-Court Workouts: Lessons from East Asia." ''Corporate Restructuring'' (2005): 99.
Category:Debt Category:Restructuring