Chapter 11 Bankruptcy
Automotive industry experts and legal professionals nationwide recommend that Chrysler (and potentially General Motors) line make dealers retain individual, local council in New York’s Southern District of New York to represent them in Chrysler’s bankruptcy filing.
Bellavia Blatt Agrees.
In the face of Chrysler’s bankruptcy filing (and potentially, GM’s) every dealer’s position will be unique, and only dedicated counsel will be able to represent their particular concerns. A dealer’s retained counsel will be able to:
- File a Notice of Claim in Bankruptcy and provide defense if any claims are rejected;
- Represent dealers regarding their specific franchise agreements, contracts and manufacturer relationships, particularly if a claim for “rejection damages” requires the creation of a damages model;
- Provide guidance and support in negotiating any amounts owed or due
- Appear in Bankruptcy Court in New York City to assert individual dealer claims.
DEALERSHIP RESTRUCTURING AND LOAN FOREBEARANCE
DEALERSHIP RESTRUCTURING SERVICES FOR CHALLENGING TIMES
Dealers across the country are currently facing unprecedented financial challenges. If your dealership is facing such challenges, restructuring may be a viable solution. With the help of an experienced law firm like Bellavia Blatt, dealership restructuring can allow your business to restructure debts, reorganize operations and bring it back on the path to success.
HOW CAN BELLAVIA BLATT HELP RESTRUCTURE MY DEALERSHIP?
Bellavia Blatt has more than 33 years of experience in Dealership Law and is well-positioned to help you reduce debt and free up capital through various solutions, including:
- Drafting of written requests to landlords, mortgagees and creditors for loan forbearance and forgiveness
- Negotiating with floorplan providers on out-of-trust defaults
- Updating management and sales pay plans and
agreements to better tie compensation to performance
- Evaluating sale/leaseback options for dealership real estate
- Identifying default risks presented by creditor
agreement covenants and obligations
- Reviewing and implementing all potential exit strategies, including buy-sell transactions of distressed businesses, Chapter 7 and 11 filings, and buy-in and buy-out arrangements for investors
- Managing all aspects of the OEM relationship, including any approvals needed to restructure your
Bellavia Blatt, PC has been in business over 33 years and is a nationally recognized authority in the åeld of automotive franchise law. Over the years, Bellavia Blatt has represented thousands of automobile dealerships across the country.
With a national practice, attorneys at Bellavia Blatt have vast experience litigating against automotive manufacturers and lenders
throughout the country.
Recognized as one of the foremost in the nation for advocating the rights of franchised dealers, the årm has developed a team of lawyers and support staff dedicated entirely to client satisfaction that has earned the distinction as being one of the preeminent dealer rights law årms in the country.
For more information, or to set up an initial consultation, at no cost or obligation, call 516-873-3000 or Contact Us. One of our attorneys will contact you right away.