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Are Lenders Becoming Less Concerned About Lender Liability?

By Adam Schlagman

Work for bankruptcy counsel over the past few years has not been limited to representing parties in Chapter 11 cases. A significant amount of time for many has been spent advising clients on how to deal with loans that are currently in default, but which are not being actively prosecuted by lenders. In these scenarios, parties are operating in a state of limbo, for better or worse.

Phrases like “extend and pretend” have been heard countless times over the last few years when talking about a bank's proclivity not to deal with troubled loans in its portfolios. Countless are the stories of borrowers who simply could not get their lender to engage in a dialogue about how to work out a troubled loan. States of paralysis like this do not last forever, and my market intelligence indicates that, it has already started to break.

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