A voluntary settlement in which a firm's creditors will arrange with the firm to help it recover and re-establish itself as a viable entity is a ________.

Name: A voluntary settlement in which a firm's creditors will arrange with the firm to help it recover and re-establish itself as a viable entity is a ________.
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Question

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A workout is a voluntary agreement between a financially distressed firm and its creditors to restructure its debt and help the firm recover, without going through bankruptcy procedures.

A Voluntary Settlement in Which a Firm's Creditors Will Arrange