Chapter 11 works best and most efficiently when the restructuring is consensual. Typically, this requires a great deal of negotiation and compromise before and after the Chapter 11 petition is filed. Bankruptcy professionals must know when to compromise and take the best deal possible, and when to “fight the good fight.” Where the parties are unable to reach a consensus on important issues despite their best negotiating efforts and where traditional litigation tactics have not resulted in either side seeing the error of its ways, mediation may provide a viable path forward to a case-saving deal.
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