Practical Law Glossary Item 8-382-3915 (Approx. 2 pages)
Glossary
Workout
Also known as an out-of-court workout and an out-of-court restructuring. A private arrangement, outside of bankruptcy, between a debtor and its creditors to restructure, reduce, reschedule, or discharge the payment of the debtor's obligations. Such an agreement may be formal or informal.