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Law Offices of Nicholas Gebelt
15150 Hornell St
Whittier, CA 90604
(562) 777-9159

Well, anytime there are two or more participants to a contract, negotiations can always be entered into. It doesn't mean that they will be successful. If one party says, no, I like the terms as they are, I'm not going to negotiate. Well, you're not going to get very far. And here is the key to successful negotiations.

You have to convince the person on the other side of the table that it's in that person's best interest to do what you're proposing. Appeals to compassion, oh, can't you help me out? You've already lost. If you want to renegotiate a contract while you're in Chapter 11, keep in mind that you're going to have to make the renegotiated contract more attractive to the entity with whom you are negotiating then what that entity has currently.

But you can always open up the floor for negotiations and say, look, here is what I've got now. Here's what I'd like to offer you. If you don't accept my terms, then maybe I'll reject the contract or the plan that I'm going to propound may have terms that are less favorable. In essence, you appeal to the self-interest of the other side, and if you can convince that other side that it's in that entity's best interest, yes, you can have successful negotiations.

Now, keep in mind as debtor in possession, you still have that fiduciary obligation to the bankruptcy estate. You can't start giving away the store and you're going to have to convince the bankruptcy judge that the renegotiated contract really is in the best interest of the bankruptcy estate. Remember, not in your best interest but in the interest of the bankruptcy estate. And if you can do that, yes, you can certainly renegotiate a contract.

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