While I agree that there is a time for debt management, my personal opinion is that many of these well
meaning debt management firms have been co opted by the banks to keep payments coming in over BK.
This is a «prepackaged» bankruptcy filing where the company has reached an agreement with its creditors — which include PE
firms Elliott
Management, Monarch Alternative Capital LP, and Apollo Global
Management — to restructure its
debt,
meaning that ownership will be transferred to creditors in exchange for some of the
debt.