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Workout definition

Question
What is the definition of "workout"? 
Answer
Workout is a management term associated with a new financial and operating structure for a business that is in extreme operating difficulty, and where the alternative to a workout is bankruptcy. In the case of real estate, a workout is designed to prevent foreclosure.

Most often, a workout is designed and partially managed by an outside entity that is engaged by the business, or its investors and/or creditors. 
Brain Trust contributor: Author of Instant Profits: Making Your Business Pay
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