My Story: What happens when you default on an SBA loan and Restructure

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August 02, 2024

by a searcher from University of Texas at Austin

I took out an SBA loan along with a seller note with a personal guarantee ($6.2M in Total Debt). Unfortunately, when the industry took a downturn, I had to default on both. I have since restructured the company and was able to cram down the notes without the investors losing any equity. I am happy to share my story about the process and what I experienced.


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Reply by a searcher
from University of Texas at Austin
There is a ton of interest here. Bankruptcy is litigation filled with Good, Bad, and Ugly. I am happy to share my full story with anyone interested, but as with any litigation/case outcomes, speaking about it on a permanent public forum is not recommended. The case is public record. You can see the total debt amounts and then the new restructured debt amounts and terms here: Case number: 2:23-bk###-###-#### Sports and Fitness Exchange. ^redacted‌ , I'm unsure how to @ everyone in the comments.
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Reply by a searcher
from University of California, Davis in United States
^redacted‌ you've gotten so many similar requests, but I'll throw my hat in the ring anyway. I'd appreciate a quick chat to hear what it's like to survive the insanity you've been through! I've been mulling over that scenario myself and would appreciate the insight.
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