Commentators, economists and government officials are struggling to come up with sufficiently-hyperbolic language to describe the economic fallout from the shuttering of the world economy in the wake of the COVID-19 pandemic. Words such as “catastrophic” are used with disturbing frequency. Even if some of these prophecies turn out to be overwrought, it appears inevitable that an unprecedented number of businesses, large and small, will require compromises from their creditors in order to continue in business.