The coronavirus pandemic is resulting in a wave of forbearances and workouts. A frequent first step is the pre-negotiation agreement. A good PNA should be quickly negotiated but carefully considered, getting both parties to substantive negotiations quickly. A PNA should not alter the status quo. Instead, it should ensure that the parties can share information and freely discuss terms. Do not make promises—do not start negotiations—without a PNA in hand." https://lnkd.in/etf3sjj