It’s the ultimate nightmare for a radio or TV company’s C-Suite: An advertiser finds itself in fiscal trouble, and suddenly is placed in a position where it can’t pay its bill. What do you do?
Worse yet, there’s a bad feeling that sometime in the near future a client that’s just fine today could suddenly find itself in debtor-in-possession status, putting your accounts receivable in the red.
Robert Smith, Tribune Publishing‘s Director of Advertising and Accounts Receivable, and attorney Helen Sara Ward, a director at Pittsburgh-based Cohen & Grigsby P.C. who represents Tribune, have some advice on the matter.