New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter XII - Division Of Employment And Training
Part 921 - New York State Worker Adjustment And Retraining Notification (warn) Requirements
Subpart 921-6 - Exceptions
Section 921-6.2 - Faltering company

(1) The employer was actively seeking capital or business and identifies the specific actions taken to obtain such capital or business. For example, the employer must demonstrate its efforts to obtain financing or refinancing through the arrangement of loans, the issuance of stocks, bonds, or other methods, or to obtain additional money, credit, or business through any other commercially reasonable method; and

(2) There was a realistic opportunity to obtain the capital or business sought; and

(3) The capital or business sought would have been sufficient, if obtained, to enable the employer to avoid or postpone the plant closing; and

(4) The employer reasonably and in good faith believed that giving notice would have precluded the ability to obtain the needed capital or business. The employer must be able to objectively demonstrate that a potential customer or financing source would have been unwilling to provide the new business or capital if notice were given. This condition may be satisfied if the employer can show that the financing or business source would not choose to do business with a troubled company or with a company whose workforce would be looking for other jobs.