There may be other information that would help as well. The creditor may be willing to accept a lower level of payments if you already have a history of paying on time. A lump-sum, partial payment up front with a restructured payment plan may be a possibility. If you need to continue buying from a creditor, as is often the case when the creditor is a supplier, ask about making regular, reduced payments on the arrears or existing debt, and paying cash for future purchases until problems are cleared up. Staying on good terms with suppliers is essential for survival.
Suppliers know that.
They've seen problems before, and they may have gotten burned extending credit in a risky situation. You need to convince them that your situation isn't that risky. Again, don't bluff. Facts and figures with a good plan will speak for itself. When the business will become current on debt payments.