What is the best way to negotiate a debt payment plan?

[eric_wexelputz]

I have a small business that has a credit line with $35k that I owe. This business has fallen on tough times. A reg payment is $1000/month. I told them I could pay $300/month temporarily, and then perhaps pay more over the next several months if things improve. They are basically saying that if I can’t pay $600/month than they will sell off the loan to a collection agency or come after me legally. I am perplexed by the rigid response as these are unprecedented times and I am trying to work out a plan with them…more than most debtors are willing to do I would assume. Any advice? Thanks!