NEW YORK (TheStreet) — Contrary to conventional wisdom, bankruptcy can do a struggling business tremendous good. Debts can be minimized, uncompetitive employee contracts can be renegotiated, and burdensome business units can be sold off. American Airlines , LyondellBasell and even, yes, Eastman Kodak are examples of the tough but necessary change that happens in bankruptcy […]
Lea en español In general, businesses facing financial problems have the same options in bankruptcy as individuals: the discharge of debt in exchange for the sale of assets pursuant to Chapter 7; and the negotiation of new payment arrangements under Chapter 11. Chapter 7 Business Bankruptcy Filings A Chapter 7 filing by a business allows […]
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