Famous Corporate Bankruptcies [mortgageloans-protection.blogspot.com]
Many of the biggest winners are troubled companies that have turned themselves around and returned to favor with investors and creditors. Obviously not every troubled company is going to turn into a success story; therefore, one of the keys to successfully overhauling a distressed company is identifying the companies that have turnaround potential vs. the companies that should explore alternatives. Has business slowed? Have there been a number of unexpected repairs? Are creditors aggressively calling? Are landlords pounding on your doors? Are notices coming from the IRS? Have you been served with a summons? All of these actions can blindside you and sway your reaction from a calm and usually well thought out solution. It is human nature to react immediately to something that upsets us. That initial reaction may not be the best response to solving the problem. Right Path Business Solutions works along side you to find the best solutions for what ever might come your way. Through our workout process we redirect your collection calls, analyze your books, assess your assets vs. liabilities, review your operations and provide a detailed plan of action. Our services also extend beyond the business and directly to the business owner. Our approach is to achieve maximum gains for your investment and reduce your personal liabilities. - Company Turnaround - Business Reorganization - Debt Restructuring - Out Of Court Settlement - Liquidation and "ABC" - Bankruptcy Alternative Feel ...
mortgageloans-protection.blogspot.com Right Path Business Solutions - Business Bankruptcy Alternatives
As both consumer and business bankruptcies continue to flood our economy, it's no wonder that our recession has been a long and drawn out one. Corporate bankruptcies always seem to be the most shocking, as Americans tend to think that large companies are invulnerable to the financial struggles of small business owners and consumers. Some of the most famous corporate bankruptcies include:
1. Enron- In December of 2001, Enron became the biggest bankruptcy in U.S. History with over $ 63.4 billion in assets. That next year, Worldcom trumped Enron's bankruptcy then in 2008 Lehman Bros became the biggest bankruptcy. The Most upsetting part of Enron's bankruptcy was that the accounting practices were scandalously hiding billions of dollars of loses, and their stock plummeted from $ 90 to $ 10 per share, leaving stock holders with over $ 11 billion in loses.
2. Delta Airlines- Delta Airlines had been failing to post a profitable quarter since 2000, but with the sudden spike in fuel prices in response to Hurricane Katrina, Delta could no longer compete with the smaller and more affordable airlines. In September of 2005 Delta, the third largest U.S. Airline, filed bankruptcy. After a year and a half of negotiations, Delta finally exited bankruptcy in April of 2007 and continues to struggle with high labor costs and rising competition.
3. Washington Mutual- The financial disaster of Washington Mutual is just one example of the lending and fraud practices that heightened our current economic crisis. Several former employees have offered their accounts of Washington Mutuals' "sweat shop" mentality, where high risk loans were frequently offered to both qualified and unqualified borrowers.
Finally in September of 2008, "WaMu" filed for bankruptcy and J.P. Morgan ended up purchasing the bank for $ 1.9 billion.4. General Motors- The most recent and devastating corporate bankruptcy is now considered the fourth largest bankruptcy in U.S. History and was filed in June of 2009, just one month after Chrysler filed. Even $ 19.4 billion in federal help was not enough to save the company from bankruptcy, and the government decided to pledge another $ 30 billion to help the company with it's reorganization. While the government aid has been a hotly debated topic, GM's bankruptcy has had a major impact on a large cross section of Americans; including the closure of plants and dealerships, the loss of thousands of jobs and the severe cutbacks in retirees' benefits and coverage that was promised to them.
While the economy continues to idle through the recession, filing for bankruptcy is nothing to be ashamed of. Filing for bankruptcy can give you the breathing room to reorganize your finances and get yourself to a fresh start. As an experienced bankruptcy attorney, I understand the complexities of bankruptcy and can help your through the process. The Brownsville bankruptcy attorneys at Davis Law are here to help.
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