Companies of every kind depend on healthy finances to stay afloat. A product or service can be strong and customer service can be of the highest quality, but if a company is spending more than it is taking in, there may be no way to recover and stay open.
However, just because a company may be struggling financially doesn't mean that it will close down. There are ways to regroup and reorganize in order to adjust to and recover from a difficult situation. Filing for bankruptcy, for instance, can be a bridge between a company's decline and future when times are tough.
A recent article on Investopedia called out some big companies that have filed for bankruptcy but bounced back to find great success. In that article, which can be read in full here, the author lists several influential and currently successful companies that went through bankruptcy and came out stronger than before. Those companies include:
- General Motors
- Ally Bank
- Marvel Entertainment
- Six Flags
This list should remind our readers that filing for Chapter 11 bankruptcy when a company is unable to pay off its debts doesn't have be the end of the road. Of course there is no guarantee that a company will survive, but the fact is that there are several businesses that went through a difficult time, addressed the situation and went on to find great success.
Having the help of a bankruptcy attorney evaluate a company's financial situation can be crucial in identifying the next steps to reorganize, discharge or otherwise handle debt. With support and necessary action, business owners in Tennessee can work to protect themselves, their investment and their company's future.