Bankruptcy leaves the impression of utter failure, and when a company goes bankrupt, its easy to assume that its dead, may it rest in peace. According to this line of thinking, heres an alarming tidbit: If you regularly travel by plane, theres a decent chance youve flown with an airline that was bankrupt at the time. United filed for bankruptcy in 2002, followed by Delta in 2005, and American Airlines in 2011.
While bankruptcy can result in the liquidation or sale of a company, it also presents an opportunity for it to restructure while continuing to operate, suspend or reconfigure debt payment, and get back on its feet, so to speak. That was the case for United, Delta, and American, which all exited bankruptcy in less than four years…
Read the full article at: https://www.vox.com/the-goods/2019/3/11/18259894/bankruptcy-business-chapter-11-close-stores