Many companies run into financial issues or internal organization problems at some point in their existence. Persevering through these difficulties is the goal, but not every company makes it. This shouldn’t discourage you or your company if you face these difficult matters, but it should be used as motivation to get it right. There are many options available to companies that face financial problems, just one of which is Chapter 11 bankruptcy.
No one should think that filing for Chapter 11 is a singular approach to a complex financial problem. Companies can use a multi-faceted approach to not only resolve their financial difficulties, but to keep operating going forward.
For example, you could renegotiate your existing financial obligations to help you deal with the matter as opposed to letting it build up and become a more serious problem. You can reorganize the company to streamline your approach and make your operation much more efficient. You can sell off existing assets to help you deal with mounting debt or to eliminate portions of the company that no longer function in an optimal fashion.
Helping companies that are stuck in these difficult situations is part of what makes our law firm great. At Rich Michaelson Magaliff Moser, we have helped companies from a wide variety of industries — from health care and energy, to publishing and manufacturing — with their financial struggles. Consult with us, and together we can strive towards turning your company into a more efficient enterprise while resolving some complicated problems.