Earlier this week, it was announced that weapons manufacturer Colt Defense would exit Chapter 11 bankruptcy as the court had approved their reorganization plan. After seeking bankruptcy relief in June of 2015, Colt was able to raise new capital through the restructuring process. They can now attempt to remain relevant in the continually burgeoning American gun market that set all time sales records last year. There are many other famous names who successfully sought bankruptcy relief in order to stay in business.
American Airlines filed for bankruptcy protection in 2011 and was later able to merge with AMR and US Airways Group to form one of the largest airlines in the world. Delta also sought debt relief in 2005 and only a year later was able to recall 1,000 flight attendants that were previously laid off. Delta is now the second largest airline by revenue. Other currently successful businesses who sought debt relief include General Motors, Texaco, Sbarro, and Six Flags.
Success in the entertainment industry is no stranger to seeking debt relief. Walt Disney, Marvel Entertainment, Mark Twain, Francis Ford Copolla, Curt Schilling, and Larry King are just a few who were able to find success after bankruptcy.
The point is, bankruptcy is not only necessary to help individuals and companies climb out of debt, it also creates a situation in which you have a clean slate on which to build future success. Should you find your financial obligations impossible to meet or if you are being harassed by creditors and debt collectors, please call the office nearest you for a free consultation. Our experienced attorneys can help you through that difficult stage of your life and set you up for future success.