Doing the 'B thing'

Entering bankruptcy late can be as bad as entering it lightly. Bankruptcy laws aim to preserve assets whenever possible, and they are into much use to a company with nothing left to preserve. To get the timing right, senior managers and board members need to know just how bad things are. Bankruptcie...

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Bibliographic Details
Published in:Telephony 2001-05, Vol.240 (22), p.36
Main Author: Branson, Ken
Format: Article
Language:English
Subjects:
Attorneys
Bankruptcy
Bankruptcy laws
Bankruptcy reorganization
Boards of directors
Customer services
Expenditures
Guidelines
Petitions
Telecommunications industry
Online Access:Get full text
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Summary:Entering bankruptcy late can be as bad as entering it lightly. Bankruptcy laws aim to preserve assets whenever possible, and they are into much use to a company with nothing left to preserve. To get the timing right, senior managers and board members need to know just how bad things are. Bankruptcies are no walk in the park for creditors, either. Unsecured creditors - which are most creditors, most of the time - can count themselves lucky if they recover a dime on the dollar for their pre-bankruptcy receivables. Some creditors are singlemindedly focused on getting paid now. In such cases, bankruptcy may come in handy. Experts advise that communication is key after the petition is filed - with employees, lenders, vendors and customers.
ISSN:0040-2656
2161-8690