Chicago Business Litigation Lawyer Blog
Declaring bankruptcy can have a number of advantages for some companies. It doesn’t necessarily mean the end of the company, but it can be the beginning of a transition into another company, even if it continues in the same business.
For example, General Motors (G.M.) declared bankruptcy in 2009. It’s still doing business, but the company that made cars prior to the bankruptcy agreement is known as “Old G.M.”, while the company currently making cars is known as “New G.M.” It may not seem like much of a difference, and to many people it’s not, but at least in terms of liability, it can make all the difference in the world. Continue reading ›