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business bankruptcy
When a business becomes unable to meet obligations such as employee salaries, day to day invoices, and bank debt, management may turn to Bankruptcy law to liquidate or reorganize. As a rule, Courts prefer reorganization over liquidation, provided reorganization would be viable, preserve jobs, keep assets productive, and enhance the local economy. To begin with...
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Your customer or borrower has been paying like clockwork and you, the creditor or vendor, have been dispensing goods and services as promised. Then your customer starts to pay a little later, then later still. Why not? Times are tough. So you do the decent thing and take their payments without complaining. Next thing you...
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Coal plants are expected to close at an escalating rate over the next 5 years that will eventually be quadruple what it is today. Midwest Generation, a major employer in the Will County area, is not immune to the trend. Management has announced that it is looking into a Chapter 11 reorganization in order to...
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