Bankruptcy Bonanza

Posted on December 12, 2008 by LCT Magazine

COULD BE WORSE: As the Big 3 automakers fail to win federal bailout funds, there's talk that one or more of these companies may declare bankruptcy. GM and Chrysler stressed the point they need immediate funding to stop gap December losses. But if they do declare bankruptcy, it's not the end of the world. It is something happening in big numbers in the U.S. now for consumers and businesses, but federal judges overseeing bankruptcy cases don't shut the doors overnight. It could very well mean layoffs, revised labor agreements, downsizing production lines, and renegotiating with suppliers. And reinventing their mission statements and business strategies. If your company must consider bankruptcy, it could be worse. -- J.L.

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