For many companies that aren’t doing so good financially and are looking like they will fall into debt they usually file for bankruptcy. Debt is no joke and in filing for Chapter 11 bankruptcy which allows the company to reorganize the way the structure of their business.
In a sense, it gives them a bit of breathing room. Many companies undergo this process, and it is not uncommon in the world of business for a company to file for bankruptcy and then come back stronger and better because of it.
So here in this article, we have compiled a list of seven major companies that filed for bankruptcy only to come back stronger. If you want to learn more about bankruptcy then why not visit your local bankruptcy Brampton building to learn more?
The Top 7 Companies That Have Recovered After Filing Bankruptcy
# 1 – Apple
For many Apple is revolutionizing technological company that has truly transformed the way we deal with phones and laptops. Now, this may be a bit of a cheat as this money never filed for bankruptcy, but it was on the edge of losing all of its money – until Microsoft came in and saved them.
# 2 – General Motor
Back in 2008 during the whole financial situation, General Motors filed for bankruptcy, and the government bailed them out. Ever since then the company has paid back the government as well as seeing great changes – financially wise – for their company.
# 3 – Ally Bank
Ally Bank, which is now known as Ally Financial, was the strong arm behind financing General Motors and when General Motors was doing, and this bank had suffered as well. The bank was bailed out by the government and has since then exceeded analyst speculation about how much they would earn
# 4 – Chrysler
Back in 2008, General Motors wasn’t the only car company to fall. In fact, Chrysler was the first car company to fall and was bailed out by the government as well. Chrysler has since then been bought by a European company and has been making a steady improvement over the years.
# 5 – Marvel Entertainment
This may come as a shocker to many – as this company is making a killing in the market – but Marvel filed for bankruptcy back in 1996. This was before they delved in the realm of cinema. Today their brand is widely known and loved around the world.
# 6 – Six Flags
Six Flags – home to some of the worlds fastest roller coaster – filed for bankruptcy back in 2009. The company fell in a debt of 2.5 billion dollars and hasn’t been able to pay it back yet.
It Happens Even To The Best Of Us
Starting a comonay and business isn’t easy, and there will be times where the business will fall. But as the adage goes “what doesn’t kill you makes you stronger,” and with these companies (save but the last) they prove that a stumble is not a fall.
If you are in need of filing for bankruptcy, then reach out to one of our representatives who will be able to answer any of your questions.