When financial trouble hits, business owners must explore whatever options might be available to help get things back on track. Sometimes, this includes eliminating jobs or finding ways to reduce costs. Many business owners in Texas and beyond are able to resolve serious financial crises by filing for Chapter 11 bankruptcy.
Theater company says it is excited to start afresh
A theater company whose home base is in another state had to close several of its locations due to financial problems in 2020. However, the company recently stated that it has completed the Chapter 11 bankruptcy process. This valuable financial tool not only helped the company resolve its money problems; it has placed the company in a position to be able to launch several new theaters in various states across the country.
Business is on the upswing again
The theater owner said that business is starting to boom again after suffering great losses in 2020. Several big box office releases were scheduled to open on Memorial Day weekend. The owner said the company is excited to welcome guests at its new locations now that the Chapter 11 petition the company filed has been fully processed. Theatergoers in Manhattan, D.C. and St. Louis can look forward to going to the movies at the brand-new theaters scheduled to open in those regions.
Understanding the basics of Chapter 11
Chapter 11 bankruptcy is often the most viable option for business owners because it allows them to retain ownership and control of their companies while restructuring payment plans to resolve debt. Other forms of bankruptcy, such as Chapter 7, typically involve a complete liquidation of assets. Each type of bankruptcy has its own eligibility requirements, so a concerned business owner will want to seek clarification to determine which debt relief option best fits his or her needs and ultimate financial goals.