If this bankruptcy (restructuring) was the answer why didn’t they do this years ago ?
2 replies (most recent on top)
Decisions were made and debt taken on not because those decisions and debt were what was best for the business. Decisions to take on debt were made to make the execs at top millions. It worked and they left. When they left, company was making enough to break even. Later execs made bad decisions that led to the losses, but we were heading in that direction anyway. They just made it happen quicker then it was happening before the dumb decisions.
Maybe the old management didn't know enough about running a business to understand the dire situation they were digging. Hard to believe that though when they weren't paying bills and retirement plans were not being paid from what I heard.
I will say, to me its crazy a business that pulls in over 8 billion a year can not figure a way out of their situation by simply looking at the books and adjustments of some practices.