Throughout the history of the United States there have been several major corporations that have filed for Bankruptcy protection to reorganize or address their financial problems. Historically and in recent times Bankruptcy has been used by businesses to not only address financial difficulties but to face lawsuits, acquire or merge with other businesses, rejects leases and contracts, as well as liquidate the assets for the benefit of creditors.
Sometimes the best option for a business with mounting financial problems, lawsuits, tax problems or other financial distress is to reorganize. Chapter 11 Bankruptcy is a reorganization process available to both big and small qualified businesses. When most people hear about business bankruptcy in the media they assume business bankruptcy means liquidating a company’s assets and distributing the proceeds to creditors. That is the case with Chapter 7 business bankruptcy. Some of the famous companies below initially filed for Chapter 11 bankruptcy protection to reorganize their financial affairs but despite the best efforts ended up as Chapter 7 liquidation cases.
Bankruptcy is just an option for large corporations. Bankruptcy is also a potentially viable option for small businesses to reorganize. Small Business Bankruptcy filings are just a prevalent can address financial problems of small businesses.
Famous Corporations That Have Filed For Bankruptcy
- Aladdin Gaming, LLC (Las Vegas Hotel Casino) (2001)
- ABB Lummus Global, Inc. (Petroleum Refining) (2006)
- Aloha Airlines, Inc.
- Allegiant Air, Inc.
- American Banknote Corporation (1999)
- American Federation of Television and Radio Artists / AFTRA (1982)
- America Online Latin America, Inc. (2005)
- American Restaurant Group, Inc. (2004)
- Ameridebt (2004)
- AMF Bowling Worldwide, Inc. (2001)
- AtA Airlines (2008)
- Atkins Nutritionals, Inc. (2005)
- Baldwin Piano & Organ Company (2001)
- Bally total fitness holding Corporation
- Beliefnet, Inc.
- Ben Franklin Retail Store, Inc.
- Bethlehem Steel Corporation (2001)
- Big Buck Brewery & Steakhouse, Inc. (2004)
- Birch Telecom, Inc. (2005)
- The Bombay Company, Inc.
- Bugle Boy industries
- Burlington Industries Inc. (2001)
- Carolco Pictures Inc. (1995)
- Casual Male Corp.
- CD Warehouse, Inc.
- Champion Parts, Inc.
- Chiquita Brands International Inc. (2001)
- Clothestime Stores, Inc.
- Color Tile, Inc
- Continental Airlines Inc. (1967 & 1984)
- Converse Inc. (2001)
- Cosmetic Center, Inc.
- County Seat Stores, Inc (1996,1999)
- Dairy Mart Convenience Stores Inc. (2001)
- Death Row Records (2006)
- Delphi Corporation (2005)
- Delta Airlines Inc. (2005)
- Diamond brands inc.
- Dow Corning Corporation (1995)
- Drug Emporium, Inc. (2001,2003)
- Eastern Airlines Inc. (1991)
- Easyriders, Inc.
- Edwards Theatres Circuit, Inc.
- Einstein/Noah Bagel Corp.
- Enron Corporations (2001)
- eToys Inc. (2001)
- Excite@Home (2001)
- Factory 2-U Stores, Inc.
- Family Golf centers, Inc.
- Farm Fresh, Inc.
- First City Banc. Of Texas
- Fitzgeralds Gaming Corp.
- Flooring America, Inc.
- Frank’s Nursery & Crafts, Inc. (2004)
- Frederick's of Hollywood Inc. (2000)
- Fresh Choice, inc
- Friedmans Inc. (2005, 2008)
- Furrs Restaurant Group, Inc.
- Fruit of the Loom Inc. (1999)
- G. Heileman Brewing Co., Inc.
- Gadzooks, Inc. (2004)
- Garden Bontanika, Inc.
- General homes Corporation
- Gibraltar Financial Corp.
- Greyhound Lines, Inc.
- Gulf States Steel, Inc.
- Happy Kids, Inc. (2005)
- Hawaiian Airlines, Inc.
- Hispanic Television Network, Inc.
- Hollywood Casino Shreveport (2004)
- Homes.com,LLC
- Homeseekers.com,Inc.
- Houlihans Restaurants, Inc.
- Huffy Corporation
- Imperial Sugar Company
- Just For Feet, Inc.
- KB Toys, Inc. (2004)
- Kmart Corporation (2002)
- L.A.Gear, Inc
- Laidlaw, Inc.
- Lionel Corporation (1967 & 1984)
- Loan Fabrics Corporation
- Loehmann’s, Inc.
- Loews Cineplex Entertainment, Inc. (2000)
- Logix Communications enterprises, Inc
- London Fog Group, Inc.
- Maidenform Inc. (1997)
- Mars Music, Inc.
- Marvel Entertainment Group (1996)
- Mercury finance Company
- Midway airlines Corp
- Montgomery Ward Inc (1997 & 2000)
- Mortgage Lenders Network USA, Inc.
- Moto Photo, Inc.
- Motor City Five/MC5 rock group of the 1960s (1970)
- Musicland Holding Corp. (2006)
- Napster, Inc.
- NextCard, Inc.
- Northwest Airlines (2005)
- Onieda Ltd.
- Orion Pictures Corporation (1992)
- Outboard Marine Corp.
- Owens Corning Corporation (2000)
- Pan Am Corporation (1998)
- Payless Cashways, Inc. (1997,2001)
- Planet Hollywood International Inc.(1999 & 2001)
- Polaroid Corporation (2001)
- Purina Mills Inc. (1999)
- Quality Home Loans, Inc.
- Quebecor World (USA), Inc.
- Rand McNally & Company
- Regal Cinemas Inc. (2001)
- Reliant Energy Channelview LP
- Resorts International Inc. (1994)
- Roadhouse Grill, Inc. (2002,2007)
- Ronco Corporation
- Safety-Kleen Corporation
- Samuels Jewelers, Inc.
- Schlotzskys Inc. (2004)
- Schwinn/GT Corp
- Service Merchandise Company, Inc.
- Seven Up/RC Bottling Company of So. CA,Inc.
- Sharper Image Corporation
- Shuttle America Corp.
- Silicon Graphics, Inc. (2006)
- Singer Company (1999)
- Sizzler International (1996)
- Smith Corona Corporation (1995)
- Southland Corporation (7-11 stores) (1990)
- Spiegel, Inc.
- Stan Lee Media, Inc.
- Standard Automotive Corp.
- Star Telecommunications. Inc.
- State Line casino
- Stratosphere Corporation
- Strouds, Inc.
- Sun Country Airlines, Inc.
- Sunbeam Corporation (2001)
- Swissair Group Inc. (2001)
- SyQuest Technology, Inc.
- Talkpoint Communications, Inc.
- Talon Automotive Group, Inc.
- Texaco
- Texas American Bancshares
- Texas Commercial Energy, LLC
- Texas Equipment Corp.
- Texas International Co.
- Texas Petrochemicals LP
- The Roman Catholic Archdiocese of Portland, Oregon (2004)
- Thinkpath Inc.
- Thomaston Mills, Inc.
- Todays man, Inc.
- Top-Flite Golf Company
- Tower Automotive, Inc.
- Toysmart.com (2000)
- TLC rock group (1995)
- Trans World Airlines Inc. /TWA (1995 & 2000)
- Trans Texas Gas Corp.
- Tristar Corp.
- Trump Hotel & Casino Resorts, Inc.
- Twinlab Corporation
- Ultra Stores,Inc.
- United Artists Theatre Co.
- United Petroleum Corp.
- United States Leather, Inc.
- US Airways Group, Inc. (2004)
- USA Commercial Mortgage Company
- US Office Products Company (mail boxes etc. stores) (2001)
- U.S. Wireless Corp.
- Vangaurd Airlines, Inc
- Venture Stores, Inc
- Vlasic Foods International Inc. (2001)
- Western Union Corporation (1993)
- Wherehouse Entertainment, Inc.
- Wickes Furniture Company, Inc.
- Winn-Dixie Stores, Inc. (2005)
- WorldCom, Inc
- XO Communications, Inc.
- Zany Brainy
- Zenith Electronics Corporation (1999)
Remember that all these high profile companies, some of which could be considered solid or stable icons all filed for bankruptcy protection. If a company with that kind of status can get into financial trouble it can happen to any company. These notable companies took advantage of their right to utilize bankruptcy to address their financial problems. Bankruptcy can be an option for a troubled company.
Chapter 11 bankruptcies tend to be very complex, time consuming, and allow the Court and the creditors to be actively involved in the company’s financial affairs. Businesses considering seeking bankruptcy relief under Chapter 11 must utilize an attorney who is experienced in handling Chapter 11 cases. If you or your company have questions about corporate or business bankruptcy please contact The Law Offices of R.J.Atkinson,LLC at 512-617-2899 for a free initial consultation to discuss your company’s legal options in bankruptcy.
