Business owners, whether in Louisiana or elsewhere in the country, must do what is best for their companies in order to keep making a profit. When finances fail to turn out as expected, many proprietors make the decision to file for bankruptcy. A small airline company called Island Air has recently chosen to file.
Island Air, which is currently in the process of negotiating aircraft leases with its lessors, decided to make the move to file for Chapter 11 bankruptcy. By choosing this form of bankruptcy, the airline will be able to reorganize its finances without shutting down its business. The president and CEO of the company stated that he believes the restructure will lead to a stronger business with a steady financial future.
In addition to reorganizing the company's finances, this form of bankruptcy will allow the airline to continue servicing customers throughout the process while still bringing in revenue to pay vendors. It will also continue to provide employment to its hundreds of employees. The bankruptcy is not expected to affect the airline's flight schedule or travel programs.
Whatever the type of business, owners facing financial dilemmas may benefit from looking into their legal options. An experienced Louisiana bankruptcy attorney could assess a company's situation to determine the best course of action for its circumstances, whether it be bankruptcy or another form of debt relief. In addition to providing more information about bankruptcies, an attorney could also provide assistance with any related legal proceedings a business may face in the future.
Source: khon2.com, "Island Air files for Chapter 11 bankruptcy protection", Oct. 16, 2017