Facing financial issues can bring a great deal of turmoil to a company. Business owners may wonder what steps they can take to help reduce debt and get back on track, but in many cases, small efforts are not enough. As a result, some Louisiana businesses may need to file for Chapter 11 bankruptcy.
It was recently reported that a company in another state has recently chosen to take this route. Apparently, Bristow Group Inc., an industrial aviation services company, has filed a bankruptcy petition due to owing $1.885 billion. The company hopes that this debt relief route will allow it to restructure and better handle outstanding debts while also continuing to provide services to their clients. The report stated that the company has $2.86 billion in assets.
The decision to file came after executives with the company consulted with advisers and considered alternative financial courses of action. In the end, the company decided that Chapter 11 bankruptcy protection would best suit its circumstances. The CEO of the company issued a statement indicating that the company will remain committed to providing exceptional client service throughout the duration of the bankruptcy case.
It can be a difficult decision for a company to file for Chapter 11 bankruptcy, and it is a wise course of action to explore all available options. If it seems that this debt relief route could work best, Louisiana business owners may want to gain more information on how it could apply to their specific cases. Working with experienced bankruptcy attorneys can be a useful step in this endeavor.