When an individual chooses to buy a business in Maryland or elsewhere, he or she may also take responsibility for its debts in the process. In some cases, a new owner might be able to restructure finances and achieve success, while in others, further assistance may be required. Business owners who experience periods of financial hardship under similar circumstances may find it helpful to explore the benefits of reorganization through Chapter 11 bankruptcy.
A hotel and casino in another state has recently filed for bankruptcy protection after facing similar challenges. In 2012, the company underwent a change in ownership, and although those who purchased it attempted to overcome financial difficulties, they reportedly claimed that further assistance was necessary. The owners employ as many as 22 others, and have advised they wish to keep every member of the staff throughout the process.
According to reports, the business filed for bankruptcy on a recent Wednesday, and is seeking to reorganize its financial structure and continue operations. Being allowed to remain open for business is a crucial part of the process for many companies who are attempting to regain success. However, the process can still be complex, and seeking guidance before deciding on a path is advisable.
Prolonged periods of financial hardship can leave the owner of a business in search of some much-needed relief. Those who face similar circumstances could benefit from speaking with a bankruptcy attorney for advice on every available option. By obtaining guidance from an attorney in the initial stages, a client in Maryland could become better prepared to pursue a brighter financial future for his or her business through reorganization.
Source: bhpioneer.com, “Celebrity Hotel & Casino files for Chapter 11 bankruptcy protection”, Jaci Conrad Pearson, Nov. 3, 2017