In communicating a company’s approach to file for bankruptcy, it is important to carefully communicate the reasons why and possible outcomes as to avoid any misunderstanding of the company’s true intention. As a result, transparency and honesty in one’s financial situation is vital to making sure that key constituencies will not read into the companies actions. Instead, the company must be forthright as to everything they file with the court since many people following the company, particularly a public company, and industry will likely go online and read the documents surrounding the bankruptcy.
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Federal, 6th Circuit |
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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