When companies realize they are on the verge of bankruptcy, the future can seem quite bleak. In many cases, organizations fail to overcome their weaknesses and end up having to suspend business operations entirely. However, businesses in Virginia that are financially struggling, have many options to consider as they try to diagnose what missteps were ultimately responsible for creating their current situation. With the right strategy and tenacity, struggling companies are often able to regain traction and once again enjoy success.
An example of a once-bankrupt company that has worked hard to overcome its hopeless fate, is Frontier Airlines. It has been widely reported that the airline worked hard to map new routes, market to a new customer base and even update its fleet in attempts to boost its financial performance. While their efforts have paid off, the company still appears to be operating without much direction for the future. Uncertainties are now due to issues with customer service and with union backlash regarding the treatment of pilots.
Business professionals have pointed out that despite the company's success at overcoming financial difficulty, its current inability to reach an amicable agreement with its employees for treatment and pay could ultimately create another uphill battle.
If businesses are struggling to make ends meet and are considering filing for bankruptcy, they may wish to contact an attorney. With a legal professional guiding the way, companies may be able to explore and analyze other methods for overcoming financial insecurities.
Source: Denver Business Journal, "After almost shutting down, Frontier Airlines tried to reinvent itself. Has it worked?" Ed Sealover, Aug. 30, 2018