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Bankruptcy May Be Your Option

Chapter 11 may assist struggling Oklahoma businesses

When a business faces considerable losses, it may prove difficult to bounce back financially. As a result, many companies may consider their options for debt relief and financial assistance that could potentially help them get out from under considerable monetary burdens. For some, Chapter 11 bankruptcy may prove to be a viable option. 

Oklahoma residents may be interested in one company's recent bankruptcy filing. Reports stated that the stem cell science facility went through litigation relating to copyright infringement. Apparently, a photographer sued the company after it used an image in certain marketing materials. In 2013, the ruling resulted in the company owing the plaintiff in the case $1.6 million. Though the company has filed for an appeal, it has faced considerable fees relating to the legal proceedings as well as other financial shortfalls. 

It was also reported that, during the time of the bankruptcy filing, the company reported over $5 million in unsecured debt and nearly $3.5 million in secured debts. Its assets were estimated at $7.5 million. At the time of the report, the company was still open and running, and all employees were still on the job. 

For some businesses, Chapter 11 bankruptcy may offer much-needed relief for difficult financial issues. Therefore, Oklahoma business owners and operators facing such hardships may wish to look into this path in order to determine whether it could be the right step for their circumstances. Speaking with experienced attorneys could help interested individuals find out more information about how this route could potentially help qualifying parties address their financial issues.

Source: bizjournals.com, "Pembroke Pines firm files for Chapter 11 bankruptcy", Debra Limes, Feb. 7, 2017

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