Moscow, 31 Jan – “News.Economy.” If the company declares bankruptcy, it does not always indicates the end for the company. If a company uses the right strategy, she could be reborn.
Below we will discuss 10 companies that once in its history, became bankrupt, but then they were able to return to the market. Marvel
Marvel is an American company in the entertainment industry, formed from the merger of Marvel Entertainment Group, Inc. and Toy Biz, Inc. in 1996, the Company owns the rights to more than 5 thousand characters of comics (including Iron man, Captain America, Thor and others) involved in animation, film and computer games.
At the time, publisher Marvel Comics has created some of the most recognizable characters in American pop culture of all time. But the twentieth century was on the wane, and comics were losing popularity.
In the 1990s, the loss of the company amounted to $48 million, and the debt – $581 million around the same time a member of the Board of Directors of the company becomes Marvel’s Isaac Perlmutter. It comes in the company in difficult times because of it take the best authors are Todd McFarlane (“Spiderman”), Jim Lee (“X-Men”), mark Silvestri (“Wolverine”), Jim Valentino (Guardians of the Galaxy), and the company produces a series of crossovers that make the chaos into a cohesive Marvel universe.
Perelman already at that time knew that the future – for the movies, not the comics. He proposed a merger with toy manufacturer Toy Biz, however, the shareholders rejected the plan. Perelman then declared bankruptcy, using Chapter 11 of the bankruptcy Code of the United States. The merger ToyBiz and Marvel has occurred, the new company acquired the name Marvel Enterprises.
the Transformation of Marvel from bankruptcy into a profitable company occurred during 1997-2000-ies From 2001 to 2002 there have been significant improvements in the financial statements. Cash grew up more than doubled, reaching levels which had not been seen for nearly a decade. Net income in 2002 grew by 300%, inventories and trade payables declined significantly.Converse
Converse is an American company producing shoes since the early twentieth century and is best known for his sneakers Chuck Taylor All-Star. Controlled by the company Nike.Bankrupt Converse began in 2011, and two years later the entire company was bought by giant Nike.
According to experts, the reason for the bankruptcy of the famous company Converse was targeting only the narrow segment of the market, which is subject to fashion.
While sneakers were at the peak of popularity, the company also received a huge profit, but it was the fashion to depart a little in another direction, the Converse was not able to quickly shift to another sector of production and went bankrupt.Delta Air Lines
Delta Air Lines is the largest airline in the world according to the three relevant criteria (the size of the fleet, the volume of passenger traffic and number of destinations), its route network covers North America, South America, Europe, Asia, Africa, the Middle East and the Caribbean.
In 2004, Delta attempted to avoid bankruptcy and announced restructuring of the company, including job cuts and the introduction of about a hundred new flights from Atlanta, resulting in the main hub of the airline was to earn more rhythmic mode throughout the day.
7 September 2005 the airline announced a reduction of 26% of its flights from its main hub in Cincinnati and the transfer of flights to the main hubs in Atlanta and salt lake city. This decision left without work about 1 thousand people.
All attempts to “Delta” to stabilize the financial situation eventually led to the fact that on 14 September 2005 for the first time in its 76-year-old EastOrio and on the basis 11 Chapter Code US bankruptcy, the airline declared itself bankrupt. The company’s backlog was $20.5 billion, of which $10 billion was incurred since January 2001
22 September 2005, Delta announced the launch of the accelerated restructuring of its assets, which resulted in the expenditure of the company for 2007 was reduced to $3 billion a year, of which $970 million due to a reduction of costs for loans, leases and a result of the change of the air fleet.
the Salaries of employees of the company was reduced by at least 9, and 15% have reduced the salaries for top and 25% to the General Director Gerald Grinstein.
November 9, 2006, the airline was invited back about 1 thousand earlier dismissed flight attendants, and also announced in late December 2006 that concluded to invite all previously retired pilots and so for the first time in the last five years began recruiting pilots from outside.Six Flags
In 2009, the world’s largest Corporation, Six Flags amusement parks filed the court documents for bankruptcy, said in a statement the company’s management. The duty of the Corporation reached $2.4 billion In 2008 losses of the company amounted to $135 million
the Company owned 20 amusement parks in the United States, Canada and Mexico, which is visited by 25 million people a year.Hostess
Hostess is one of the largest and oldest private bakeries of America: its history dates from 1930, and its annual turnover exceeds $2 billion In 2012, the company declared bankruptcy.
rising fuel prices, grain in case of simultaneous competition over the last 20 years has greatly reduced margin.
And the final shot was a strike of workers: the proposal of the leadership of the company to cut by one-third salary and bonuses to come out of the peak, was met with hostility.AmericaAirlines n
American Airlines — American Airlines, the headquarters of which is located in Fort worth, Texas, USA. It is the largest airline in the world by total number of passenger-kilometers, the size of the passenger fleet revenue, passenger traffic and number of served destinations.
American, together with its regional partners, has extensive international and domestic route network and performs an average of more than 6,200 flights a day to 356 destinations in more than 50 countries.
In 2011, the parent company of American Airlines (AMR), the third passenger carrier of the United States, applied on the external administration and protection from creditors. The company has taken this step after failing to agree on new conditions of employment contracts with staff.
Since 2008, it was a loss, its net debt reached $11.9 billion But the company managed to recover thanks to the merger with US Airways in 2013, General Motors
After the financial crisis of 2008 and the great recession, General Motors, once the biggest car manufacturer in the world, filed for bankruptcy and was ultimately rescued by the Federal government.
Since then, the company has paid all of its rescue package, the government earned net profit from business venture and in more than a decade of financial condition. Chicago Cubs
In 2009 the baseball club Chicago Cubs declared bankruptcy. The Cubs bankruptcy is aimed to guarantee the new owners freedom from obligations to creditors of Tribune.
the Team was founded in 1876, the Club is based in Chicago, Illinois. The team is family Joe Ricket, founder of TD Ameritrade. Text: News.Economy