Last week in Owatonna, Minnesota, we discussed the importance of filing for bankruptcy prior to the expensive December holidays, such as Christmas. This week, a number of businesses across the United States are doing exactly that.
A notable company is Rdio Inc., which is based out of San Francisco, California. This company is a free streaming service, much like Pandora or Spotify, with the option for ad-free listening to paid subscribers. They have been experiencing financial issues, and recently filed for bankruptcy. On Friday, however, Pandora offered Rdio.inc $75 million dollars to purchase the company entirely, thus expanding their company and assisting Rdio with some of their financial struggles.
Which other companies are working through or filing for bankruptcy before the holidays? Let’s take a look:
- Energy Future Holdings Corp: This company, based out of Texas, is currently asking a bankruptcy judge for permission to pay bonuses to their employees.
- Walter Energy: Based in Birmingham, Alabama, Walter Energy is presently struggling to pay employee benefits such as pensions. Tensions have risen amongst workers at Walter Energy, which means that employees are threatening to strike if their benefits are not paid.
- Freedom Communications Inc: This publishing group based in Santa Ana, California, filed for bankruptcy earlier this week. The Tribune Publishing Company, which is also based in California, is currently interested in purchasing this bankrupt company.
- Colt Defense LLC: This gun making company is making a bankruptcy-exit plan at the moment, which will allow it to successfully recover in the future.
Though it can be frightening to take the plunge and file before the holidays in Owatonna, Minnesota, it is important to file as soon as possible. There are many people, and many organizations, struggling with bankruptcy this holiday season. Why prolong your financial issues into 2016?
To get started on your bankruptcy filing, contact Behm Law Group Ltd. today.