Christine
I found it interesting that OSI (aka Sherman, Gulf State, Palisades etc.), a major national collector, recently filed for Ch. 11 protection.
OSI Ch. 11 filing (http://creditforum.org/showthread.php?s=&threadid=1758)
Here is an OSI quote:
"The sole issue in this filing is the company’s debt level. They claim that during debt negotiations with their creditors, due to the holdout of a few banks, it became obvious that Chapter 11 was the “fastest and most efficient way to complete the debt restructuring”. OSI figures that when it emerges from Chapter 11, its debt level will be the lowest of all major receivables management firms."
That's the idea of bankruptcy. Get rid of the debt, come out stronger than ever.
OSI Ch. 11 filing (http://creditforum.org/showthread.php?s=&threadid=1758)
Here is an OSI quote:
"The sole issue in this filing is the company’s debt level. They claim that during debt negotiations with their creditors, due to the holdout of a few banks, it became obvious that Chapter 11 was the “fastest and most efficient way to complete the debt restructuring”. OSI figures that when it emerges from Chapter 11, its debt level will be the lowest of all major receivables management firms."
That's the idea of bankruptcy. Get rid of the debt, come out stronger than ever.