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tribune bankruptcy - are lost When more jobs are lost the...

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Business Article Mrs. Johnson Business 10
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Another large business is worrying about the very real possibility of having to file for bankruptcy. Tribune Co., owner of the Los Angeles Times and Chicago Tribune, other newspapers and the Chicago Cubs and Wrigley Field has begun talks with it’s newly hired financial advisers and lawyers about its options regarding its ever increasing debt, what options it has, and the very last resort filing chapter eleven bankruptcy with court protection. Bankruptcy is a condition in which a business cannot meet its debt obligations and petitions a federal district court for either reorganization of its debts or liquidation of its assets. In the action the property of a debtor is taken over by a receiver or trustee in bankruptcy for the benefit of the creditors. This action is conducted as prescribed by the National Bankruptcy Act, and may be voluntary or involuntary. When this occurs, jobs
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Unformatted text preview: are lost. When more jobs are lost, the economy continues its downward spiral into recession. The deeper we fall into recession, the more action the government has to take. When the government has to take more action, it means individuals and businesses alike may lose some of their independence because the government has to make sure events that cause bankruptcy and all of its ripple effects don’t happen again. Basically corporations going out of business and filing for chapter eleven create a lot of problems for all of us. They create a number of aftershock effects that trickle down and effect all of us including the businesses around us. It seems as if every day another few businesses are going out of business or filing chapter eleven or their about to. Further proof that a major flaw in the U.S. economy is that everything is so intertwined with each other that anything can affect everything and vice versa....
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