In Bankruptcy, Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

The institution has a serious payment due this month, worth $5.5 billion, that will cause it to default if gone unpaid. Financial experts believe that the much utilized institution could run up debts up to $9 billion in this year alone if the economy does not improve.

In order to reduce debts, the institution has started to contemplate cost-cutting measures, such as layoffs and closing branches on Saturdays. As many as 120,000 people could lose their jobs in the upcoming months if the government doesn’t step in with a serious loan.

This week the Senate’s governmental affairs committee will review the proposal to lend the institution money until it can get back on its own feet.

Are you contemplating Chapter 11 bankruptcy for your own company? If so, contact a San Antonio Chapter 11 attorney from our legal team now to get assistance when you need it the most.