Business

Question

Wagner Resources was unable to meet its financial obligations. Its creditors forced it into using legal proceedings to restructure itself so that it could continue as a viable business. The process this company underwent is known as a:

1 Answer

  • Answer:

    bankruptcy

    Explanation:

    more specifically, the company underwent chapter 11 bankruptcy. this type of bankruptcy is used when a business or organization is allowed to reorganize or restructure the company under a court-appointed trustee, all the while still remaining in operation.

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