Bankruptcy blogs can get depressing, particularly during a recession in which Atlanta has suffered greatly. But now there is some good news on tap.
It turns out that the construction powerhouse, Caterpillar, is going to be bringing 1,400 jobs just a short drive from Atlanta, reports The Atlanta Journal-Constitution.
Of course, Caterpillar in Georgia only happened because the company stands to benefit from the arrangement, too. It has received $77m in incentives, reports Atlanta Business Journal.
The chosen location is the well-known Orkin family tract.
Caterpillar is an inspiring company, because it is one of those that veered close to bankruptcy once, but rebounded powerfully and never looked back, thus earning the title, "The Cat That Came Back."
Of course, all companies can't be like Caterpillar, and some will have to engage in a bankruptcy. Corporations generally file Chapter 11 bankruptcies.
A Chapter 11 bankruptcy asks the company to try and rearrange its debts and obligations, as well as to consider restructuring, and reorganizing. Chapter 11 allows the debtor to propose a plan for profitability post-bankruptcy, which may include trimming costs and seeking new sources of revenue or income, while temporarily holding creditors at bay.
A good bit of the reorganization occurs under the supervision of a U.S. bankruptcy trustee, appointed by a District Court judge.
If a company's reorganization plan is reasonable, done in good faith and in compliance with the law, the court typically will confirm it. Once the plan is confirmed, debts that existed before the confirmation date (but not directly addressed in the plan) are discharged.
For more information on the aforementioned topics please see below, and speak to an attorney.