U.S. Bankruptcy Tracker: Battered Firms Hasten to Cut Costs
- More companies enter bankruptcy with restructuring plans set
- Department store Belk aims to reorganize in just 24 hours
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More U.S. bankruptcy filings are happening with restructuring plans already in place, a trend that’s likely to extend as companies look to save time and money by reorganizing before they get to court.
CiCi’s Holdings Inc., parent of the unlimited pizza buffet chain, entered bankruptcy last month with a plan to hand ownership to lenders. Alpha Media Holdings, which operates more than 200 radio stations across the U.S., filed for Chapter 11 with a similar deal already agreed.