So what really happens if this company totally bombs and can't get out of bankruptcy? I don't understand how bankruptcy works but I assume another company might take over, but what if not? Do we loose everything and head back to the 1800's with no service t all?
Sorry if I seem nieve, I am when it comes to bankruptcy.
Assuming they cannot get out of bankruptcy, either they will be sold off or the creditors would try to run it. Usually this means that they will be sold off. It may mean the creditors have to take a large enough loss to make the assets cheap enough for someone to buy them.
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