Alabama Aircraft Industries, Inc., a company that is based out of Birmingham, has filed chapter 11 bankruptcy in order to reorganize their finances.
The company began facing financial trouble when they lost $5.8 million in revenue. The company also had expensive obligations for pension plans, which left them feeling as if they were in a long-term debt. By filing for chapter 11 bankruptcy, the company will be able to organize their pension plans in a way that does not produce debt. They are expecting to completely get out of debt by the summer of 2011.
Debt can happen to anyone. If you have debt and are thinking of filing for bankruptcy, please contact the Birmingham bankruptcy attorneys of GREENWAY BANKRUPTCY LAW, LLC at (205) 324-4000.