They have applied for protection under the bankruptcy laws, to reorganize. One would presume that unless the protection of the BK court was needed, they wouldn't have taken this step. Whether it turns out to be a tactic to shed debt, or whether they are technically bankrupt, the effects of filing for BK protection are enormous...but, I yield to your definition.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.