Addax Petroleum (fka AXC)

[Julius Erving]

No!

Companies with overwhelming debt or other financial problems file bankruptcy when they believe they have a reason to reorganize and stay in business.

"So an individual or company can be insolvent without being bankrupt — especially if the insolvency is temporary and correctable — but not the opposite. However, insolvency can lead to bankruptcy if the insolvent party is unable to successfully address its financial condition.

Insolvent companies can reverse course by cutting costs, selling off assets, borrowing money, renegotiating debt, or allowing themselves to be acquired by a larger corporation that will agree to take over the insolvent company’s debts in return for control of its products or services."