Edwards Farm Products was unable to meet its financial obligations and was forced into using legal proceedings to restructure itself so that it could continue as a viable business. The process this company underwent is known as a:

Question

Kristina Ibarra

Business

19 April, 22:03

Edwards Farm Products was unable to meet its financial obligations and was forced into using legal proceedings to restructure itself so that it could continue as a viable business. The process this company underwent is known as a:

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Roberto Hendrix · Answer 1

Answer: The process is known as Reorganization.

Explanation:

A reorganization is a significant and drastic change of a financial troubled business or company's operations and management in order to restore it back to profitability Most times most companies are forced into using legal proceedings to restructure themselves which becomes a supervised reorganization to continue being viable and to to improve productivity

Companies restructure in many ways and examples of restructuring in business include selling some divisions, replacing old management, cutting budgets, reducing spending and laying off workers.