Whether they are selling burgers, fried chicken or rent-to-own furniture, a number of businesses that filed for bankruptcy over the past year have had one thing in common: They're ruled by their franchise agreements.
A Texas bankruptcy court has converted the Chapter 11 cases of e-commerce software company Society Pass Inc. to a liquidation under Chapter 7, citing management's recent exit from the company, its failure to file monthly operating reports and lack of instructions for debtor counsel.
Visual media giant Getty Images filed for Chapter 11 to go private. A rural telecommunications group filed for bankruptcy protections after high construction costs derailed expansion projects, and creditors placed an indirect U.S. subsidiary of petrochemical group Braskem into Chapter 11.