Press Release: Bankruptcy
[DATE, ex. Wednesday, June 11, 1998]
FOR IMMEDIATE RELEASE
[FIRM NAME, ex. Upshot Used Cars, Incorporated] has declared bankruptcy.
[STATE REASON(S), ex. Due to increased competition in the used car business and rising interest rates which depress demand for financed consumer goods, Upshot was unable to generate sufficient cash flow to satisfy its existing debt obligations. Coupled with unfavorable forecasts for the future, we were forced to close our doors on Friday.]
[STATE ACTIONS TO BE TAKEN, ex. Upshot’s Inventory will be liquidated by First Liquidators and its properties immediately sold in order to reimburse its lenders.]