What industry is this?
“Our operational model is sound,” Thomas H. Nolan Jr., the company’s president and chief operating officer, said on a conference call early Thursday morning, citing “the unprecedented disruption in the real estate financing markets and the need to extend maturing debt” as the reason the company filed.
“We made extensive efforts to modify existing maturing debt outside of bankruptcy,” he added.
Banking? Construction? Real-estate? Auto?
The story is ever the same. We did everything right but the big bad market got us, so no need for us to find a more sustainable business model. Bailout! Bailout!