When a company finds itself in the worst possible situation with a poor competitive position in an industry with few prospects, management has only a few alternatives—all of them distasteful. Because no one is interested in buying a weak company in an unattractive industry, the firm must pursue a bankruptcy or liquidation strategy. Bankruptcy involves giving up management of the firm to the courts in return for some settlement of the corporation’s obligations. Top management hopes that once the court decides the claims on the company, the company will be stronger and better able to compete in a more attractive industry. Faced with a recessionary economy and falling market demand for casual dining, restaurants like Bennigan’s Grill & Tavern and Steak & Ale, that once thrived by offering mid-priced menus with potato skins and thick hamburgers, filed for bankruptcy in July 2008. Within the troubled airline industry, at least 30 airlines went bankrupt during just the first half of 2008 with 30 more bankruptcies expected by the end of the year. A controversial approach was used by Delphi Corporation when it filed for Chapter 11 bankruptcy only for its U.S. operations, which employed 32,000 high-wage union workers, but not for its foreign factories in low-wage countries.