Final answer:
Continental Airlines, Northwest Airlines, and Johns Manville are examples of companies that filed for bankruptcy for strategic reasons, mainly to restructure debts and continue operations through the Chapter 11 process.
Step-by-step explanation:
Examples of firms which filed for bankruptcy for strategic reasons include B. Continental Airlines, C. Northwest Airlines, and E. Johns Manville.
Many firms in the United States file for bankruptcy for strategic reasons, which allows them to restructure their debts and continue operating in a more financially stable manner. This process, often referred to as a Chapter 11 bankruptcy, can provide a company with the opportunity to renegotiate terms with creditors, reduce operational costs, and eventually return to profitability without having to liquidate its assets or shut down operations. A Chapter 11 filing shields the company from creditor lawsuits while it reorganizes its business.
Companies like Continental Airlines and Northwest Airlines used this approach to restructure their operations in the face of financial challenges, whereas Johns Manville filed for bankruptcy due to asbestos-related lawsuits, which allowed it to establish a trust to pay claims and emerge from bankruptcy as a reorganized company.