I'm So Dumb I Should Work on the Radio

I heard something like this on the radio this morning. "General Growth Properties was one of the largest owners of malls in the country. No longer. They have filed for bankruptcy."

I understand that news reporters have to report on an infinitesimal amount of information. They cannot be expected to know everything about all subjects. However, this is an easy one.

When a company files for bankruptcy, they are seeking protection from their creditors in an effort to restructure loans, close portions of their operations, and such. This is not the same thing as 'going out of business'. This drives me nuts and I hear it ALL the time. When they say things like this I can't help but think that reporters are really stupid.