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This eventually led to a French court having to grant it creditor protection, before the company reorganised and had its debt restructured.
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Since it charged its borrowers more than it paid its creditors, it could afford a big expansion of its operations.
In the fight between Greece and its creditors, it is less about right than it is about might.
What did that have to do with it?" Creditors, he argues, have done far too little to compromise, all the while blaming the impasse on a Greek government that faces a crashing economy and dire living standards.
It protects a company from its creditors, giving it time to reorganise its debts or sell parts of the business.
That makes Greece's public finances a matter between it and its creditors.
A bankruptcy filing by National Century would protect it from its creditors.
In January 2001 the IMF gave Argentina a big "last chance" loan to help it calm its creditors.
The company filed for court protection from creditors late last Thursday, but told its creditors it would withdraw the petition if new financing could be quickly arranged.
And this month, the company skipped a $7 million interest payment on some of its bonds as it negotiated with its creditors.
It must repay its creditors nearly €1bn (£720m) next month, and is struggling to raise the money.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com