The term can also be used to describe a company that was created to replace its predecessor, which ceased to exist for reasons such as financial issues: the creation of a NewCo to continue the existence of Rangers F.C.
A company can also be referred to as a "NewCo" when it is established to replace an existing business that has ceased operation due to financial problems. In this case, Rangers F.C. was revived by creating a new company called NewCo.