Expanding this a bit, the State of California is another "company" that misses payroll. If they don't have a budget passed by their June deadline, State workers may get paid in IOUs or simply get paid minimum wage until a budget is passed. They do get their full back pay once a budget is passed, but the state cannot pay them more than minimum wage until they have a budget.
Of course, these days California might belong in the "about to fail" group.
Of course, these days California might belong in the "about to fail" group.