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Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
As part of a reorganization plan agreed to with the U.S., Canadian and Ontario governments, and the company's unions, General Motors filed for Chapter 11 bankruptcy protection in a federal Manhattan court in New York on June 1, 2009, at approximately 8:00 am, planning to re-emerge as a less debt-burdened organization. [13]
An example is the airline industry; in 2006, over half the industry's seating capacity was on airlines that were in Chapter 11. [10] In a pre-packaged case, the plan proponents will have secured sufficient support from creditors to confirm their plan of reorganization prior to filing for Chapter 11 reorganization.
General Growth Properties (GGP) filed a reorganization plan, seeking to emerge from bankruptcy in October with $7 billion to $8.5 billion in new capital, the company announced Tuesday. The nation ...
WaveTrue, Inc. ( f/k/a Profile Technologies, Inc.) Announces Reorganization and Exit from Chapter 11 Business Wirevia The Motley Fool Updated July 14, 2016 at 9:56 PM
Audacy, the troubled radio and audio-streaming company, said Sunday it filed plans for Chapter 11 bankruptcy reorganization to slash its debt. Audacy is the second-largest radio broadcaster in the ...
The plan enables Furla USA to exit Chapter 11 swiftly. “It was all very fast and smooth,” Furla’s president Giovanna Furlanetto told WWD in an exclusive interview.
Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income; Chapter 15: Ancillary and Other Cross-Border Cases
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